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B & A BULLETIN Q4 2025
ESTATE ERRORS OF THE RICH AND FAMOUS Celebrity Slip-Ups
We may love our favorite entertainers, but we should be wary of following their examples in their private lives; particularly regarding estate planning. Entrepreneur and professional wrestler Hulk Hogan is one example of what could happen when estate planning isn’t performed carefully and consistently. Although recent reports suggest that Hogan had created a revocable trust and generally had his affairs in order before he died in July at 71, a potential legal dispute could make the details of his otherwise private trust publicly available. First, it’s important to note that Hogan left behind considerable assets. His legacy includes a $25 million estate, a real estate portfolio reportedly worth $11 million, a bar, trademarks and intellectual property, and additional entrepreneurial interests. He married his third wife, Sky Daily, in 2023, and is survived by his son, Nick, and daughter, Brooke. Of course, we wouldn’t know the fine details of the elective estate. If Hogan hadn’t updated his documentation after marrying Daily, we can safely assume she would be entitled to 30% under Florida law. Now, here’s where things get murky. Due to personal disputes with others close to the wrestler and a desire not to be brought into a potential legal battle, Brooke reportedly contacted her father’s financial advisor to have her beneficiary
status revoked. However, only Hogan, not his advisor, would have had the legal authority to fulfill this request.
Does that mean Brooke will have to accept her inheritance against her wishes? Not necessarily. Individuals in this situation can execute a disclaimer: a formal, irrevocable, and unconditional written refusal to accept any assets assigned to them in the estate. The disclaimer must be executed within nine months of the will-maker’s passing or within nine months of the disclaiming beneficiary’s 21st birthday. (Brooke is 37.) A disclaimant can be either qualified or nonqualified based on its effect on taxes. The IRS handles a qualified disclaimer as though the disclaimant had died before the will-maker, thus alleviating them of gift tax commitments. Conversely, a nonqualified disclaimer is dealt with as the disclaimant’s transfer of assets, and associated tax burdens, to another beneficiary. Clearly, the latter scenario could cause strife among beneficiaries, making a qualified disclaimer the preferred option. While the ultimate conclusion of this complex situation isn’t known at press time, what is certain is that Brooke needs to act quickly if she wishes to wash her hands of her father’s will. While the Hogan ordeal could potentially escalate in court down the road, it’s already clear that the legal calamities surrounding the estate of the late rock star Prince seem endless. Despite amassing a considerable fortune, he died in 2016 without drafting a will. Naturally, this poor decision has led to nearly a decade’s worth of monetary maelstroms. The first issue arose when an interim administrator valued the musician’s estate at $82.3 million, and the IRS valued it at over $160 million. Shortly thereafter, Prince’s sister and half- siblings entered into a yearslong legal battle, finally settled in 2022, over the distribution of his assets.
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Holiday Hustle Hacks FESTIVE FINANCE TIPS AND FIXES
With another holiday season right around the corner, it’s time to consider ways to avoid debt being the biggest thing under your tree this year. Here are a few ways to add frugality to your festivities and keep the Ghosts of Credit Cards Past from paying you an unwelcome visit. Seasonal Spending Shortcuts Most people know that Dec. 24 is the worst time to complete their holiday shopping, but few consider doing the bulk of their seasonal shopping in the spring or summer. Getting at least some of your shopping done early, ideally as early as the previous spring, will help you pace your purchases over a longer period, keep your budget from bursting all at once, and help you avoid a special gift ordered online from arriving late due to the Christmas crunch. Although summer is a distant memory, you can still find plenty of preseason sales and discounts (online or otherwise) in October if you act quickly! The Present of Preparedness As you gear up for holiday gift-giving, give yourself the joy of financial security in return. If you haven’t already done so, consider building an emergency fund that could ideally support you for at least three months if you experience a
drastic and unexpected decrease in income. You can save even during the holidays by putting aside one dollar for every dollar you spend on gifts. Applying this approach
will make you more financially secure in the long term and steer you toward stronger savings habits during the holidays, especially if you follow the earlier advice to shop early! Tricks for Thrifty Flying Just as you wouldn’t dare wait until the last minute to arrive at an airport and get through security, you shouldn’t procrastinate when booking a holiday-related flight. If you have yet to book your upcoming November or December trips, you should do so no later than a month in advance (if not sooner). Booking domestic flights four weeks or more in advance could save you nearly 25% on the ticket price. If you’re planning to travel overseas before the end of the year but haven’t booked your flight yet, there may be little chance of seeing similar savings. However, planning an international flight at least six months in advance will be much kinder to your budget if you plan to travel abroad again next year.
Big Bill, Bigger Breaks ESTATE EXEMPTIONS EXPLAINED
This past Independence Day considerably impacted how certain American taxpayers enjoy financial freedom.
date for these new exemption amounts, they will remain in place unless Congress later introduces legislation to lower them and the then-president approves said reductions. Additionally, the new law sustains the existing portability provision, which enables a surviving spouse to use the deceased’s tax exemptions if this election is made up to nine months after the person’s death. A word of caution: Although the law’s estate tax provision primarily affects high-income clients, the Illinois exemption is still set at $4 million . Anyone who anticipates being close to that amount is encouraged to contact us for a review of their existing plan and to make any necessary revisions. The high exemptions enacted by the One Big Beautiful Bill Act offer new tax savings and estate planning opportunities. We’re happy to answer any questions or concerns about the new law and help you chart a clear path for the future.
On July 4, President Trump signed the controversial One Big Beautiful Bill Act into law. Whether the law is truly “beautiful” is debatable, depending on your political inclinations, but it’s certainly big at nearly 900 pages. Fortunately, only one page addresses estate taxes, but its words are significant. Before the law’s passage, the federal estate, gift, and generation-skipping tax exemption of $13.99 million established in the Tax Cuts and Jobs Act in 2017 was set to expire and be reduced by approximately half in January 2026. However, that exemption will now increase to $15 million per individual at the existing tax rate of 40%. Additionally, married couples will soon be able to transfer up to $30 million to their heirs without incurring an estate tax. The new exemptions will be indexed for inflation, with adjustments based on 2025 baseline rates. Because there is no “sunset”
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UPCOMING EVENTS Please call us at 847-818-9084 for more information on our events. Free Estate Planning Seminars
We invite you to attend one of our free upcoming seminars so you can take the first step toward having peace of mind by creating or updating your estate plan. Attorney Maritess Bott will highlight some of the concerns many families face and how estate planning can help. Wednesday, Nov. 5, and Thursday, Nov. 6, 2025, 6 p.m. First Floor Conference Room 3701 W Algonquin Rd., Rolling Meadows, IL 60008
Join Us for Pie Day! At the heart of estate planning is something simple yet powerful: love for family and the desire to protect them. You’ve trusted us with this important mission, and for that, we are truly grateful. To celebrate you, we’re inviting you to join us for Pie Day. Come pick up a free pie! It’s our small way of saying “thank you” for letting us walk alongside you as you secure your legacy and care for the people you love most. Because just like a good pie, life is meant to be savored and shared. Wednesday, Nov. 26, 2025, 2 p.m. 3701 W Algonquin Rd., Suite 1070, Rolling Meadows, IL 60008 Peace of Mind Scholarship Winner
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Unfortunately, that wasn’t the end of the story, as subsequent years have seen battles over everything from intellectual property/trademark suits from former Prince collaborators (namely, Morris Day and the Time and Apollonia Kotero) and the release of a Netflix documentary on the singer. Considering Prince’s penchant for writing memorable lyrics and music, it’s tragic he failed to apply the same talent and discipline to his estate planning. These stories illustrate why everyone should have a proper estate plan in place. Whether you’re an independent small-business owner, a housewife, or a self-made celebrity millionaire, you must establish a legitimate legacy plan, minimize costs and headaches for your loved ones, and secure a legacy that could benefit your
Congratulations to Abigayl “Abi” Rodriguez, our 2025 Peace of Mind Scholarship Winner! Abi, who is pursuing her bachelor’s degree in criminology, law, and society, is already making a powerful impact in the world. As a paralegal, she has been a guiding light for migrants who have endured human trafficking or other serious trauma. Her work has been more than legal support; it’s been a lifeline. Through compassion, resilience, and the gift of speaking to her clients in their native Spanish, Abi built bridges of trust and safety when needed most. We’re so proud to support Abigayl on her journey and can’t wait to see the change she’ll continue to bring to the world.
loved ones for generations. Please contact us today to get started.
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3701 W Algonquin Rd., Ste. 1070 Rolling Meadows, IL 60008 847-818-9084 BottEstatePlanning.com
Inside This Issue • The Stumbles of Stardom • Merry Money Moves • Legacy and Law • Upcoming Events • Peace of Mind Scholarship Winner • Weekend Living Room Refresh Tips
Small Changes, Big Results A Living Room Refresh Made Simple
Sometimes, your home needs more than a quick-fix cleaning. It needs a reset, and the living room is a good place to start because people gather, settle in, and spend time there with each other. But over the years, even a cozy, relaxing space can lose shape. Maybe you’ve had one too many attempts at rearranging your furniture or a mix of styles that never quite clicked. That doesn’t mean you need to tear the whole thing apart. With a solid plan and one weekend, you can bring new life to your space — no contractor required. Start with what’s working. It could be a sofa worn just right or a wooden table with a storied past. Use those to ground the space. Then, clear the decks: Pull down the shelf clutter, trim back the pillow pile, and give your
eyes space to rest. Once the room can breathe again, bring in new touches. Paint if you feel up to it. Even just one wall in a deeper tone can shift the whole feel. If that’s too much, bring in more texture. Think curtains that catch the light, a low-pile rug, or a few new cotton, linen, or velvet pillows. Light also does more than people think. Swapping a fixture or adding a lamp near the reading chair can shift the room’s ambiance. Pulling the furniture closer to the windows can also do the same. Rearranging things to make the most of natural light can brighten the entire space and make it feel more open. And don’t forget about the other sensory elements. Simple things like a new scent or potted plants are an easy way to breathe fresh life into your living room.
Once you get started, you’ll see it doesn’t take a complete overhaul to make a space feel better. A throw with some heft, a chair turned toward the light, and a clear table surface can bring back a sense of calm. You know it’s working when the room invites you in without trying too hard.
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