Absolute Trust Talk
The battle between the generations is real and seems to be everywhere. Yes, generational divides even play a role in estate planning. In fact, estate plans nowadays are built around more diverse and multigenerational families than ever before. In this new episode of Absolute Trust Talk, we are joined by psychotherapist and certified coach Tess Brigham, MFT, BCC. Tess specializes in helping young adults discover their unique life path to enter the world and make an impact. Join us as we discuss how the generations are defined, what makes each one unique, and how these factors influence estate...
info_outline 125: Cher Files for Conservatorship of Son Elijah Blue Allman Over Alleged Substance AbuseAbsolute Trust Talk
Recently, the entertainment world has been abuzz with numerous high-profile conservatorship battles, and the latest to emerge involves iconic singer Cher. She has initiated a conservatorship petition concerning her son, Elijah Blue Allman, aiming to oversee the financial benefits he inherits from his father, the late Greg Allman's trust. Legal filings state the urgent need for a conservator to safeguard Elijah's estate against potential damages or losses, citing his inability to manage his finances due to significant mental health and substance abuse challenges. Tune into a new episode of...
info_outline 124: Beach Boys Founder Brian Wilson Suffering from Dementia as Reps Seek ConservatorshipAbsolute Trust Talk
When you think of the Beach Boys, what comes to mind? We’re betting it’s not a complicated conservatorship case. Unfortunately, that’s what’s happening with the Beach Boys Founder, Brian Wilson. Mr. Wilson’s long-time wife had been his healthcare directive, but with her recent passing, it was discovered that no one was ever named as a backup. Now, the question is not only who will pick up her role as Mr. Wilson’s healthcare directive, but how. With Brian Wilson being considered unable to make these decisions for himself due to dementia, the solution is not a simple one. Tune in to...
info_outline 122: The Costly Truth of Ignoring Estate Planning Like Jay LenoAbsolute Trust Talk
You may have heard the recent news that Jay Leno filed a conservatorship over his wife, Mavis Leno’s estate. The couple does not have an estate plan, and his goal is to gain special permission from the court to set up a plan for both of them. As Kirsten and Madison point out, the main issue is not what happens if Mavis dies but instead if Jay were to die first. Given that Mavis is already incapacitated, who will manage their assets and decision-making? We hope you will join us for this discussion that underscores just how important it is to have an estate plan in place to avoid the costly...
info_outline 123: Why Can't I Change My Trust After My Spouse Passes Away?Absolute Trust Talk
At Absolute Trust Counsel, one of the pieces of advice we like to shout from the roof tops is that people need to keep their estate plans up to date! We constantly find people who fail to do so. In many cases, we can fix the challenges that arise, but sometimes, it may not be possible, and we must navigate a more difficult path. In this specific episode, we are going to focus on AB Trusts and the issues that typically arise. It happens more than you might think - often, when a spouse dies, the widow(er) later finds out their joint trust is set up in a way that requires them to split the trust...
info_outline 121: What Happens When a Trustee, Executor or Beneficiary Dies?Absolute Trust Talk
If you’ve been following along with our show, you know that we can’t stress enough the importance of estate planning and setting up a trust to make things simple, cost-effective, and less time-consuming for your heirs. But even with the most comprehensive and well-thought-out estate plan, wrinkles can be thrown into the plan. It’s a lot of information for all parties involved to consume, and there are many moving parts. One curveball we’ve seen a few times before is a beneficiary, trustee, or executor dying before the will or trust is enacted. Everyone tuning in to this podcast has...
info_outline 120: Solutions to Common Real Estate IssuesAbsolute Trust Talk
Have you ever had a pesky neighbor encroaching on your land? Or perhaps they have decided to put a cell tower in that directly blocks the beautiful view that you bought your property for in the first place? Or maybe you’ve recently inherited the family home but share it with your siblings and cannot agree on what to do with it. How do you resolve these types of challenges? Do you have a friendly conversation? Do you engage a lawyer and go to court? In this podcast episode, we sit down with Steven Kahn, a civil litigation attorney who focuses on real estate and business disputes involving...
info_outline 119: Understanding the Basics of Probate AccountingAbsolute Trust Talk
If you’re someone who is serving in the role of trustee, executor, conservator, or guardian, acting as a personal representative for someone’s estate in California, did you know that the state has specific guidelines for probate accounting? According to section 16062, the California probate code requires representatives to provide an accounting at least once a year. The purpose is usually two-fold: to show beneficiaries what assets exist, how they’ve been handled, how much is left to be divided up, and to show the individual in control of the money is doing their job. ...
info_outline 118: Do You Need an Estate Plan for Your Furry or Feathered Family Members?Absolute Trust Talk
You’ve probably heard stories of celebrities leaving their fortunes to their beloved pooches and thought, “How silly!” Sure, it’s unlikely that an animal needs millions of dollars - after all, what will they do with it? But if you’re a pet person, have you stopped to consider what will happen to your sidekick after you’re gone? People don’t think about how long animals can live. Dogs can live anywhere from 8-16 years, and cats from 12-18. And those are your household four-legged friends. What about fish and birds? Koi fish live anywhere from 25-35 years, and parrots can live up...
info_outline 117: Celebrity Estate Planning Lessons: Senator Dianne FeinsteinAbsolute Trust Talk
You may have heard that Senator Dianne Feinstein passed away on September 29, 2023, and there is pending litigation between the Senator and her deceased husband, Richard Blum, as well as some new litigation regarding her estate. Two petitions have been filed by the Senator’s daughter, Katherine Feinstein. The first petition concerns the joint revocable trust between Senator Feinstein and Richard Blum. Katherine is alleging that the joint trust held between Dianne and Richard was not split, and she is also requesting that the court permit the trustees to sell one of the four properties in...
info_outlineIt’s hard to deny that we now live in a celebrity-centric society. At one time, programming like “Lifestyles of the Rich and Famous” seemed a novel concept. Now we’re bombarded almost daily with content chronicling the everyday activities of celebrities of all kinds — including stars with no real claim to fame other than having amassed a large following on social media.
Our fascination with the rich and famous is hard to put down. We like to believe that our favorite celebrities are like us — they walk their dogs, go shopping, hit the gym, and live much like we do. That’s probably why all that TMZ-style photo and video content centered on celebrities going on about their daily lives is such a mainstay of social media. It reinforces the notion that stars are very similar to us despite their wealth and fame.
Comforting as that may be, most of us — probably yourself included — also realize that, in some respects, celebrities are, in fact, nothing like us. After all, multi-million-dollar estates, exotic cars that cost more than many houses, entourages, and travel via private jet are luxuries that few of us get to experience.
Considering the financial resources at their disposal, you’d think that most celebrities would have a legion of financial experts at arm’s reach to not only maximize their income but also build estate plans that leave nothing to chance when it comes time to transfer all that accumulated wealth to the heirs of their choosing.
As it turns out, that’s often not the case. When it comes to estate planning, many celebrities are very much like us, either putting it off
entirely or dealing with it in a haphazard fashion. In our newest episode of Absolute Trust Talk, Kirsten Howe and associate attorney, Madison Gunn, take a closer look at some of the surprising missteps — ranging from poor planning to outright avoidance — that many members of the rich and famous have made when planning for that time when they’ll no longer be around.
A number of these situations will probably seem pretty familiar, yet the fallout from these celebrities either taking ill-conceived actions — or no action at all — can be substantial. Huge amounts of wealth that could have otherwise been shielded end up in the government coffers via taxation, heirs battling it out in court for years (literally), and some heirs being enriched to the extent that has led them down a tragic, and sometimes even fatal, path.
It’s a bit of a departure from most of our ATC podcasts, but it still maintains a common thread. You’ll hear stories about the rich and famous that are, at times, both sobering and entertaining, and yet there’s no shortage of teachable moments included. Besides being better equipped to avoid estate planning mishaps, you’ll also walk away from this podcast with a better idea of the right steps to take for a smoother process when planning and administering your estate.
In this episode, we’re going to discuss:
- How, despite wealth and access to the best financial advice, celebrities often avoid the topic of estate planning altogether
- The challenges that come with estates that include music rights and other intellectual property
- Missteps by the rich and famous that have led to the government taking huge shares of estates at the expense of potential heirs
- How poor planning has led to heirs being enriched to the extent that they proved unable to handle
- Why having the best of intentions and communicating them to others is no substitute for a properly executed will
- The privacy implications of a celebrity dying intestate
And more.
Because so much wealth is usually at stake, we tend to assume that the rich and famous almost always take the necessary steps to ensure their estate plans reflect their intentions and are airtight. Unfortunately, this is often not true, but as you’ll see, when celebrities either improvise with their estate plans — or take no action — the consequences can be enormous. The fallout may make for good tabloid fodder, but at the same time, it’s sobering.