Anytime a person passes away unexpectedly it can be a great burden on his or her loved ones. However, if a person in the Hudson County area has made the proper estate planning decisions, the financial burden on his or her loved ones can be much easier to navigate s they go through that difficult period of time. However, if a person has made estate-planning mistakes or hasn’t done any planning at all, then overcoming a loved one’s death can be even more difficult.
TV star James Gandolfini recently passed away and according to reports much of his $70 million estate will not go to family or other beneficiaries. Rather, it will go towards taxes. This is just one mistake that many celebrities make with their estate planning, but it’s a lesson from which anyone can learn.
There are other common mistakes that people from all walks of life make with their estate planning. They include choosing an executor that has a conflict of interest. It is bets to choose someone who will act without bias, like an attorney for example. Another mistake common among celebrities is to let a lack of planning taint their legacy. Be sure to plan sufficiently so that those left behind don’t have to fight it out in court and even worse, in the tabloids. Lastly, avoid losing too much money to taxes by using methods like a trust or leaving gifts to heirs.
When a person is ready to prepare for his or her future speaking with an estate-planning attorney is generally a very good idea. An experienced lawyer can explain the many different tools available to a person such as a will, a trust and a living will, to name just a few.
Source: U.S. News & World Report, “Estate Planning Lessons From James Gandolfini,” Kimberly Palmer, July 16, 2013