Financial Blunders of the Rich and Famous

James Brown may have been known as the "hardest-working man in show business," but it is his legal team that continues to work hard on his estate plan. The man also known as the "Godfather of Soul" has yet to see his dying wishes fulfilled despite passing away nearly five years ago because of poor estate planning. Brown wanted the proceeds of his entire estate, which was originally estimated to be worth $100 million, to go into a special trust designed to provide college scholarships to underprivileged children in South Carolina and Georgia. However, he failed to update his will during his fourth marriage, and as a result, his estate plan remains in limbo.

Failure to properly plan ahead has cost other celebrities their legacies as well. The children of former NFL owners Georgia Frontiere and Joe Robbie were forced to sell their teams due to huge estate tax bills. Former Oakland Raiders owner Al Davis died on October 8 and apparently learned from their mistakes. Davis reportedly made sure his family could keep the team by putting a good financial structure in place.

The value of estate planning is not something anybody should take for granted or underestimate since it can play a vital role in defining your legacy. Watch this week's CBTV show for helpful tips on how to avoid financial blunders of the rich and famous!

Category:

Education

Tags:

• checksandbalancestv
• checks
• balances
• estate planning
• Steve Jobs
• godfather of soul
• James Brown
• Georgia Frontiere
• Joe Robbie
• Al Davis