Estate plan is a silver lining in actor's tragic death
Many readers may have been shocked by the circumstances surrounding the unexpected death of actor Robin Williams. The apparent suicide is a tragedy, and fans, friends and family have come forward in huge numbers to express their appreciation for the legacy that Williams has left behind in his work.
Although Williams’ surviving loved ones may not be able to come to terms with this incident for a long time, one thing they won’t have to address is the late actor’s estate. According to reports, the late actor’s estate has two different trusts, including an irrevocable real estate holding trust.
An attorney that focuses on wills and trusts knows that estate planning can be a means for minimizing estate taxes and avoiding probate. That’s a big consideration for valuable real estate, and Williams’ equity is estimated at around $25 million.
In this case, estate planning also allowed Williams to provide for loved ones from different marriages. At the time of his death, the actor was on his third marriage. However, he also had three children from his previous marriages. One of the trusts names those three children as equal beneficiaries.
Protecting one’s investments and the future inheritance of loved ones requires an individual to make smart choices. With the help of an attorney, an individual can develop a clear plan to address not only estate planning and probate concerns, but also retirement and elder law needs. Through instruments like an irrevocable trust, an individual can find solutions to tax issues and even Medicaid eligibility, in some cases.
Source: Crainswealth, “How Robin Williams' estate plan aimed to protect his family,” Danielle and Andy Mayoras, Aug. 14, 2014