PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
803-746-7000 www.planningyourlegacy.com 1771 N HWY 321, Ste. 100 BOWLING GREEN, SC 29703
INSIDE THIS ISSUE
A Lawyer’s Favorite Books
1 2
Create a Dog-Friendly Home With Simple Upgrades
Do Elections Affect the Stock Market?
Tasty Cucumber Sushi Rolls
3
The Truth About France’s Marie Antoinette
4
Don’t Make the Same Financial Mistake as Chadwick Boseman
A Stark Reminder of the Importance of Wills and Trusts Chadwick Boseman’s Estate Debacle Photo: Gage Skidmore
Everyone needs to have a will or trust set up for their financial future. Even if you feel too young to think about it, it’s never too early to prepare for the only guaranteed milestone in life. Take Chadwick Boseman’s estate as an example. Back in 2016, the actor (best known for his starring role in Marvel’s “Black Panther”) was diagnosed with stage III colon cancer, and he hadn’t even turned 40 yet. After quietly battling this awful disease in private, Boseman died only four years later on Aug. 28, 2020, leaving behind his parents, a wife, and many more family members who were devastated by their loss. Tragically, he didn’t leave behind a trust for his estate. When this happens, the deceased’s financial assets must go through probate, a court-supervised process for
identifying and distributing those funds to the deceased’s beneficiaries.
In California, where Boseman lived, intestacy laws require the probate courts to decide where someone’s assets can go. His widow petitioned the court to become the estate’s representative, which she was granted, allowing her to allot her late husband’s inheritance to be split evenly between herself and Boseman’s parents. However, because he didn’t establish a trust for these funds, legal fees and the U.S. government claimed a third of his net worth, a cut worth $1.5 million. And Uncle Sam could have taken even more of his estate if Boseman had lived in a different state without intestacy laws. If this is what the system can do to a celebrity with millions of dollars, imagine what can happen to the estates of
everyday people. All your planning, saving, and preparing for your family’s future in the wake of your absence could be gone overnight if you don’t have the right legal documents in place.
4 | 803-746-7000
Published by Newsletter Pro • www.newsletterpro.com
Made with FlippingBook Ebook Creator