This article recently appeared in Forbes on 1/24/12. Even though you may not have the money of a celebrity, you might still have the same financial concerns and vulnerabilities.
Stieg Larsson, the author of Girl with the Dragon Tattoo, found most of his fame and fortune after his death. This has lead to a prolonged legal fight he never foresaw, but could still have prepared for regardless of his asset level.
Please take a few minutes to read this article.
Etta James, Others Remind of Need for Estate Planning in 2012
A few weeks into the new year, how many of your New Year’s resolutions have already fallen by the wayside? Exercise more. Eat less. Spend more quality time with family.
Well it’s not too late to tackle a very important resolution that up to two-thirds of adults in our country ignore — estate planning. That’s right, it’s the topic no one likes to think about, but everyone knows they should take care of … wills, trusts, powers of attorney, and more.
It doesn’t have to be intimidating! In fact, celebrity stories are a great way to break the ice to remind everyone of what they need to do.
So, with the help of some recent stories in the news, here are Trial & Heirs: New Years Estate Planning Resolutions for 2012. (We just gave an interview discussing some of these stories, which you can watch here).
1. Plan Now and Don’t Procrastinate.
R&B legend Etta James was 72 when she passed away last week, after suffering from leukemia, dementia and other problems. Canadian Olympic skier Sarah Burke was only 29 when she died recently from injuries in a freak skiing accident, despite being one of the top athletes in the world. It’s a sad reality that accidents and serious medical conditions can affect any of us, at any time. We all need to be prepared.
While it’s easy to procrastinate doing a will, trust or other legal document, the consequences can be devastating. Take author Stieg Larsson, whose Girl With The Dragon Tattoo book and sequels achieved global success. The recent Hollywood movie adaptation has grossed over $140 million worldwide since it was released a month ago.
Larsson died without even a will. This sparked a huge lawsuit between his live-in girlfriend of 32 years and his brother and father, whom the girlfriend claims were not close with Larsson. The family members inherited his now-vast estate (conservatively estimated at $40 million) and sued because the girlfriend has possession of a laptop with an unpublished fourth manuscript. You can read about the Larsson Estate lawsuit here, which remains unresolved.
Larsson died unexpectedly at the age of 50 from a heart attack. His procrastination with his estate planning means he did not get to decide whether his girlfriend or his family members inherited his estate.
To read the rest of the article, click HERE.
Consult with the appropriate Financial, Insurance, and Legal Professionals to start the planning process. Be sure to keep your loved ones involved so you don't have to worry later.
Many of those stuck on the sinking cruise ship off Italy were calling family not just to say they loved them, but to tell them where the wills and insurance policies were hidden. Tell them before its a concern.
* The content of this blog is for informative purposes only. It does not reflect official standing of any agent, agency, or company mentioned on the blog. Nor is this blog necessarilly an endorsement. Please consult with your insurance, tax, or legal specialist before making any decisions. This blog is purely meant to spark the thought process.
