Famous Estates – Legacy Champ or Chump?

Linda McCartney (1941-1998) – Activist, Photographer, Musician, Entrepreneur

Linda McCartney was an American photographer, musician, and animal rights activist. In 1969, she married Paul McCartney, and later joined McCartney’s band, Wings. She was granted the courtesy title Lady McCartney when her husband was knighted in 1997. McCartney wrote several vegetarian cookbooks and became a business entrepreneur, starting the Linda McCartney Foods company. As a professional photographer McCartney was the house photographer at the Fillmore East concert hall, and she was the only photographer to have cover photographs published on Rolling Stone magazine as well as appearing on the cover herself. McCartney was diagnosed with breast cancer in 1995 and died at the age of 56 in 1998 in Tucson, Arizona where the McCartneys had a ranch.

Linda McCartney’s Will is interesting because she uses testamentary trusts to virtually eliminate federal estate taxes, at least while her husband, Paul McCartney, is alive. Since Paul McCartney is not a U.S. citizen, Linda McCartney left her entire fortune to her husband in a special trust, known as a Qualified Domestic Trust. A Qualified Domestic Trust allows for an unlimited marital deduction, even though the surviving spouse is not a U.S. citizen. As such, Paul McCartney will have access to any royalties from books, records and any financial remuneration for the use of his wife’s photographs. Paul McCartney has pledged to continue her line of vegetarian food and to keep it free from genetically modified organisms.

We honor Lady Linda McCartney as a Legacy Champ for her forethought and planning in creating a Qualified Domestic Trust in her estate plan. If you want to be a Legacy Champ in your own special way, 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

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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