Putnam County Estate Planning & Medicaid

New Revelations About Robin Williams’ Death Becomes More Heartbreaking

If your spouse was to die suddenly, would you be prepared, or would it kick off legal battles and lawsuits between family members?
When Susan Williams, the late Robin Williams’ widow, shared the sad details about his suffering from Lewy body dementia, a heartbreaking side of the comedian and actor’s life became even clearer. This is a terrible brain disease that causes severe anxiety and hallucinations. The news coverage reminds us that it is very important to do proper planning because we never know when we, or our spouse, may pass.
The website thestreet.com posted an article, “Nasty Fight Over Robin Williams' $50 Million Fortune Shows Importance of Estate Planning,” which said that the backstory about the comedian’s struggles, including brain disease, only makes it more painful for his fans around the world.
However, money made this sad story even worse. Williams' death was so unexpected, his heirs had a tough time making sense of his will. His three kids from two previous marriages and his widow fought a bitter court battle to divide up the estimated $50 million estate.
Williams' widow said the process was extremely painful. In addition to the money, there was a valuable collection of clothing, collectibles and memorabilia. High-priced lawyers went through his homes, safes, and papers trying to determine what Williams really intended. This was despite the fact that Williams had made a will and had signed a prenup with his wife.
We can all learn from this. You must prepare very carefully for the sudden death of your spouse, and do it today.
thestreet.com’s article includes a 10-Point Checklist to help you to make some preparations ahead of time.
While your family situation may not be as complicated as the Williams family is, planning should be done with a qualified attorney so that your loved ones are not forced into terrible feuds.
Reference: thestreet.com (November 11, 2015) “Nasty Fight Over Robin Williams' $50 Million Fortune Shows Importance of Estate Planning”

 

Robin Williams Will Continue to Delight Us, But Not for 25 years

Through the use of technology, we will still be able to enjoy the brilliance of comedian and actor Robin Williams in a number of different formats, even though he has passed away. But it will be 25 years before his likeness is resurrected, in keeping with his own wishes, which were clearly expressed and planned for in his will.

Certain celebrities continue to earn phenomenal amounts of money, even though they are deceased. Using advanced technology, audiences enjoy what appear to be live performances and new material from actors and singers who have been gone for decades. Holograms are good enough to convince stadiums filled with fans that they are seeing the real deal.

For the estates that hold the rights to the likenesses of celebrities this can earn millions of dollars a year. Such is the case with the likenesses of Michael Jackson, James Dean, Betty Page and many others.

Not every celebrity, however, is comfortable with the idea of their name and likeness being used after they pass away to make money.

That appears to have been the case for Robin Williams.

Forbes reports that a trust agreement bars Williams' name or likeness from being used for 25 years in an article entitled "Why Robin Williams Won't Be Making Millions Beyond The Grave."

As the article points out, many celebrities might consider doing the same thing as Williams to avoid complicated tax issues.

However, in Williams' case there was no need to limit the use of his name and likeness for tax purposes as the rights to use his name and likeness are held by a charitable foundation.

Apparently, Williams was uncomfortable with the idea of someone else deciding how his name and likeness could be used in the years shortly after his death. For example, he may not have wanted someone else deciding that he should endorse a product that he himself would not have.

Reference: Forbes (October 27, 2015) "Why Robin Williams Won't Be Making Millions Beyond The Grave."