Like most people, celebrities also need and can greatly benefit from a carefully drafted estate plan. At KLG we offer celebrity estate planning where we assist our celebrity clients by drafting a comprehensive estate plan to avoid probate at death and allow them to have control over all of their assets they worked so hard to acquire. We’ve represented entertainment and sports celebrities, so we know they have special planning needs for their property. Our celebrity clients often have contracts where they receive royalties from film, television, music, endorsements, publishing, book rights, and other literary work. There are also a myriad of other intellectual property rights that celebrities sometimes have. We help our celebrity clients plan to protect their property and their loved ones by having a complete, up to date estate plan to preserve and shield their substantial net worth.
Benefits of Having a Trust as a Celebrity
A trust will help you avoid probate, including multiple probates as you may own property in other states. It will also help save money in taxes. Getting a trust is relatively inexpensive, easy to set up and maintain and most importantly provides quicker distribution of assets to your loved ones with maximum privacy.
Burdens of Not Having a Trust as a Celebrity
Celebrities often have outdated or nonexistent estate plans. Failing to have an estate plan, and specifically a trust, will expose your loved ones to the expensive probate process which can go on for 12-18 months or longer; your assets will not be kept confidential as in the case of Aretha Franklin, who passed away in August 2018 without a will, and Prince in 2016, who had an estate estimated to be in excess of $200 million dollars. Substantial attorney fees will be paid from your estate when going through probate, and sadly assets will be distributed according to state law, not your wishes. When going through the probate process, state laws may sometimes give relatives you do not know or like a substantial part of your estate. Disputes during the probate process may lead to an expensive legal battle in court. Lawsuits in this area of law can involve marketing rights to your name, image, royalties, and artistic creations.
Kennedy Law Group, P.C. attorneys have practiced entertainment and intellectual property law. We can assist celebrities with their real and personal property, as well as their intellectual property rights. We have been counsel to many celebrities to ensure their rights were protected. As a celebrity, your estate has a higher net worth, and without an estate plan your loved ones will end up paying more in attorney fees to administer the estate in probate court. An estate plan would cost a fraction of the cost to probate your estate. Our firm believes a carefully conceived estate plan can be one of the most important gifts you give to yourself and your loved ones. For this reason, we help our clients shield their assets from the probate process. We assist in making what can be a nightmare, a dream come true.
For a free confidential consultation, call Kennedy Law Group, P.C. today at (888) 392-8880. We would be delighted to assist with your celebrity planning matter.
We have offices in Valencia and Century City.
“The attorneys at Kennedy Law Group (KLG) did an exceptional job for two legal matters for my husband and I. First, they were patient and thorough in the preparation of our family trust documents. The end product was professional and quality. Second, my husband and I had a personal injury issue arise that necessitated us needing counsel to do further research regarding our own insurance company. KLG stepped in and provided us essential help that changed the outcome of our case and reduced our legal liability. I recommend KLG without reservation”
“The attorneys at Kennedy Law Group, P.C. are top notch professionals. I retained them to assist me with my estate planning needs and they were nothing less than exceptional in their punctuality, attention to detail and professionalism. I would highly recommend Kennedy Law Group, P.C.”
“Kennedy Law Group represented our family with professionalism and expediency as we worked through our living trust. Shamica and Troy are incredibly intelligent in all aspects of the law, and I only plan to work with Kennedy Law Group for all of my legal needs.”
“Where to begin? All I can say is AWESOME!!! A class act across the board. Ms. Kennedy kept me well informed. Would definitely refer anyone and all, who are in need of good attorney/representation. Thank you Kennedy Law Group!”
“One of the best lawyers and very organized and listens to her clients. I feel better knowing she is my attorney because of how much she fights for the case.”
“Kennedy Law Group represented me successfully. They're really great at explaining the legal process in a way that I could understand while making it stress free. They also have integrity and represent the Christian faith well.”
“Kennedy Law Group really helped me. I am 86 years old and KLG made me feel very at ease and comfortable. They did a special needs trust for me and handled a probate case in which I was the court appointed Administrator. They explained everything in simple terms and was with me every step of the way. Young adult or mature adult, I recommend KLG.”
“We received friendly, professional and courteous customer service from the Kennedy Law Group. Their expert knowledge and efficiency with Estate Planning immediately put us both at ease, and gave us peace of mind. We highly recommended the Kennedy Law Group for your legal needs and services.”