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PETRUSHA LAW Estate Planning & Administration
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It's Time for Another Episode of Estate Planning with the *S*T*A*R*S!
JIMI HENDRIX
James Marshall “Jimi” Hendrix had talent, fame, and millions of dollars, but he didn’t have a Will.
The guitar legend passed away at age 27. Although he was very close to his brother, state law awarded everything to his father.
His father then left everything to an adopted daughter from a later marriage. Jimi’s brother received absolutely nothing, AND, his estate was in litigation for 34 years!
THE LESSON: No matter how much or how little you have …
Don’t Procrastinate!!
The State decides what to do with your legacy unless you properly document your own plan.
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It's Time for Another Episode of Estate Planning with the S*T*A*R*S!
BENJAMIN FRANKLIN
Ben’s Last Wish: That his daughter not engage in “the expensive, vain and useless pastime of wearing jewels.”
Benjamin Franklin was one of the most admired men in the Western world in the late 18th century. The reason for his odd request was that as former Ambassador to France, Franklin was given a portrait of King Louis XVI in a frame studded with 408 diamonds.
He left this picture and frame to his daughter, Sarah, with the above proviso to prevent her from removing the diamonds from the frame to make jewelry.
THE LESSON: Today we might say Ben had control issues, but the more important point is that your estate plan can reflect and preserve your values and beliefs.
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It's Time for Another Episode of Estate Planning with the S*T*A*R*S!
AARON SPELLING
Mr. Spelling’s children each received about .2% of his $500 million estate.
According to the blog Trialandheir.com:
“Despite the small inheritances left to Tori and Randy, in comparison to the size of Spelling’s estate, neither Tori nor Randy filed a court action to contest the will or trust. Reportedly, the estate planning documents included a “no contest” clause. A no contest clause penalizes beneficiaries who challenge wills and trusts in court without probable cause, potentially causing them to lose their entire inheritances.”  
THE LESSON: A no contest clause is just one of the tools an attorney specializing in estate planning may use to help prevent will and trust challenges. An estate planning attorney will help you avoid other conflicts and pitfalls too.
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