Bay Area Estate And Tax Planning Law Firm

Movie icon’s estate planning garners some attention following death

On Behalf of | Sep 28, 2018 | Uncategorized |

The phrase “alleged disinheritance” is likely to command attention in any final estate plan accounting, with that certainly being the case where a celebrity is concerned.

Burt Reynolds unquestionably qualifies for that title, with that actor being a Hollywood mainstay and box-office draw for several decades. Reynolds died earlier this month. Similarly with musical icon Aretha Franklin, who also died recently, his estate planning details are eliciting some public attention in the wake of his passing.

Concerning the disinheritance buzz, it merits noting that Reynolds’ will actually stated that his son was not being provided for in the document because “I have provided for him during my lifetime in my Declaration of Trust.”

A commentator on trusts and estates discussing Reynolds’ planning makes several trust-linked comments in connection with that statement.

For starters, she notes, trusts are highly flexible legal instruments greatly preferred by many planners over wills “due to their privacy and administrative ease upon death.” It is hardly surprising that Reynolds and other public figures would seek to craft one or more relevant trusts to optimally promote their estate aims.

Indeed, that holds equally true for many individuals who are not remotely connected to the public realm, as well. We prominently note on our website at the established Bay Area estate planning Law Offices of Connie Yi that trusts “can be an integral piece of estate planning for many individuals, couples and families.”

We invite inquiries to our firm and proven attorney/CPA to discuss why and to explain how trust creation can materially assist a planner in fundamental and key ways.