Surgent's Top 10 Celebrity Estate Mistakes and How to Avoid Them

Overview

This course uses the lives of the rich and famous as a template to better understand the realm of estate planning. With stories ripped from the headlines, we will examine pitfalls and best practices. Did you know that Prince died without a will, opening the door for 45 people claiming to be his beneficiaries? Or that Michael Jackson was not careful in properly funding his trust, leading to delays and legal battles in the administration of his estate? Even Abraham Lincoln, it turns out, did not have a will. In discussing an array of celebrities, from Jackie Kennedy, Joan Rivers, Jimi Hendrix, and Whitney Houston to Aretha Franklin, Barry White, Leona Helmsley, and Florence Griffith Joyner, the course is designed as an enjoyable learning experience with tips for all levels of expertise. We may not have their fame or fortune, but we can certainly walk the red carpet when it comes to estate planning.

Highlights

Overview of estate planning
The dangers of a Power of Attorney
The most important aspect of a will
Role, scope, rights, and responsibilities of an executor
Benefits of incorporating a trust
Bequests
Caring for a pet
Claims against the estate
Insurance
Consequences of poor estate planning

Prerequisites

None

Designed For

CPAs who advise clients on establishing an estate plan

Objectives

Understand the differences between a Power of Attorney, guardianship, and a will
Understand the factors to consider in choosing an executor
Understand why everyone should have a will
Understand why a trust can be a powerful tool in administering the estate
Understand how to care for a pet after death
Review good practices in regards to estate claims and insurance