Not all famous individuals are remembered only for their careers.
So many celebrities are praised only for their acting, music or art.
Sometimes they fail to look beyond themselves.
According to a Trust Advisor article titled “Mary Tyler Moore: Will Charities or Estranged Relatives Inherit?,” Mary Tyler Moore was an exception.
Actress Mary Tyler Moore was diagnosed with diabetes in her 30s.
She focused on building the MTM television empire with Grant Tinker who was her husband at the time.
This provided a steady income.
After Tinker passed away, she received a fourth of his profits as well.
In the late 1980s, Tyler sold the company for $60 million with a stock payout of $5 million.
Quite a lot of money.
Did she keep it all?
Moore allocated much of the money to philanthropy, especially animal protection and juvenile diabetes research.
Since her death, it is predicted her surviving spouse Robert Levine will receive his spousal share of her estate.
What can we learn from Mary?
Giving to philanthropy while you are still alive can be a worthwhile and rewarding estate planning tool.
However, you can leave a lasting legacy at your death, too.
With proper estate planning you can choose to be a voluntary philanthropist instead of an involuntary philanthropist.
Just like MTM, every dollar you direct to charity may be a dollar rescued from the IRS.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Trust Advisor (January 30, 2017) “Mary Tyler Moore: Will Charities or Estranged Relatives Inherit?”