Just because you can’t take it with you doesn’t mean you should let the government have it! Celebrities often live firmly in the moment, maintaining lavish lifestyles and basking in the adulation of legions of fans. In fact, it’s likely this very focus and dedication to the now that allows them to ascend to the tops of their respective fields in the first place. Unfortunately, this gift becomes a curse when it comes time to perform estate planning. Too often, celebrities fail to establish even the most rudimentary estate plans, and those that do have a plan in place commonly leave gaping holes, despite their financial might giving them access to the finest attorneys. These easily avoidable oversights can cause enormous family strife and cost tens of millions of dollars.Here are ten celebrities who did a great job accumulating wealth during their lives but failed to properly plan for their eventual deaths.
Source: Photo Gallery: Richest of the Rich: Ten Celebrity Estate Planning Mistakes | WealthManagement.com
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David R. Duringer, JD, LL.M, is a concealed firearm instructor and tax lawyer specializing in business and estate planning; licensed to practice law in the states of California and Washington. He is managing shareholder at Protective Law Corporation, serving Southern California from its Laguna Hills (Orange County) headquarters and satellite offices in San Diego County (Coronado and Carlsbad).
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