Ezell Law Firm, LLC
Call for a free phone consultation
Local 225-763-2272 Toll free 888-511-8717
A Louisiana Full-Service Law Firm, Dedicated to Your Needs

How others can learn from celebrity estate planning errors

People in Louisiana may want to avoid the errors of celebrities such as Aretha Franklin and Prince who died without estate plans. It's important to note that estate planning is not just for people who have wealth and fame. Creating an estate plan ensures that a person's wishes are carried out.

Without an estate plan, the distribution of assets could be delayed and family conflicts could erupt. Despite this, many or most people do not have one. One survey found that only about 40 percent of adults have a will or trust. Almost two-thirds of Gen Xers and over 40 percent of baby boomers do not have a will. Many simply say they have not gotten around to creating one.

An attorney for Aretha Franklin said that he urged her to create such a plan but she never took his advice. In Franklin's case, her estate is reported to be worth about $80 million. An estate plan can be designed to reduce taxes, but with no estate plan, the entire value of the estate above $11.18 million will be taxed. Without a trust in place, those assets may be taxed again when Franklin's four children die.

Working with an attorney to create a will can help make sure the legal language and provisions are correct. Parents with children who have special needs may want to create a special needs trust.

There are several other reasons to create an estate plan. For example, parents can name a legal guardian for minor children in a will. If no guardian is appointed, family members may have to go through an expensive and time-consuming process to obtain guardianship. Proper estate planning can also designate powers of attorney and important health care decisions.

No Comments

Leave a comment
Comment Information

Contact Our Law Firm Today

Ezell Law Firm, LLC
10761 Perkins Road
Suite A
Baton Rouge, LA 70810

Toll Free: 888-511-8717
Phone: 225-763-2272
Map & Directions

Free phone consultation Contact our office to set up your appointment

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy