Back in the month of May the singer Robin Gibb passed away in London at the age of 62. Gibb was a member of the Bee Gees, and he plied his trade as a singer and songwriter for a very long time. He did a lot of great work and he leaves behind a robust artistic legacy.
As you might expect Robin Gibb was able to accumulate quite a significant store of wealth during his life as a top-selling recording artist. Articles in the British press suggest that the value of Gibb’s estate was in the vicinity of €93 million at the time of his death.
He is survived by his wife Dina and their son RJ as well as two children from his first marriage. His wife and children are reportedly going to be sharing his estate.
We are just hearing preliminary reports, so we don’t have specific details with regard to exactly how everything will be distributed until probate records are eventually released.
Famous celebrities with considerable resources like Robin Gibb have a lot of things to take into consideration when they are making plans for the future.
However, even ordinary people should take estate planning seriously because there is a lot at stake. The estate tax on the state level looms large with just a $675,000 exclusion, and next year the federal estate tax exclusion goes down to just $1 million.
And even if you have resources that are within the exclusion amount you would do well to discuss everything with a good estate planning attorney to make sure that you are maximizing the positive impact that your legacy will have on your loved ones.
The Augulis Law Firm is a member of the American Academy of Estate Planning Attorneys.