Who was Judy?
Judy Garland was a great American actress, singer, and vaudevillian. In 1939, her unforgettable skip down the Yellow Brick Road in “The Wizard of Oz,” gave her immortality in Hollywood. She was the recipient of an Academy Award, Best Supporting Actress, the Cecil B. DeMille Award, Golden Globe Award, Grammy Award, and many others for her excellence and talent in the film and music industry.
Although her stage presence was close to perfection, she struggled in her personal life. She had self-image issues which were exacerbated by film executives telling her she was not attractive. She was not good with her money, owing hundreds of thousands in back taxes. She was married five times. She also battled a drug and alcohol addiction, which led to her early death at the age of 47.
When she passed…
On June 22, 1969, Judy lost her life to her addiction. She left behind her three children: Liza Minelli, Lorna Luft, and Joseph Luft. In her will, she left equal shares of her estate to her living children. These shares were directed to be distributed when said child reached the age of 35 years. She did make an estate planning mistake.
The problem with her estate was the fact that there were hundreds of thousands owed in back taxes. Although she had the best intentions of leaving assets to her family and passing on wealth from her hard work, her failure to remedy her balance with the IRS left her beneficiaries with hardly anything.
What can you do to be proactive in your estate planning?
When creating an estate plan, or keeping it current, it is important to know your assets and debts. Not knowing these details can greatly affect what is left of your estate to be distributed to your beneficiaries.
At Ambler Keenan Mitchell Johnson our estate planning attorneys ask detailed questions to ensure that you are given the best options for your estate plan. They tailor your estate plan to your needs and wishes. Call our office in Denver, Colorado for a free, one-hour, initial estate planning consultation. 303-407-1542