Even rich and famous celebrities can fall victim to a serious mistake planning mistakes. Whether they failed to get advice, make bad choices, or, like most people, fail to have a good plan in place, there are many celebrities who have had disastrous estate plans. Here are a few examples.
Jim Morrison
The lead singer of The Doors died young in 1971, leaving behind an estate and a legacy that still lives on today. He left the entirety of his estate to his girlfriend Pamela Courson. Courson died in 1974, and because she didn’t leave behind a last will and testament, all of her property passed to her parents. This effectively meant that the Morrison estate was inherited by Morrison’s in-laws, something he probably didn’t want to see happen.
Sammy Davis Jr.
When he died in 1990, Sammy Davis Jr. left behind a legacy as one of the most beloved entertainers of the 20th century. He also left behind an insolvent estate. Though Davis had been very generous, leaving behind a will that gave gifts to numerous friends and family, his estate was burdened by debt. In the end, he left behind more debt than assets and wasn’t able to leave an inheritance to anyone.
Steve McNair
Steve McNair, former Tennessee Titans quarterback, died in 2009 at the age of 36. Like many people his age, he hadn’t created an estate plan. But unlike most of his contemporaries, McNair had a large net worth, meaning his estate had to pay a hefty estate tax bill.
- Donor Advised Funds: Too Good to Be True? - September 15, 2021
- Changing “Irrevocable” Trusts Through Judicial and Nonjudicial Modification - September 8, 2021
- Reasons to Supplement Your Estate Plan With Life Insurance - September 7, 2021
