Anthony Bourdain may have left little direction regarding his estate.
Every day we hear news of death.
It could involve anonymous people in another country or it could just as likely be a celebrity.
A familiar face and name.
One of the most recent celebrity deaths was that of Anthony Bourdain.
According to a recent Wealth Advisor article titled “Anthony Bourdain Left Loved Ones In Limbo But The Heirs Will End Up Better Than Michael Jackson’s,” Bourdain had not created a plan to guide his family through the immediate crisis of his death.
At this time, succession planning does not appear to have been a priority.
Why would this have been important?
Anthony Bourdain was personally involved in each venture he undertook.
Yet, he did not seem to plan for his passing.
His copyrights were not held in a trust or other entity.
When producing, he worked with others who owned the actual companies.
He had no restaurant to be sold off or operated.
All of these factors could affect the financial status of his estate.
As I prepare to click the "publish" button on this blog, there are conflicting reports regarding whether Bourdain was married or single at the time of his death.
If he was "separated" instead of "divorced," then his wife would stand to inherit more than just the $3 million condo she received when the couple split in 2016.
Anything his minor daughter will inherit could have been placed in a "testamentary trust," but only if he had a last will and testament creating same.
In the absence of such legal planning, his daughter's inheritance most likely will be held in a Unified Gifts t0 Minors Act account and become hers outright at age 18.
The status of his estate is currently unclear.
If Bourdain had the right plan, his legacy and empire could continue to grow and be protected long after his passing.
As with many celebrity deaths, many facts remain to surface.
Accordingly, stay tuned. This sad saga may have additional drama, let alone legal twists and turns.
Separation does not = divorce when it comes to how an "intestate" (without a last will and testament) estate is distributed.
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: Wealth Advisor (June 10, 2018) “Anthony Bourdain Left Loved Ones In Limbo But The Heirs Will End Up Better Than Michael Jackson’s”