Celebrity Estates: Wills of the Rich and Famous Dead Celebrity Ep 8 – Anthony Bourdain, Aretha Franklin and the Basics of Trusts
Oct 7, 2019
In this insightful discussion, Geoff Madsen, CEO of Independent Trust Company and a fifth-generation trust beneficiary, delves into the often-hidden world of celebrity estates. He explains how trusts protect wealth and maintain privacy, debunks myths about probate, and outlines the various advantages of using trusts for family legacy preservation. Discover how trusts can incentivize heirs and the crucial importance of proper funding. Geoff also highlights the benefits of professional trustees over relatives, sharing lessons from high-profile cases like Michael Jackson's.
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Trusts Mask Public Estate Values
- Trusts can hide the true size of a celebrity's estate from public view because they avoid probate.
- David Lenok used Anthony Bourdain's estate to show trusts explain why reported net worth often looks smaller after death.
Skip Probate To Protect Privacy
- Avoid probate when possible because it is a public court process that invites disputes.
- Geoff Madsen recommends using wills that pour into trusts or creating revocable/irrevocable trusts to keep matters private.
Trusts Preserve Family Values
- Trusts can transmit values and behaviors, not just assets.
- Geoff Madsen says well-designed trusts use incentives and guidance to perpetuate the habits that created the wealth.