As an estate planning attorney I help clients plan the legacy they will leave. Often it's simple such as "I leave everything to my children...." Other times it's a gift to an old friend, a church, or other charitable organization. I just read an interesting article, on ESPN.com, about the former University of North Carolina coach, Dean Smith, and what he did. He left, in his trust, a gift of $200 to each of the lettermen that played for him. According to the article it was approximately 180 of them! That $36,000 will mean a lot. To some of his former players it will be the sentimental value of it as obviously a billionaire, like Michael Jordan, doesn't need another two hundred dollars. On the other hand there are probably a handful of his former players who are struggling through l
Donald Sterling has a pretty large net worth. I don’t know if it’s $2 billion or $3 billion or what exactly it is. I think most of us estate planning attorneys would call him “high net worth.” I certainly don’t have any billionaire clients at this time. Anyway, he is probably busily working with a team of estate planning attorneys to figure out how he can retain control of the LA Clippers in light of his recent racist rampage that has gone public and gone viral!
When I think back to others who have gotten themselves into similar pickles I have thought of owners like Eddie Debartolo, of the 49ers, and Jimmy Haslam, of the Cleveland Browns. It is believed that both men utilized “blind trusts” so as to retain ownership of their beloved teams even if they did lose day to
I read about the Michael Jackson tax dispute with the IRS on a legit website but figured I would get better dirt on TMV so here’s the link to that article. Most of my readers understand that when a wealthy person dies their estate may have to pay an “estate tax” which is basically a death tax. It’s certainly due to the IRS for estates over $5mil and sometimes also due to the estate depending on what state the decedent lived in. Mr. Jackson lived in California so there is no state estate tax. Just the feds!
This dispute with the IRS is going to get good. Look, I am certainly not an asset valuation expert but for the estate’s advisors to suggest Mr. Jackson’s
It appears another celeb has died without a proper estate plan in place. He made a ton of money on the Fast and Furious movies and apparently led his life fast and furious! Here’s a link to a good article about this sad situation.