R.E.S.P.E.C.T. That’s What Estate Planning And Asset Protection Plan Spells
Unfortunately, too many people today don’t have or even think about estate planning and having an asset protection plan…
So many celebrities who die unexpectedly do not have their affairs in order – they don’t have an asset protection plan.
Recently, it was reported that iconic singer, the Queen of Soul, Aretha Franklin’s outstanding tax debt was paid off to the tune of nearly $8 million. The fact that the singer owed back taxes and did not have an estate and asset protection plan doesn’t really come as a surprise to me.
It is tragic for Franklin’s family though who, since 2018, have not had the benefit of any of her estate.
It is so true that unexpected deaths, celebrity or not, can make the rest of us think about the documents we need to have in place to benefit our loved ones. You certainly do not have to have the kind of estate Franklin had, or any other celebrities for that matter, to show your family you love and respect them enough to keep them from having to go through probate. The tax and financial hassle of probate can be huge, even for normal sized estates.
The hundreds of thousands of unexpected deaths due to the pandemic have also brought discussion of estate planning and having an asset protection plan to the foreground for many families.
It doesn’t take long to create legal documents like an asset protection plan, that allows you to make sure your affairs are in order.
But keep this in mind: you’ll need to update any legal documents if things change. For instance, a common change that may affect your priorly drafted estate plan is a divorce or the birth of a child. This is clear in the case of the actor, Heath Ledger, who had a will, but unfortunately it was five years old and had never been updated. It gave his parents and sisters his $20 million estate and failed to mention Michelle Williams or their child.
Respect is shown in many ways. One of the most important ways we have of showing love and respect to our family and loved ones is sparing them from having to go through probate upon our deaths, however expected or unexpected they may be. Having an estate plan and asset protection plan is part of that.