Celebrity Estates: Wills of the Rich and Famous

Celebrity Estates: Giorgio Armani’s $12B Legacy and Succession Plan

Sep 29, 2025

In this discussion, Kevin Ghassomian, a partner at Venable LLP specializing in estate planning for high-net-worth individuals, delves into Giorgio Armani's unique succession strategy after his passing. Armani’s $12 billion legacy highlights the importance of early planning and separating personal assets from control to maintain brand identity. Kevin emphasizes the role of a foundation in ensuring mission-driven continuity and discusses the complexities of planning without direct heirs, offering valuable insights for business owners on effective estate management.

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ANECDOTE

Heirs Included A Longtime Collaborator And Foundation

Armani's heirs included family, longtime collaborator Pantaiolo Delorco, and a foundation he created in 2016.
He handpicked insiders and structured board roles to preserve the company's identity.

INSIGHT

Plan Early To Separate Money From Control

Armani started succession planning in 2016 and used the long runway to separate ownership from control.
Institutionalizing the brand via entities allowed stewardship beyond any individual heir.

INSIGHT

Brand As A Mission-Driven Asset

Armani treated his brand as an intangible cultural asset requiring institutional protection.
He used a foundation to preserve mission and ensure continuity beyond human flaws.

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Giorgio Armani left behind more than fashion when he passed away at 91. His $12 billion empire, absence of direct heirs and a carefully crafted foundation raise essential estate planning lessons that extend beyond celebrity headlines.

Kevin Ghassomian, partner at Venable LLP, explains how Armani separated wealth from control, empowered trusted collaborators, and institutionalized his brand to ensure continuity. He emphasizes the importance of early planning, communication and mission-driven structures in preserving wealth and vision.

Join WealthManagement.com Senior Editor David Lenok and Kevin for a compelling discussion on the lasting lessons Armani’s estate provides for families, advisors and business owners alike.

Key takeaways:

Armani’s early planning, which began in 2016, allowed for a structured succession strategy
The separation of personal assets from business assets to protect brand identity
The creation of a foundation to act as the steward of Armani’s legacy, ensuring mission-driven continuity
The benefits and challenges of planning without a spouse or children, highlighting freedom vs. overwhelm
Practical lessons business owners of all sizes can apply, such as buy-sell agreements, trusts and meaningful communication.

Resources:

Listen to Celebrity Estates on WealthManagement.com
Subscribe and listen to Celebrity Estates on Apple Podcasts
Subscribe and listen to Celebrity Estates on Spotify
Trust and Estates Magazine

Connect With David Lenok:

Connect With Kevin Ghassomian:

About Our Guest:

Kevin Ghassomian focuses his practice on the personal legal needs of business owners, corporate executives, high-net-worth individuals, and their families. Kevin’s representation covers all aspects of domestic and international estate planning, with an emphasis on tax minimization, asset protection, business succession, and philanthropy. Kevin also counsels individual and corporate fiduciaries on the administration of trusts and estates, including the preparation of gift and estate tax returns and defense of positions taken on those returns.

Kevin previously worked in the New York City headquarters of a global investment company, where he counseled a multinational client base on complex wealth management matters, including foreign and domestic trust planning and related asset allocation strategies. Kevin leverages this background to collaborate with tax, investment, and insurance advisors, ensuring that their work is effectively integrated into the planning process.

In addition to his law practice, Kevin is a frequent speaker, a published author, and a former professor of law, concentrating his scholarship on estate planning, taxation, and various wealth management topics. He also devotes time to numerous civic and charitable causes, maintaining leadership positions on several nonprofit boards.