What do Britney Spears, Michael Jackson, Prince, and Tony Hsieh (Zappos!) all have in common? And no – this is not the start of a bad joke.
Each of these individuals caught our attention recently for the headlines they (or their estates) made. While we usually encourage you to “tune out the noise” and “ignore the talking heads,” sometimes celebrity gossip headlines contain valuable lessons…usually of what not to do.
The combined estates of Spears, Jackson, Prince, and Hsieh are worth nearly $2 billion. An amazing sum! Yet all of this money is trapped in battles (legal or otherwise) to distribute or manage assets. Our crew of celebs could have avoided this pain. Unfortunately, when a clear plan is not in place, unwinding disputed estates can involve paying lots of pernicious fees. A reliable team of fiduciary advisors and a solid, up-to-date plan can minimize disputes, ease the process, and reduce unnecessary costs to the estate.
If my goal is to preserve assets for my beneficiaries or charitable causes, instead of getting stuck in a prolonged legal battle, what should I do?
It’s dramatically easier, less expensive, and simpler to pay your advisory team in advance rather than have them clean up the mess afterward.
That’s why Hill gets involved, sooner rather than later, in estate planning with our clients. Whether you’re just starting or need a comprehensive review and update of an existing plan, set up a call or meeting with us – click here. Your future self, and your kids, will thank you.