Exit Strategies of the Rich and Famous:
Estate conservation is too important to put off. Do you have a smart exit strategy?
Please refer to our transcription below if it is easier and/or more convenient for you:
Though it’s no fun to think about, everybody has to go sometime. The question is, do you have a smart exit strategy?
Historically, some very smart people haven’t been very smart about estate management. King of Pop, Michael Jackson, failed to use some strategies that might have reduced his heirs estate tax bill. For example, he could have placed the rights to the Beatles songs into an LLC, and given them to his kids over time, creating a potential tax benefit for his heirs.
On the other hand, rock stars Elvis Presley and John Lennon, each established a trust strategy that passed the bulk of their assets to their chosen beneficiaries. Of course, there is the case of Leona Helmsley, who created a 12-million dollar trust fund for her dog Trouble.
Whoever your chosen beneficiaries may be, it makes sense to pass as much of your estate as possible to them, and manage estate taxes in the probate process. Estate conservation is too important to put off. Do you have a smart exit strategy? Schedule a review today and find out.