SCOTT F BARNETT CONSULTING

What do you want me to do for you?

  • HOME
  • About
    • Resume
  • Blog
    • Safe Money Long Life
    • Wills & Trusts
    • Closely Held & Family Businesses
  • What I Can Do For You!
    • Books, Manuals, Guides & Videos
      • ESTATE PLANNING IS KID’s STUFF!
    • Retirement & Estate Planning Coaching Services
    • Annuities & Life Insurance
    • Worker’s Comp Premium Recovery
    • General Consulting Services
      • Case Study: A-PLUS NEMT FLORIDA, LLC
      • Case Study: SourceMiami.net
      • Case Study: The Art of Prevention Corporation
    • Legal Services
  • Contact
  • RETIREMENT & ESTATE PLANNING DOMINO THEORY
    • Retirement & Estate Planning Domino Theory – Part 1
    • Retirement & Estate Planning Domino Theory – Part 2
    • Retirement & Estate Planning Domino Theory Part 4
    • Retirement & Estate Planning Domino Theory – Part 3
    • Retirement & Estate Planning Domino Theory – Part 5
    • Retirement & Estate Planning Domino Theory Part 6
You are here: Home / Retirement & Estate Planning Domino Theory – Part 2

Retirement & Estate Planning Domino Theory – Part 2

RETIREMENT & ESTATE PLANNING DOMINO THEORY

by

Scott F. Barnett, J.D., LL.M., (Taxation)

May, 2018

Part 2

CELEBRITIES DOMINOES AREN’T SET UP WELL EITHER

Even celebrities leave bad results for their families by not setting up the Dominoes so the last one falls where they would want it to.

Marilyn Monroe – Perhaps One of the Most Famous Actresses ever.

        

Marilyn Monroe took her life, sadly, at age 36. In her will, she left $100,000 in trust to support her mother. She left most of the rest of her estate to her acting teacher, the famous Lee Strasbourg. That is OK, since she made the choice.  However, not too long after, the much older Strasbourg also passed away; leaving everything to his third wife.  Marilyn Monroe hardly knew her; yet, Strasbourg’s widow has made millions off the rights to her pictures and other property rights.  Might Marilyn Monroe not have preferred people she knew and cared about would benefit from her estate?  Arrangements to assure that were possible if the Dominoes of her assets were set up differently.

 

      Steve McNair– Super Bowl quarterback, 3-time Pro Bowl selection

McNair was killed at the age of 36. McNair, with nearly $20 million in his estate, had not done any estate planning, leaving his heirs with estate taxes and court fees consuming a large portion of his estate.  The worse tragedy was this.  When alive, McNair bought a wonderful house for his mother to live in.  After his death, his widow kicked her out.  Do you think McNair would have wanted that horrible, and avoidable, result?

Diana, Princess of Wales –  “Princess Di”.  

   

Diana left a proper will that went into effect after her tragic death in an automobile crash.  However, she left a separate “Letter of Wishes” asking her Executors to divide certain property between her sons and 17 godchildren; in their discretion.  Unfortunately, the Executors only gave those people trinkets, instead of what would have been around 100,000 English pounds each.  Directions in her will would have assured Diana’s wishes were carried out.  Again, a simple change in one Domino could make a tremendous difference to people Princess Di cared about.

In each of those cases; and many others, perhaps in most families, paying attention to how the Dominoes of the property in their lives fall could have better consequences.

NEXT TIME: WHAT DOMINOES DO I NEED TO PAY ATTENTION TO?

Subscribe to our Site

Sign Up to Get Newsletters and Other Important Information. You will get Free, "The 9 Safest Ways to Build an Income That Will Last the Rest of Your Life"

First
Last
Sending

© 2025

Site by Industrial Webworks

MENU
  • Uncategorized