Karen Carpenter (1950-1983) – Singer & Drummer
Karen and her brother, Richard, formed the 1970s duo known as “The Carpenters.” She was a drummer whose skills earned her admiration from her peers, although she was better known for her vocal performances of idealistic romantic ballads. Karen suffered from anorexia nervosa, an eating disorder of extreme weight loss dieting, which was a little-known illness at the time. She died at age 32 from heart failure, caused by complications related to her illness, which caused her to mistakenly believe that she needed to lose weight. Karen’s death led to increased visibility and awareness of eating disorders. Yet, despite her success as a singer and drummer, consider what happened to her estate.
47% Shrinkage of the Estate
$6,110,476 Gross Estate
$ 317,500 Less Settlement Costs
$2,549,731 Death Taxes
$2,867,231 Total Costs
$3,243,245 Final Estate Value
Karen Carpenter may have been a popular singer, but even famous singers can fail to properly plan. You decide. Is a 47% 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.