Estate Analyst®
The Estate Analyst® May 2013 Superstar Estates Fleeting Fame, Enduring Security By Robert L. Moshman, Esq. Actors, musicians, athletes, and Kardashians can become condensed career that can be over with a single injury. famous overnight, but notoriety doesn’t automatically mean Let’s examine the special financial planning challenges of financial security; sadly, it usually ends up meaning the these estates. opposite. Lottery winners and other windfall recipients often follow a similar path, even if their “stardom” is limited to local friends, neighbors, and family. Shooting Stars Celebrity wealth can evaporate along with fleeting Blazing a path across the sky, a star can be born suddenly fame. Celebrities also attract lawsuits, moochers, and scam and in brilliant fashion. This has been especially true in the age artists. Professional athletes have all of these issues but in a of the Internet and social media. Presented With Our Compliments Until recently, for example, few people outside of South “You almost have to undo the mis-education these stars Korea had heard of a chubby singer in sunglasses known as have received about what planning should be,” says “Psy.” Then his new song went viral. He sold only 100,000 Shenkman. “They often hear wild stories about successes and physical copies of his new song—not enough to become they want to get in on the action. Some of these investments wealthy. sound questionable, and some ventures smack of worse, including potential tax problems. So you have to guide the However, with the new economics of music, “Gangnam athlete past all of these preconceived notions and back to Style” was viewed more than 900 million times on YouTube, fundamental planning.” netting Psy $1 million.
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