Usually when a celebrity passes away, estate planning blogs are full of all of the ways that the celebrity did not have an ideal estate plan. For whatever reason, celebrities just are not known for having great estate plans. However, it is only fair that when a famous person passes away and had a good estate plan that estate planning blogs should mention that as well.
The latest example of a good celebrity estate plan appears to be the estate plan of former Los Angeles Lakers owner Jerry Buss. The Lakers are purportedly worth more than a billion dollars, which is well over the estate tax exemption. Any time that a business is worth more than the estate tax exemption, careful estate planning is required to make sure that the business does not have to be sold to pay the estate tax.
It appears that Buss was successful with his estate plan. His children have inherited the Los Angeles Lakers and will not be forced to sell the franchise. It is a bit too soon to know exactly how this was accomplished. It could have been done in several different ways.
If you have a business that you want to leave to your children, you would be wise to seek out the help of an estate planning attorney, so that you can have as much success with your estate plan as Jerry Buss. Ask the attorney what your options are and what is the best choice for you.
Stephen A. Mendel, Estate Planning Attorney
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