With a scant few weeks left in 2014, many Las Vegas residents are reflecting on the past year's highs and lows. In a town famous for its entertainment business, we'll naturally think back on beloved celebrities we lost in 2014. Besides their legacies in film, music, television and literature, media coverage surrounding many deceased celebrities' estates in 2014 also left fans with some potentially valuable estate planning lessons.
Novelist Tom Clancy actually passed away in late 2013, but his estate continues to be in dispute. While he did leave behind an estate plan, the documents were ambiguous about who should bear the $16 million tax burden on his $82 million estate: his widow argues that his children from a previous marriage should be responsible for it, while they claim she should pay half. The takeaway here for our readers is that estate planning language needs to be drafted clearly in order to avoid disputes, which can be particularly common in families with multiple marriages.