How will Hugh Hefner’s estate ‘look after’ his widow’s finances?

Hugh Hefner died this past Wednesday at age 91. His estate is currently estimated to be worth almost $40 million, not including the value of the Playboy Mansion, which was sold for over $100 million. While not insignificant, this is a far cry from Hefner’s estimated $1 billion (current dollars) net worth at the peak of his celebrity and success. Hefner left the bulk of his fortune to the University of Southern California film school, various charities, and his four children.

Hefner’s widow, Crystal Harris, will not receive anything from the estate given a prenuptial agreement she signed when the couple married in 2012. Despite this, it is still possible that Harris will be taken care of through careful planning on Hefner’s part. While uncertain, some estate planners have pointed to a number of possible investment vehicles that could provide Harris with lifetime income while avoiding the probate process. Hefner may have set up a Qualified Terminable Interest Property (Q-TIP) trust that would provide for Harris during her life. Charlie Douglas, the wealth planning director at Cedar Rowe Partners, noted that such trusts are usually limited to paying expenses “for health, support, maintenance and education,” but may be even more narrowly tailored.

See Greg Iacurci How will Hugh Hefner’s estate ‘look after’ his widow’s finances?, Investment News, September 29, 2017.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.