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Famous Estates – Legacy Champ or Chump?

November 9, 2012 by Stephen A. Mendel, Estate Planning Attorney

Jessica Savitch (1947-1983) – Television News Anchor

 

Savitch was a popular local television newscaster at KYW-TV, the former NBC affiliate (now CBS) in Philadelphia, and a Washington correspondent for NBC News. Thanks to her screen presence and attractive style, she was eventually promoted to the news anchor of the weekend NBC Nightly News, and she also anchored Frontline on PBS. Her autobiography, Anchorwoman, was published in 1982. However, her unstable personal life became increasingly messy. Weeks after her divorce was finalized, Savitch married Donald Payne, her gynecologist. In August 1981, Payne committed suicide by hanging himself in the basement of their Washington, D.C. townhouse. On October 3, 1983, Savitch was suspected of being under the influence of drugs while anchoring a mid-evening news update called NBC News Digest. On October 23, 1983, Savitch and a dinner partner died in a car accident when they were trapped upside down inside the car in a canal. Yet, despite her success as a television news anchor, consider what happened to her estate.

30% Shrinkage of the Estate

$2,175,463 Gross Estate

$ 286,162 Less Settlement Costs

$ 375,851 Death Taxes

$ 662,013 Total Costs

$1,513,450 Final Estate Value

Jessica Savitch was an accomplished television news anchor, but even famous news anchors can fail to properly plan. You decide. Is a 30% loss of Estate good planning by someone with a vast array of professionals available to assist her?

If you want to minimize the likelihood of shrinkage to your estate, then contact The Mendel Law Firm, L.P., for a free initial consultation on estate planning, trust planning, and/or probate issues.

 

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Stephen A. Mendel, Estate Planning Attorney

Stephen A. Mendel, Estate Planning Attorney

Mr. Stephen Mendel is an attorney who focuses a substantial part of his practice on estate planning. Mr. Mendel’s guiding principle is to provide his clients with quality legal services tailored to each client’s specific needs and goals.
Stephen A. Mendel, Estate Planning Attorney

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Filed Under: Estate, Estate Planning, Financial Planning, Uncategorized Tagged With: celebrity estate plans, estate planning attorney, famous estates, Jessica Savitch's estate, probate, trust planning

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  • About Stephen A. Mendel, Estate Planning Attorney

    Mr. Stephen Mendel is an attorney who focuses a substantial part of his practice on estate planning. Mr. Mendel’s guiding principle is to provide his clients with quality legal services tailored to each client’s specific needs and goals.

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