ESTATE PLANNING BLOG

Bradford Miller Law, P.C. focuses on real estate law, landlord tenant law and estate planning. This is the estate planning blog. If you are interested in reading about landlord tenant law, visit that blog at http://chicagoltlaw.blogspot.com/. If you are interested in real estate law, visit http://chicagorealestatelawyers.blogspot.com/. The law firm's main website is www.bradfordmillerlaw.com.



This blog will focus on estate planning. If you are in need of an estate plan, call Attorney Bradford Miller at 312-238-9298 for a free consultation. Located at 10 S. LaSalle, Suite 2920, Chicago, IL 60603.

Saturday, December 11, 2010

Famous people who made the mistakes with estate planning

Celebrity: Jimi Hendrix
Mistake: Never writing a will.
Story: Music legend Jimi Hendrix died at age 27 in 1970 without a will. Under state law, his dad, Al, got everything, leaving his close brother Leon with nothing. Al built Hendrix's musical legacy into an $80 million venture, but in his own will cut out Leon and his family, in favor of his adopted daughter through a later marriage.
Lesson: Even young rock stars aren't immortal. Sign a will or living trust document.

Celebrity: Marlon Brando
Mistake: Making oral promises.
Story: Angela Borlaza, actor Brando's "major domo," claimed Brando gave her the house she lived in, saying he had kept it in his name for tax reasons. She settled with the executors of his estate for $125,000. She also claimed Brando promised her continued employment with a company he owned, and settled that claim out of court.
Lesson: Oral promises won't do; if you're serious, execute the right written documents.

Celebrity: Ted Williams
Mistake: Conflicting directions on burial wishes.
Story: In his will, baseball legend Ted Williams said he wished to be cremated. But his two children from a second marriage produced a grease-stained note saying he wished to be put in biostasis after his death, and they froze his body after his death in 2002. His eldest daughter fought to have his body unfrozen and cremated, but gave up the fight when she ran out of money.
Lesson: If you change your mind about your burial wishes, change your will by adding a codicil, or writing a new one.

There are many, many more stories.  No matter what your situation is, you need to think about estate planning.  Call my office for a free consultation.

Bradford Miller Law, P.C.
321 N. Clark, Suite 500
Chicago, IL 60654
312-238-9298
Experienced in real estate law, landlord tenant law, and estate planning

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