The Daily Mail in the UK reports on another celebrity estate planning mistake that could take years to entangle:? that of Bee Gees singer Robin Gibb, who died in May leaving an estate of almost $150 million.
According to the Mail, the estate will likely be divided between Gibb?s wife Dina and their son RJ and Gibb?s two children from a previous marriage, Melissa and Spencer.? Gibb also fathered a child in 2008 with the family?s former housekeeper Claire Yang, and reportedly gave Yang an $8 million settlement and a $1.3 million home in Oxfordshire.
The Mail quoted a family friend as saying the estate could be tied up in probate for up to five years due to Gibb?s extensive assets in several different countries, including a $24 million home in Oxfordshire, a $3 million Miami home and a London mews house valued at $12.8 million.
Five years is an exceptionally long time for assets to be tied up in probate, and can place enormous financial pressure on a family when the primary wage earner is the decedent.? A comprehensive estate plan that includes a will, trusts and other estate planning strategies can help avoid probate altogether and save your family from economic hardships.
An experienced Annapolis estate planning attorney can help you understand all your options for estate planning.? Experienced Estate Planning Attorney Seth B. Zirkle can discuss all your options and create a plan with you.? Call Mr. Zirkle at Hyatt & Weber, P.A. today at 410-505-4553.
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