Famous Estate Plans Gone Bad

Famous estate planning cases are known for their money. However, the real reason famous cases go bad, is due to their poor planning. Here is a brief list of some very notable estates gone wrong:

1. Estate of Duke v. Commissioner: This case involved the estate of Doris Duke, one of the wealthiest women in the world at the time of her death. The case centered around the valuation of her estate for tax purposes.
2. Estate of Michael Jackson v. Commissioner: This case involved the estate of the late pop star Michael Jackson and focused on the value of his name and likeness for estate tax purposes.
3. Estate of Ted Turner v. Commissioner: This case was interesting because Ted Turner is presently, still alive. Nonetheless, it involved the estate of a media mogul that centered around the valuation of his ranches for estate tax purposes.
4. Estate of Elvis Presley v. Commissioner: This famous estate involved the legendary singer and actor Elvis Presley and focused on the valuation of his image and likeness. Something any social influencer may want to consider for themselves too.
5. Estate of J. Paul Getty v. Commissioner: This case involved the estate of oil tycoon J. Paul Getty and centered around the valuation of his art collection for estate tax purposes.
6. Estate of Ray Charles Robinson v. Commissioner: This case involved the estate of the late musician Ray Charles and focused on the value of his copyrights for estate tax purposes.
7. Estate of Richard Mellon Scaife v. Commissioner: This famous estate involved the estate of billionaire Richard Mellon Scaife and centered around the valuation of his personal residence. When ever we start talking about personal residence, we also must consider whether the right state was picked as their primary domicile.
8. Estate of Brooke Astor v. Marshall: This case involved the estate of philanthropist Brooke Astor and focused on allegations of fraud and undue influence in her estate plan.
9. Estate of Anna Nicole Smith v. Marshall: This was an issue about a surviving spouse. Of course, it focused on the late model and actress Anna Nicole Smith and centered around her claim to a portion of her late husband’s estate.
10. Estate of Marilyn Monroe v. Miller: This case involved the estate of the iconic actress Marilyn Monroe and focused on the ownership of her image rights.
11. Prince. Unfortunately, this case was a disaster from the very start. Very poor planning strategies considered by the late great Prince.

Of course, there are many other famous estate planning matters. That said, a short list of cases that shaped the field of estate planning over the years.