Pub. 15 2018 Issue 2

18 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G N E W M E X I C O R E A L I Z E D R E A M S Celebrities, when it comes to estate planning, are pretty much no different from us “regular folks.” They either plan or don’t plan for their imminent demise. We probably don’t need to mention that not preparing and executing an estate plan can make a situation very diffi - cult for your loved ones. Often times confusion in estate planning can lead to litigation and additional costs to settle the estate. Check out the paperback “Trial and Heirs: Famous Fortune Fights!” by pro- bate litigator Andrew Mayoras and his estate lawyer wife, Danielle B. Mayoras. Amazon says, “you’ll have a front row seat in the courtroom while the book replays the tabloid drama and points out what went wrong in these riveting cases.” The Mayoras are even featured experts on the REELZ cable TV show Celebrity Legacies. The Good, the Bad and the Real Ugly Estate This article highlights a few celeb- rities and makes note of those that pre-planned along with the Snafus created by those that didn’t plan. A poll conducted by Caring.com reported in a recent AARP article that 6 out of 10 adults have not done any estate planning. Good estate planning is a fairly simple 3 step process: Step one – Prepare the plan with a qualified estate planning attorney. Step two - Execute the plan; sign and notarize the actual estate planning documents. Step three – Update the plan periodically when you have significant life changes, moving to a different state, divorce, children, remarriage, acquiring new assets, retirement, etc. Bourdain and Spade… those you leave behind As most of you have heard by now, Anthony Bourdain and Kate Spade recently passed. We really don’t know the extent of their estate plans at this time or if they even created one. Each of them left behind a minor child, young daughters aged 11 and 13 respective- ly. If they had created comprehensive estate plans, they probably would have established some protective structure for the minors, possibly within a trust, to provide for their care, education, health needs and specific immediate and long term support. Comprehensive estate plans would also include royal- ties, copyrights, trademarks, and future opportunities to continue the brand and business. All these are consider- ations provided for in a well thought out estate plan. Paul Walker, star of Fast and Furious movie series… good planning Died at age 40, Paul Walker had implemented a basic estate plan that left his $25 million estate to his teenage daughter in a trust and appointed his mother as her legal guardian. Heath Ledger of Batman fame… planned but didn’t up- date the plan He created a will shortly after his stardom began to rise. Unfortunately, he let 5 years lapse without an update so when he died his will left his entire for- tune to his parents and sister. His young daughter received nothing. Celebrity Estate Planning: Snafus By John Attwood and Mary Ann Cuneo, JD, Zia Trust, Inc. S NAFU What is a “Snafu” you may ask? It’s a badly confused or ridiculously muddled situation.