AND THE RESULTS ARE IN – Kellie Pickler & her partner Derek Hough have Cha-Cha-Cha’d their way to the Dancing With the Stars’ Hall of Fame, as the Season 16 Champions! The petite, pixie-cut Pickler is now the proud owner of the DWTS “mirror ball trophy.” The dancing queen has dominated both American Idol & Dancing with the Stars – what’s next, Top Chef? Project Runway? Survivor?
Regardless of where Pickler decides to direct her talents, her youth (age 26) & celebrity status will do little to protect her growing wealth without the implementation of estate planning.
Marilyn Monroe was 36 when she died. Although she had a will & trust, she did not have an estate plan in place to ensure all of her assets were distributed to her desired beneficiaries, and estate taxes absorbed over half of her net estate.
NFL Quarterback, Steve McNair, died at the age of 36. He had $20 million in his estate, but no will in place to provide for his four children. After years of probate, taxes, and legal fees, there is still no resolution in sight.
In cases like that of Marilyn Monroe & Steve McNair, where the estate exceeds the exemption equivalent, there are many estate planning techniques that can be used to limit estate taxes in Florida such as:
- Bypass Trust
- QPRT (Qualified Personal Residence Trust)
- ILIT (Irrevocable Life Insurance Trust)
- QTIP (Qualified Terminable Interest Property trust)
Over half of adults under the age of 34 do not have a will or estate plan in place. Regardless of age, you want to protect your assets and ensure that you have control over their distribution. Learn a lesson or two from these celebrities – you are never too young to waltz your way into estate planning protection.
For more information on successful Florida estate planning and asset protection techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 to schedule your free consultation.
It’s a Wild world. Are you protected?SM