Big Stars and Even Bigger Estate Planning Mistakes Lessons From Celebrities' Estate Planning Errors
HEATH LEDGER While Ledger may have died young like Hendrix, Ledger had actually drafted a will leaving everything to his parents and sister. However, he forgot to update it with the birth of his daughter. This led to a lot of interfamily strife following his death in the mid-2000s. Just because you’ve created an estate plan doesn’t mean you’ll never need to update it. If you’re thinking “I’m not rich like a celebrity, so I don’t need to put as much work into my estate plan,” think again. Anyone can make these mistakes, regardless of how much money you have. So, if you need the advice of estate planning experts in the Denver area, contact Phillips & Blow at (303) 741-2400 to see what we can do for you!
Many celebrities seem to live it up with their wealth while they’re alive, but that wealth becomes a huge liability for their family after they die if they don’t create a good estate plan. That’s exactly what happened to these well-known celebrities after their untimely deaths. Even though the life of a celebrity is vastly different from the life of an everyday person, anyone who wants to make an estate plan can learn lessons from their mistakes. JIMI HENDRIX To quote Bad Company’s “Shooting Star,” Jimi’s life passed him by like a warm summer day. When he died at just 27 years old, he had not prepared a will of any kind. So, while he was closer to his brother, Jimi’s father got all of his assets. The father then left everything to an adopted daughter from a later marriage, and Jimi’s brother got nothing. The lesson here is simple: You’re never too young to craft an estate plan. MARLON BRANDO After the Godfather himself passed away, a woman named Angela Borlaza came forward and claimed that Brando had promised her she could have the house she lived in (but he owned) and she could continue working at one of his companies. The only problem: She didn’t get any of it in writing. She ended up settling with the executors. Make sure you get all your final wishes in writing, or those wishes will be about as effective as wishing on a star.
Trivia
Easy Tomato Soup Inspired by Nom Nom Paleo
How often should you update your powers of attorney? (There are two answers to this question)
INGREDIENTS:
• • • •
1 cup chicken broth 8.5 oz coconut milk
• • • •
2 tbsp coconut oil
a. Once a year b. Between 2-3 years c. Between 5-10 years d. When laws change
4 leeks, white parts only, thinly sliced
Kosher salt
6 cloves garlic, minced
Freshly ground black pepper
1 28-oz can roasted and diced tomatoes (Muir Glen Organic is a good brand)
DIRECTIONS:
Submit your answers to email@jrphillipslaw.com
1. In a skillet over medium heat, sauté leeks in coconut oil until softened and translucent, about 7–10 minutes. 2. Add garlic and sauté for another 30 seconds. Remove from heat. 3. Meanwhile, in a blender, purée entire can of tomatoes, including juice, until smooth. 4. Add sautéed leeks and garlic and purée again. 5. Transfer purée to a saucepan and add chicken broth and coconut milk. Bring to a boil, then drop to simmer and cook for 10 minutes. 6. Add salt and pepper to taste. Serve.
Correct answers will be entered into a drawing on Jan. 31 for an Amazon gift card.
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