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article imageWhy do celebrities lack serious 'will' power?

By Michael Essany     May 14, 2014 in Entertainment
Celebrities, it seems, are always in court. And much of the time, the legal matters that precipitate these judicial showdowns involve family.
Yet, despite the media's penchant for portraying families of deceased celebrities as greedy vultures waiting to get as much of their dearly departed's assets as possible, the truth of the matter is that, in many cases, the dead celeb's last will and testament wasn't properly prepared - a common problem that serves as an open invitation for massive misinterpretation... and worse.
"There are many reasons to establish and maintain an estate plan for the benefit of you and your family," say attorneys for York Howell, a Salt Lake City, Utah-based law firm specializing in estate, tax, business and asset protection planning.
Throughout the years, however, there have been some spectacular celebrity estate disasters, all of which yielded lessons from which ordinary people can learn as they prepare for their own inevitable but less publicized dirt nap.
"Before his recent death in Italy," says Liz Weston, of MSN Money, "the Sopranos star played a very scary character. What’s really frightening, though, is his will, which a leading estate planning attorney called a 'disaster' and a 'nightmare' because it appears to subject his estate to unnecessary taxes."
According to published reports, the will required Gandolfini’s executors to pay any estate taxes due "before his assets are divided up among his heirs." The problem, Weston explains, is that any wealth left to his wife "could have avoided estate taxes entirely."
As a means to illustrate the epidemic of celebrity will fails and to inspire the masses to connect with estate planners that actually know what they're doing, the estate planning experts at York Howell recently published an infographic highlighting famous celebrity will blunders and the lessons we can all learn from them. To check out the visual, click on the above image on the left,
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