People You Know Who Didn’t Plan

Failure to plan had devastating consequences to these famous people. While most of us will not amass the types of estates shown below, a solid Personal Plan will protect all estates – regardless of size!

 

Marilyn Monroe

Marilyn Monroe

  • Died at age 36.
  • Will left 75% to Marilyn’s acting coach, Lee Strasberg, with “wishes” to donate to charity.
  • Strasberg later married, and at death in 1982, his estate plus all Monroe’s licensing and royalty fees went to his widow – a complete stranger to Marilyn – and not to charity!
  • Licensing fees generate substantial fees annually.

James Dean

  • Died at age 29 without a will.
  • Entire estate, including licensing fees, passed to his father, who had abandoned him as a child.
  • Licensing fees generate $1 – $3M annually.

James Dean


James Dean

John Denver

  • Died in a plane crash in 1997 with no estate plan.
  • $19M Estate; probate and IRS disputes took over 6 years.
  • Failed to name pension beneficiary!
  • Result? Loss of tens of millions in taxes and tax-free compounding over the life of his children.

“The Woolworth Misfortune: Barbara Hutton & F.W. Woolworth”

  • Granddaughter of Woolworth’s founder.
  • At age 10, inherited $25M in trust.
  • Trust (now worth $50M) ended when Barbara turned 21, in 1933.
  • 46 years and 7 husbands later, dies at age 66 with mere $3,000.
  • Years of relentless exploitation, spousal abuse, drug addiction and outrageous, uncontrolled spending.

Barbara Hutton

 

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