Importance of Estate Planning after Sudden Death of Kobe Bryant - 2
By Saghir Ahmed Aslam
Rawalpindi, Pakistan
(The following information is provided solely to educate the Muslim community about investing and financial planning. It is hoped that the Ummah will benefit from this effort through greater financial empowerment, enabling the community to live with dignity and fulfill their moral obligations towards charitable activities)
Since Kobe’s wife Vanessa survives him, and it’s been widely reported that they married without a prenuptial agreement, it’s most likely that she will inherit everything. And due to the “spousal exemption,” those assets will pass to her tax free. Yet despite the protection from estate taxes, if she does inherit everything directly, all of the estate-planning, financial-planning, business-management, and wealth-preservation responsibilities for Kobe’s immense fortune will now pass on to Vanessa.
That’s an overwhelming responsibility to suddenly have to take on, especially while she’s mourning the loss of both her husband and child, as well as raising Kobe’s three other daughters. Given the vast scope of Kobe’s estate, ongoing business ventures, and likelihood of lawsuits and other legal complications, Vanessa will need the advice and support of her trusted counsel now more than ever. And we sure do hope she has that support, and that it was established well before this point in time.
Unfortunately, many estate planning firms do not engage with the whole family when creating estate plans and the associated legal documents, leaving the spouse and other family members largely out of the loop. Though we can’t know if this was the case with Kobe’s lawyers, such situations occur frequently enough that there’s a good possibility this could be true for Vanessa as well.
And it could be true for you and your family, too. Are you in the loop on the planning that’s been handled (or not) for your parents? Are the people you’ve named in your plan or who you would want handling things for you when needed fully up to date and in the know about your planning?
This scenario highlights the immense value of working with family-centered planning lawyers as your family dynamics and planning strategies evolve and change over the years. Work with your financial adviser and your family attorney.
While the death of Kobe, his daughter, and the others is terribly sad, if it motivates you to get your estate planning handled the right way, or updated, the tragedy just might have some positive impact. Whether you already have a plan created or nothing at all, consult your personal family attorney to learn about the specific planning strategies necessary to protect your loved ones and their inheritance if and when something equally tragic happens to you.
As most of you know for over 30 years, multiple times I have invited some of the top estate planning teams along with the best certified accountants to share the valuable information and importance of estate planning.
It does not matter the size of their estate. It could be just small amount, lots of assets, or in between every family must seek and hire good estate planning team and with their guidance complete your estate planning by well qualified groups of estate planning.
Some of you have told me why pay them large sum while we can search the same on the internet. My dear brothers and sisters please allow me to share with you all of what we get what we pay for.
My request and suggestion is please don’t do it from the internet, search for the reputable Firms and let them help you in estate planning.
(Saghir A. Aslam only explains strategies and formulas that he has been using. He is merely providing information, and NO ADVICE is given. Mr. Aslam does not endorse or recommend any broker, brokerage firm, or any investment at all, nor does he suggest that anyone will earn a profit when or if they purchase stocks, bonds or any other investments. All stocks or investment vehicles mentioned are for illustrative purposes only. MrAslam is not an attorney, accountant, real estate broker, stockbroker, investment advisor or certified financial planner. Mr. Aslam does not have anything for sale.)
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