Cole Porter (1893-1964) – Composer & Songwriter
Cole Porter was born to a wealthy family in Indiana, and he defied the wishes of his grandfather when he took up music. Classically trained, he was drawn towards musical theater. After a slow start he began to achieve success in the 1920s. By the 1930s, Porter was one of the major songwriters for the Broadway musical stage. Unlike most successful Broadway composers, Porter wrote both the lyrics and the music for his songs. After a serious horseback riding accident, Porter was left disabled and in constant pain, but he continued to work. His shows of the early 1940s did not contain the lasting hits of his best work of the 1920s and 30s. In 1948, he made a triumphant comeback with his most successful musical, Kiss Me, Kate. The show won the Tony Award for best musical, and Cole Porter won for best composer and lyricist. Yet, despite his success as a composer and songwriter, consider what happened to his estate.
29% Shrinkage of the Estate
$5,729,599 Gross Estate
$ 225,444 Less Settlement Costs
$1,433,674 Death Taxes
$1,659,118 Total Costs
$4,070,481 Final Estate Value
Cole Porter was an award winning composer and songwriter, but even famous composers and songwriters can fail to properly plan. You decide. Is a 29% loss of Estate good planning by someone with a vast array of professionals available to assist him?
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.