Dead Rich, Poor Planning

We just got back from a week in Pittsburgh and made some great memories along the way. The night before we left, I dragged my two teenage sons to the symphony. The Pittsburgh Symphony Orchestra, to be exact. And to everyone’s surprise (including mine), it was actually a hit. No one fell asleep. No one complained.

Back at home, everyone’s diving into summer projects:


•Senay is teaching at a kids’ pickleball camp this summer. It’s fun seeing her take the lead like that.
•Chris is juggling piano, guitar, and drum lessons.
•Alex is studying for his driver’s test, which is both exciting and terrifying.
•Jesse is off to camp. Yesterday, they dissected a pig heart, and according to him, it wasn’t gross at all.


Meanwhile, our new kitten, Stinky, is growing like crazy. I swear he doubled in size while we were away. He’s in that frisky-but-slightly-annoying phase. Last night, he woke me up at 2 a.m. by biting my nose.

Dalanee’s also at her wits’ end because he keeps sneak-attacking the dogs while they’re sleeping. Penny and Desmond are being saints about it. For now. 

You don’t need to be a rock star or movie icon to learn from one. Some of the wealthiest, most successful celebrities in the world left their families in a legal and financial mess, not because they didn’t care, but because they didn’t have a solid plan in place.

And here’s the truth: if they can mess it up with all their resources, it’s even more important that the rest of us take this seriously. A clear, simple plan can save your loved ones from stress, arguments, and unexpected tax bills.

Let’s look at a few well-known cases and what we can learn.
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Prince – No Will at All

Prince died in 2016 with an estate worth over $150 million, with no will. The result? Six years of court hearings, lawyer fees, and confusion. His family had to rely on state laws to determine who received what. Between lawyer's fees and taxes, he lost 87 million dollars!

The takeaway: Even a basic will is critical. If you don’t make decisions about your estate, the government will. And their decisions may not reflect your wishes. We encourage every client to have at least a basic plan, no matter how “simple” your life may feel.
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Aretha Franklin – Too Many Wills

Aretha Franklin had multiple handwritten wills tucked around her house. One was literally found in the couch cushions. Not surprisingly, her family ended up in court arguing over which one was valid.

The takeaway: Having a clear, official will, prepared with the assistance of an attorney and stored in a safe, designated place, can help prevent family conflict. Keeping things up to date is just as important.
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Whitney Houston – Drug Money

Whitney set up a trust for her daughter, but it gave out large lump sums at specific ages, no matter what was going on in her daughter’s life. Sadly, Bobbi Kristina Houston struggled with addiction and passed away at twenty-two, partly due to the proceeds of her mother's estate.

The takeaway: You can build in protections so money is distributed based on maturity, responsibility, or even health status, not just age. If you’re leaving money to young adult kids or grandkids, this matters more than ever.
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Picasso – Procrastinator

Pablo Picasso, one of the most famous artists of all time, died without a will. He was worth 1.3 billion (in today's dollars). Fifty years later, the family is still battling it out in the courts, and 3800 artworks have been forfeited to the French government.

The takeaway: If you are one of the most famous artists in history, hire an attorney for a few thousand bucks to make sure everything is right.
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Let’s Just Get This Done

I know many of you have said, “I really need to get around to doing this.” So I’ve made it as easy as possible.

This is for Florida residents only.

These are free, simple, step-by-step templates. Just fill them out and get them notarized.

Click below to create a will.

https://legaltemplates.net/form/last-will-testament/

Click below to create your Power of Attorney document. This allows someone you trust to make financial decisions on your behalf if you’re ever unable to do so. It’s simple, it’s free, and all you need to do is get it notarized.

https://legaltemplates.net/form/power-of-attorney/

Next up is an Advanced Directive, which will allow loved ones to make end-of-life medical decisions.

https://legaltemplates.net/form/advance-directive/

It's a seven-day free trial, so take advantage of it and then cancel the subscription.

Be Blessed,

Dave