The Forbes story The 10 Biggest Celebrity Estate Stories Of 2014 And What You Can Learn illustrate good planning, bad planning and the ugly side of family feuds after a loved one dies.
From complicated family issues for Robin Williams, to misinformation about “trust fund kids” by Phillip Seymour Hoffman, it’s easy to stop and gawk. However, it’s reported that more than half of all American’s die without a will.
I’m lucky that my parents shared their wishes with me and my siblings and completed their estate plans well before we needed to use the tools created.
When you turn 65 years old, according to the U.S. Department of Health and Human Services, you have a 70 percent chance of needing 3 or more years of long-term care. You will be on this earth and need someone to advocate for you, pay your bills, manage your household and ensure that you live the life the way you wish.
If you do nothing else, contact a local estate lawyer about a Durable Power of Attorney. It should cost a few hundred dollars and will prove to be priceless in the very likely event that you need it.
Don’t repeat the mistakes of the rich and famous. Deliver the ultimate gift to your loved ones by planning now.