28 Apr Celebrities & Life Insurance – Boca Raton Insurance Company Looks Into The Policies of Celebrities
A Look into Celebrities & Life Insurance – From Affordable Insurance 4U in Boca Raton
With the recent passing of singer/songwriter Prince the age of 57, many agree he was way too young to pass away. The unfortunate thing to remember is no one is above the inevitable. His wishes were to be cremated which has caused a lot of controversy in the news lately. There was no report, of whom he left his estate to or if he had a will but you can be sure that what he had in place was private. We won’t know if Prince had any type of life insurance, however, we did take a deeper look into celebrities and the topic. Here’s what we found.
In 2008 at the age of 27 Heath Ledger passed away from a drug overdose. At the age of 27 no one is thinking that they will die. They always assume that they are invincible. Ledgers misfortune was not giving accurate and updated information about his lifestyle which caused the family to fight in court for his daughter to be awarded as she was the beneficiary.
Michael Jackson’s family had issues with his trust fund and the estate when he passed away at the age of 50 in 2009. Jackson’s family would have been awarded $20 million dollars, but was only appointed a payout of $3 million because of his high debts. Because he didn’t have the full funding involved the children were left with a lot less. This could happen to anyone that isn’t careful.
When actor Paul Walker was killed in a car accident the “Fast and Furious” star was a financial liability for Universal Studios. Because they had to replace his character and it cost the production a large chunk of change the studio could be awarded as much as $50 million dollars. This was highly due to a policy that was taken out before they began filming the movie.
Often times as people become wealthier they don’t adjust their policies according to their wealth rate increases. Other issues are everyone involved in the estate from the financial planner to the attorney handling their property or probate don’t communicate effectively.
Whether you’re a celebrity or not isn’t the problem. The real hurdles that your family will face in the event when your life has come to its final resting, you’ll want to know that they don’t have to be burdened with the trials and tribulations of handling a financial mess. Take your time and speak to a professional that can give you the guidance needed to make a conscious decision.