Celebrity Estates: Wills of the Rich and Famous Ep 52 – Peter Bing: How Incorrect Terminology in an Estate Plan Can Cause Total Chaos With Megan Gorman
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Aug 9, 2021 
This week features Megan Gorman, a financial planning expert and Forbes contributor. She dives into the chaotic aftermath of a millionaire's decision to exclude two grandchildren from a trust. Megan highlights how family dynamics can complicate estate planning, emphasizing the importance of precise legal language. She also discusses the role of trust protectors in minimizing disputes and balancing control with flexibility in trust management. The conversation sheds light on how ambiguous terms can lead to prolonged legal battles and public scrutiny.
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Steve Bing's Wealth And Family Fallout
- Steve Bing inherited hundreds of millions at 18, financed films and charities, but later struggled with substance abuse and died by suicide in 2020.
- His grandfather's 1980 grandchildren trust later led to legal fights over disinheriting Bing's out-of-wedlock children.
Trusts Trade Flexibility For Protection
- A trust is a vehicle to pass assets and set conditions for beneficiaries, often used to protect assets and guide use.
- Irrevocable trusts give tax and creditor protection but reduce flexibility and control over future changes.
Words In Documents Drive Legal Outcomes
- Language in trust documents determines outcomes and ambiguous terms invite litigation decades later.
- Defining terms like "grandchild" precisely is crucial because courts will interpret rigid, irrevocable language.