• Skip to primary navigation
  • Skip to main content

The Hayes Law Firm

Estate and Elder Law Information Center

  • (626) 403-2292
  • Attend a Free Webinar
  • Home
  • Our Firm
    • About Our Firm
    • Virtual Estate Planning
    • About The American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Speaker Connection
    • Multi-Media
    • Reviews
    • College Internship Program (Marketing)
  • Estate Planning
    • Asset Protection & Business Planning
    • Estate and Gift Taxes: Figures
    • Family-Owned Businesses
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ+ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
  • Probate Process
    • CA Probate & Estate Planning Savings Calculator
    • California Probate Process
    • Common Probate Questions
    • Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • The Mourner’s Bill of Rights
      • Trust Administration & Probate Definitions
      • When a Loved One Passes Away With a Trust
      • When a Loved One Passes Away With a Will
    • Why Hire a Probate Attorney?
  • Trust Administration
    • Trust Administration Resources
    • Trust Administration Assistance
  • Resources
    • Feature Articles by The Hayes Law Firm
    • DocuBank
    • COVID-19 Estate Planning Resources
    • Educational Heroes
    • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Articles
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning FAQ’s
      • FAQ’s for Families Without an Estate Plan
      • Legacy Wealth Planning FAQ’s
      • LGBTQ Estate Planning FAQ’s
      • Trust Administration & Probate FAQ’s
    • LGBTQ+ Resources
    • Newsletters
    • Special Needs Resources
  • Elder Law
    • Are You A Caregiver for a disabled loved one?
    • Coping With Alzheimer’s
    • Emergency Medi-Cal & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medi-Cal Planning
    • Veteran’s Benefits
  • Seminars and Webinars
  • Contact Us
    • Preparing for Your Initial Consultation
  • Blog

Eight Lessons From Celebrity Estates

William Hayes · Oct 21, 2020 ·

by Matthew Erskine, Contributor at Forbes & Trusts and Estates Attorney

Eight Lessons From Celebrity Estates: The saying goes that anyone who does not learn from mistakes in the past is doomed to repeat them.  In estate planning, if you do not learn from other’s mistakes, you are likely to repeat them.  Mistakes in the estate planning of high profile celebrities is one very good way to learn the lessons of what not to do.  Here are eight celebrity estates where the mistakes have been reported in the news over the years.  

Eight Lessons From Celebrity Estates

James Gandolfini

The actor James Gandolfini left only 20% of his estate to his wife, whereas if he had left more of his estate to his wife the estate tax on that gift would have been avoided in his estate. The result of not maximizing the tax savings in his estate was that 55% of his total estate went to pay estate taxes.

James Brown

The singer James Brown left the copyrights to his music to an educational foundation, his tangible assets to his children, and $2 Million to educate his grandchildren. Due to the ambiguous language in his documents, his girl friend and her children sued and, 6 years later and after the payment of millions in estate taxes, his estate was finally settled.

Michael Jackson

Michael Jackson had a trust but he never fund the trust during his lifetime. This has lead to a long and costly battle in the California Probate Court over control of his estate.  

Michael Jackson Estate May Avoid Penalties in IRS Dispute - Bloomberg
(Michael Jackson’s Neverland Ranch in 2003. Photographer: Frazer Harrison/Getty Images)

Howard Hughes

Although Howard Hughes wished to give his $2.5 Billion fortune to go for medical research, no valid written will could be discovered at his death.  His fortune was instead divided among his 22 cousins, though Hughes Aircraft Co. was gifted to the Hughes Medical Institute prior to his death and was not included in his estate.

Michael Critchton

The author Michael Crichton was survived by his pregnant second wife. His son was born after his death but since his will and trust did not anticipate a child being born after his death, his daughter from a previous marriage tried to exclude his son from his estate.

Doris Duke

Doris Duke, heir to a tobacco fortune, left her $1.2 Billion fortune to her foundation at her death.  Her butler was named as the one in charge of the foundation and the result was a series of law suits claiming mismanagement over the next four years, and millions in legal fees.

Casey Kasem

Casey Kasem’s wife and the children of his prior marriage fought over his end-of-life care and even the disposition of his body. the result was an embarrassing scene including kidnapping and theft of his corpse.

Prince and Aretha Franklin

Both music stars died without a will. This has lead to a very public, and in the case of Prince, a very contentious settlement of their estates.

Interested in learning more about planning for your future? Watch our YouTube video on legacy wealth planning!

Lessons Learned?

So, even the most famous (and the most wealthy) people avoid a careful look at their estate plan, especially in the boarder context of taxes (Gandolfini), benefiting charity (Brown, Hughes), providing for family (Critchon), who to trust with managing your estate (Duke) and avoiding family disputes, especially in mixed marriages (Kasem).

If you have an estate plan in place, this is a good time to review your existing documents to make sure they still accomplish your wishes. Here are the questions you should think about:

·        Does your will match your wealth transfer wishes?

·        Are your assets titled correctly and have you set up the appropriate beneficiary designation forms?

·        Have you established and funded all necessary trusts?

·        Do you need and have necessary planning documents?

·        Are your business interests adequately covered?

So consider these mistakes of celebrities when you are creating a comprehensive estate plan.  It will bring you peace of mind today and will provide clarity and comfort for your family in the future.


Did you enjoy reading, Eight Lessons From Celebrity Estates?  Interested in learning more about this subject? Attend an upcoming webinar!

Have You Properly Protected Your Loved Ones? (FREE Estate Planning Workshop)

Join us for a free Trustee and Power of Attorney Training School Webinar, Medi-Cal Trust Webinar, and/or Probate Webinar. Get registered today!

This website is not intended to be a source of solicitation or legal advice. General information is made available for educational purposes only. The information on this blog is not an invitation for an attorney-client relationship, and website should not be used to substitute for obtaining legal advice from a licensed professional attorney in your state. Please call us at (626) 403-2292 if you wish to schedule an appointment for a legal consultation.

For more information about The Hayes Law Firm, visit our Google My Business page.

Hayes Law Firm office
The Hayes Law Firm Offices in South Pasadena, CA
  • Author
  • Recent Posts
William Hayes
William Hayes
As an attorney in private practice in Los Angeles County, California William Hayes provides extensive estate and tax planning services to individuals and businesses in Los Angeles, Pasadena, Glendale, Burbank and surrounding communities. Attorney Hayes’ primary focus is to help clients avoid probate, protect their assets, and provide for the security of their loved ones with a well-crafted estate plan. He believes in giving each client the time needed to explain his or her needs and wishes and then dedicates his efforts toward making the client’s desires clear in their final estate plan.
William Hayes
Latest posts by William Hayes (see all)
  • Travel Tips for Senior Citizens - May 23, 2022
  • Trusts for Those With Addiction Problems - May 22, 2022
  • What to Know About Credit Scores - May 9, 2022

Blog Subscription

Sign up for our newsletter and get our news straight to your inbox!

Stay Informed

Where we are

The Hayes Law Firm
729 Mission St. #300
South Pasadena, CA 91030
Phone: (626) 403-2292
Fax: (626) 403-2299
Proud Memberaaepa

Office hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

Map

map
  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • Twitter
  • YouTube

The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

© 2022 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us