June 17, 2019 Substantive Law

Celebrity Estate Planning: Misfires of the Rich and Famous II

By Jessica Galligan Goldsmith, David Y. Choi, Shaina S. Kamen, Gerry Joyce, Christiana M. Lazo, Alison Silverman, and Bruce D. Steiner

Reprinted with permission from Probate & Property, May/June 2019 (33:3), at 50-55. ©2019 by the American Bar Association. All rights reserved. This information or any or portion thereof may not be copied or disseminated in any form or by any means or stored in an electronic database or retrieval system without the express written consent of the American Bar Association.

In many ways, celebrities are no different from other people. Even though they often have access to the best managers, agents, and attorneys, celebrities often have non-existent or outdated estate plans. Sometimes changes in family circumstances or in the tax laws can create unexpected results, and sometimes no tax planning has been contemplated. The estate plans of the celebrities discussed in this article, which is a sequel to an article in the July/August 2018 issue, can provide useful lessons to estate planners and individuals.

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