The Probate Lawyer Blog

Anyone who knows who CIA analyst Jack Ryan is likely appreciates the work of late author Tom Clancy.  Called the "father of the techno-thriller," Clancy's career took off with his first novel, The Hunt for Red October.  His career -- spawning movies such as Patriot Games and Clear and Present Danger -- led to more than 100 million copies of his novels in print, with 17 books hitting the top spot on the New York Times best-seller list. 

Tom Clancy passed away on October 1, 2013 from heart failure, at age 66.  He was survived by his widow, Alexandra Clancy, and their young daughter, as well as four adult children from his first marriage.

The Tom Clancy Estate has been valued, based on probate court filings, at $82 million.  It includes a $65 million ownership stake in the Baltimore Orioles, a rare, working World War II tank, a $7 million mansion overlooking the Chesapeake Bay, and more than $10 million in business interests based on his works.

Prince Harry celebrated his 30th birthday earlier this week. His mother, the iconic Princess Diana, passed away over 17 years ago, following the tragic crash as Diana and Dodi Fayed sped away from paparazzi in France.  What was so special about Harry’s 30th birthday (other than the fact that he’s still single, to the delight of eligible women throughout England)?  That’s the day Harry became entitled to receive the remaining half of Princess Diana’s assets.  

After Diana passed on August 31, 1997, her mother, Frances Ruth Shand Kydd, and her sister, Lady Elizabeth Sarah Lavinia McCorquodale, became executors of her Estate, based on Diana’s last will and testament dated June 1, 1993 (amended through a codicil in 1996).  The probate filings at the time showed that Diana left behind assets valued at around £21 million (or worth about 31.5 million in USD at the time), netting £17 million after inheritance taxes.  Originally, the will called for these assets to be held in trust for Diana’s sons, Princes William and Harry, until they turned 25.

“I ain’t afraid of death.”  Joan Rivers once told Time Magazine, “I’m in show business.  I died a million times.”  

Aging.  Dying.  Death.  Concepts no one likes to think about, much less talk about.  Of the many fatal tragedies the celebrity world has suffered lately — Lauren Bacall, Robin Williams, and Casey Kasem, to name a few — perhaps none shook people to the core as much as the passing of Joan Rivers.

Even at 81 years old, her death seemed to take everyone off-guard. Except maybe Joan Rivers herself.  While on stage for the final time, she told the audience how she could die at any minute.  And a few weeks ago, she posted on her Twitter account:

Elvis Presley earned more than one billion dollars during his career … so why was his estate worth only about ten million dollars when he died?  How did things get even worse for his heirs afterwards?  

And what would Elvis Presley say about appearing as a hologram?

This is installment #6 of our Estate Planning Lessons From The Stars series, which is based on the Celebrity Legacies TV show for which we provide commentary as the estate legal experts.  See other articles in the series here.

When John Lennon of the Beatles was tragically murdered in 1980, his controversial widow, Yoko Ono, took charge of his legacy and his fortune ... but where did that leave his two sons? As arguably the most successful songwriter of all time, what did Lennon leave behind?  

And what did the King of Pop have to do with John Lennon's legacy?

This is installment #5 of our Estate Planning Lessons From The Stars series, which is based on the Celebrity Legacies TV show for which we provide commentary as the estate legal experts.  See other articles in the series here.

He famously sang "All You Need Is Love."  When it came to leaving money for his first-born son, John Lennon must have had that song in mind, because he apparently didn't believe that Julian needed money.  In fact, according to Lennon's first wife, Julian's mother Cynthia, the man known as the "cool" Beatle was a cruel negotiator during their divorce. Cynthia says he refused to give more than 75,000 pounds for her and Julian, supposedly telling her she wasn't worth any more.