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Billionaires Are Living Longer: What Does This Mean for Estate Planning?

May 1, 2019

Filed under: Estate Planning — Neel Shah @ 9:15 am

Tom Benson passed away in 2018 at age 90. He left behind a significant empire that included multiple car dealerships and two professional sports teams out of New Orleans. Sadly, however, many of the last years of his life were spent with his heirs arguing over who is entitled to receive what. The legal battle was sparked by claims that Benson was not mentally competent when he made significant changes to his existing estate plans.

venality businessman or banker in black costume throw open one’s shirt packed heap gold money

Two of his grandchildren and his daughter argued that he was acting under the guidance of his third wife. The claims were rejected and the Louisiana court agreed. This kind of complicated battle could face a growing number of people established as billionaires in the United States. At least 15 billionaires passed away in 2018, leaving a collective amount of assets of $60 billion behind. This could come with complicated asset nature such as sports teams, properties, business interests, planes, yachts, and more. The number of US billionaires has grown as of late, and the rich are living longer than ever, adding further years of asset accumulation. The fight over an estate can prove especially difficult for loved ones who wish to grieve and move on from the loss of a family member. Scheduling a consultation with an estate planning attorney can help you identify some of the points of conflict that could emerge in your estate plan.       

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