Rock legend David Bowie has left his family an estate that is worth about $100 million. According to his will each of his two children will get a quarter of his estate, though his youngest child is not yet legally allowed to inherit. “Unless Bowie made other provisions, such as a trust, the state — in this case, New York — will appoint a financial guardian to manage the money until Alexandria is of age, says Leslie Thompson, managing principal and co-founder of Spectrum Management Group in Indianapolis.” This column discusses how trusts allow celebrities like David Bowie to engage in flexible estate planning. A person does not need to be wealthy like David Bowie to have an estate plan. There are many estate planning issues that impact people in all income levels and it is a good idea to plan ahead for these kinds of situations.
See Judy Martel, Lessons from David Bowie’s estate, Bankrate, February 10, 2016.
