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What Can We Learn from Celebrity Estate Nightmares?

Welcome back to The Legacy Talk Podcast! In this episode, we take a unique approach to estate planning by looking at some high-profile celebrity estate nightmares. The goal? To learn from their mistakes and ensure your own estate plan serves you and your loved ones well. Let’s dive into the lessons we can extract from the pitfalls that ensnared some of the world’s most famous individuals.

 

The Intriguing World of Celebrity Estates

 

For many of us, the lives of celebrities are fascinating. We know what they wear, where they vacation, and even how they exercise. But when it comes to their estate plans—or lack thereof—celebrity lives can offer some critical lessons. In this episode, we explore the estate planning disasters of nine celebrities and uncover valuable insights that anyone can apply to their own planning.

 

Lessons from Prince’s Estate

 

The first story we examine is that of Prince. Known for hits like “Purple Rain” and “When Doves Cry,” Prince died in 2016 without a will, leaving a $200-$300 million estate. His lack of an estate plan led to substantial legal fees, lengthy court proceedings, and significant tax liabilities. What can we learn?

 

  • Have an Estate Plan: An estate plan can significantly reduce legal fees and administrative costs.
  • Tax Planning is Crucial: Without proper planning, a significant portion of your estate can be lost to taxes.
  • Reduce Administration Time: A clear estate plan can expedite the distribution of assets and reduce family conflicts.

 

The Complexity of Aretha Franklin’s Handwritten Wills

 

Aretha Franklin, the Queen of Soul, died in 2018 with an $80 million estate and several conflicting handwritten wills. This led to prolonged legal disputes among her heirs.

 

  • Use an Attorney: Handwritten wills are often invalid and can be ambiguous.
  • Avoid Ambiguities: Clear instructions in a will can prevent family disputes.
  • Disregard Old Wills: Destroy old wills to avoid confusion.

 

The Lessons from Jimi Hendrix’s Estate

 

Jimi Hendrix, who died in 1970 at just 27, also left no will. Legal battles over his estate have lasted for decades. His story emphasizes the importance of:

 

  • Writing a Will: Ensure your wishes are documented to avoid prolonged legal battles.
  • Choose Competent Executors: Executors must have the competence and integrity to manage your estate wisely.

 

Bob Marley’s Complicated Estate

 

Bob Marley died in 1981 without a will, which led to disputes among his heirs over royalties and intellectual property rights.

 

  • Plan for Intellectual Property: Proper planning can prevent disputes over intellectual property, royalties, and business interests.
  • Consider All Heirs: Ensure all potential heirs are considered in your estate plan to avoid complications.

 

The Complex Case of Howard Hughes

 

Howard Hughes’ $2 billion estate became one of the most complex probate cases in history, with over 600 claimants.

 

  • Even Without Children, Plan: An estate plan is essential for everyone, even those without immediate family.
  • Business and Real Estate Ownership: Ensure a clear structure to avoid complex legal battles.

 

Chadwick Boseman and Youthful Estate Planning

 

Chadwick Boseman, with a $3.8 million estate, died young without a will. His widow navigated the probate process effectively, but his story underscores the importance of estate planning for young individuals.

 

  • Estate Plans for Young People: Young people should have at least a basic estate plan.
  • Ease the Burden on Loved Ones: Planning can reduce stress for surviving family members.

 

The Business of Tony Hsieh’s Estate

 

Tony Hsieh, former CEO of Zappos, died in 2020 with an $840 million estate but no will. His business and personal affairs were intertwined, creating significant challenges.

 

  • Business Succession Planning: Business owners must think ahead and draft succession plans.
  • Separation of Business and Personal Assets: Keeping these separate can streamline estate administration.

 

Pablo Picasso’s Long Legal Battle

 

Pablo Picasso died in 1973, and his estate incurred $30 million in legal fees over six years.

 

  • Clear and Organized Plans: Reduce the potential for disputes and legal battles.
  • Plan for Intellectual Property: Artwork, royalties, and other intellectual properties need careful planning.

 

James Gandolfini’s Estate and High Tax Costs

 

James Gandolfini had a will but faced substantial tax liabilities, losing over half his $70 million estate to taxes.

 

  • Proper Tax Planning: Even with substantial estates, tax efficiency is crucial.
  • Professional Guidance: Engaging tax professionals can mitigate significant tax burdens.

 

Conclusion

 

From Prince to James Gandolfini, these stories highlight the importance of meticulous estate planning. Don’t let your estate become the next celebrity nightmare. Whether you have $2 million or $200 million, a well-crafted estate plan can save money, reduce conflicts, and ensure your wishes are honored.

To get more detailed insights and advice, listen to Episode 31 of The Legacy Talk Podcast. Tune in now to secure your legacy and avoid these common pitfalls.

[00:00:00] Atty. James Jones: Welcome to Legacy Talk. I’m your host, James Jones. I’m an estate planning and probate attorney in Tacoma, Washington. I’ve been practicing for over 20 years and my main practice areas include estate planning, probate, and estate administration. On Legacy Talk, we discuss topics surrounding families and estates.

[00:00:19] Estate planning can often be a confusing and complicated topic, but my goal with this podcast is to make it understandable and accessible to those who need it. So if this is something that interests you, I appreciate it if you click the subscribe button and like this episode, so that you can follow along as we break down the barriers to estate planning.

[00:00:40] I’m excited to get to today’s topic, which is a little different for us. Today’s topic is What Can We Learn From Celebrity Estate Nightmares? Because we can learn a lot from other people’s mistakes with regard to our own estate plans.

[00:00:56] So on today’s show, we’re talking about what can we learn from a celebrity [00:01:00] estate nightmare?

[00:01:01] So let’s get to it.

[00:01:03] Many people in this country and all over the world are celebrity obsessed. What are they wearing? Who are they dating? What products do they buy? Promote? Where do they go on vacation? I can’t wait to see what beach they get to go to. What are their houses look like? I want my house to look like that.

[00:01:24] What workouts do they do? How do they get so fit? How does that guy make such big muscles, right? There’s nothing really wrong with this and it’s something fun to follow along with our favorite actors or musicians or celebrities, you know, it’s an escape, right? It’s a way to dream like man that would be so fun to be able to live like that and to sort of get that tidbit here and there this nugget of information about their personal life and like how they really are, right?

[00:01:56] But this person that we may never meet in real life, right? Probably [00:02:00] we’ll never meet in real life. And so celebrities are like intriguing, right? And you know, nowadays with social media and Instagram and X, or formerly known as Twitter, you know, where the celebrities post TikTok, we can see much more of their life these days. Right?

[00:02:20] And some are more free with that than others, or most are probably having some person do it for them. But you know, it’s fun to see that more than we ever could before. We can dress like them now, right? We can work out like them cause they have a celebrity workout or trainer or something, you know, we can do the same diet that they do.

[00:02:38] Like how do these actors prepare for these roles where they’re super fit or strong or they lose all this weight or how do they gain all that weight for that role? So we can eat like them too, right? Because that stuff’s out there now, that information’s there. And the other piece of information that’s out there now, and it’s been there for a while, but even more [00:03:00] now in the internet age and social media ages in the estate planning context, right?

[00:03:06] We can look at celebrity estate plans and celebrity estate stories for information about planning our own estates and do’s and don’ts. So I thought it would be a fun way to talk about some things that we can do or not do based on some celebrity estate planning nightmares and discover what they can teach us about our own estate plans. And so let’s get right to it.

[00:03:32] So the first one on my list, we’re going to go through eight or nine, I think celebrity estates, and we’re going to talk about the celebrity a little bit and what happened, the value of the estate and some things that we can learn from it. Okay?

[00:03:46] So the first one on my list is Prince. Prince was known, you know, Purple Rain, When Doves Cry, he wrote a billion songs. Like, nothing compares to you, Prince, wrote that song for Sinead O’Connor, or I don’t know if he wrote it for her. I don’t think he wrote it for her, but that’s [00:04:00] his song. But he died in 2016 at the age of 57. And his estate was worth between 200 and 300 million dollars at the time of his death.

[00:04:12] And Prince did not have children, and he died without a will. Despite his immense wealth and complex business dealings, he did not leave a will or any form of estate plan at his death. And as a result, under Minnesota law, where he lived and died, the law dictated that his estate would be distributed via laws of intestacy, which we’ve talked about, which means the law that determines where things go when you don’t have a will.

[00:04:40] And so, his estate was divided among his six siblings. And so, the law says, distribute things to his kid, to his siblings, probably because his parents weren’t alive. But the problem was the absence of his will led to a protracted and expensive legal battle among potential heirs, [00:05:00] including many people that came up and said they’re related to him.

[00:05:03] You know, people always show up when they see some money there. And the state also faced significant tax implications, estate tax implications, because he didn’t have any planning in place.

[00:05:14] So 200 to $300 million of assets, he had no estate tax planning done at all. And so they took a huge portion of his estate.

[00:05:25] And the legal proceedings took years. And there’s probably still things going on, all these years, almost eight years later. And because of his failure to plan, you know, they had significant expenses just for court fees and lawyer fees, probably in the hundreds of thousands into the millions, probably in attorney fees.

[00:05:45] And that delayed distribution of the estate and it’s just cause of fiasco. So why am I sharing you this story of Prince? What can we learn from Prince and his estate?

[00:05:56] First thing, having an estate plan [00:06:00] reduces fees for attorneys, fees for administration of the estate, fees for court costs, fees for executors, all of that stuff.

[00:06:09] Two, it saves taxes. So for a guy that had an estate worth 200 to $300 million to have no tax planning, you know, it’s possible that he played over 50 percent of his estate In taxes, which is ridiculous.

[00:06:24] We also learn that having an estate plan can reduce the time of administration of an estate. When there’s a will or a trust in better cases, the trust is defined and the administration of that trust is much cleaner than having to go through all the, you know, basically figure out who are these heirs, who’s the rightful heirs, who should get what, and having the court determine that, that takes a long time.

[00:06:50] And having a functional estate plan, having an estate plan that is clear, reduces contests. So there’s lots of things we can learn from Prince and [00:07:00] the lack of his estate plan based on what happened afterwards.

[00:07:03] So the second person that we’re going to talk about is Aretha Franklin. Now her estate was estimated at about $80 million dollars, not quite as big as Prince, though her impact was significant. Like, she’d been in the business a lot longer than Prince. Not quite as much money.

[00:07:18] Anyway, Aretha Franklin, otherwise known as the Queen of Soul, died from pancreatic cancer in 2018 at the age of 76. And initially her family thought that she didn’t have a will, but it turned out that there were several handwritten wills that were later discovered in her home, you know, hidden under cushions in notebooks.

[00:07:40] And these wills were dated various years, 2010, 2014, 2018. But the problem with these wills is they all conflicted with each other, conflicting instructions. They were difficult to decipher. They were ambiguous and informal that, so it led to disputes among her four sons and other [00:08:00] relatives who disagreed as to how the estate should be distributed.

[00:08:03] So this situation involves multiple court hearings, again, to determine the validity of these handwritten wills and significantly delayed the settlement of her estate. So what can we learn from Aretha Franklin’s estate issue?

[00:08:20] The main thing that we’re going to learn and point out on this is have an attorney draft your will, particularly, you know, I don’t know if I have any celebrity listeners, but I don’t think I do.

[00:08:29] Probably not based on the level of listenership I have. We’re building it, right? We’re building. Tell your friends. Have an attorney draft your will. Handwritten wills are not always valid in all states. And in most cases, these handwritten wills are basically say, Oh I’ve had these cases where we’ve had handwritten instructions or what they say is a handwritten will, but they’re not signed properly, they’re not executed properly.

[00:08:52] They don’t have witnesses because many times that these handwritten will still need to have the same formalities that a [00:09:00] traditional will does or are typed out attorney drafted will like it has to be witnessed and has to be notarized and all these kinds of things. Right?

[00:09:07] And so, handwritten wills rarely work. I have one story where I had a case where the will was written in Wyoming, it was a handwritten will, and under Wyoming law, it was valid, the person that died was here in Washington, and Washington said, well, we can take that will and use it, but it wouldn’t have been valid if it had been written in Washington.

[00:09:28] And so, have an attorney draft your will, okay, don’t try to write out instructions on handwritten notes, they’re not going to be enforceable, okay? In almost all cases, they’re not going to be enforceable, and it’s going to be a problem, okay?

[00:09:41] Don’t be ambiguous as well. That’s another thing I wrote down. Don’t be ambiguous here’s a rule of thumb and I tell my clients this too. Don’t keep your old wills, right? If you do a new will get rid of the old ones because they cause problems, they cause hard feelings, they cause ambiguity and what you wanted to do, they don’t know what [00:10:00] mom or dad or whoever, right?

[00:10:02] Whoever wrote the will is thinking when they cut out Bobby or gave more to Sally, don’t be ambiguous. So use a lawyer to write your will or trust. Don’t be ambiguous.

[00:10:13] Number three, Jimi Hendrix. Who doesn’t love Jimi Hendrix? I don’t know, there’s probably a lot of people that don’t love Jimi Hendrix, but I love Jimi Hendrix.

[00:10:22] You know, good musician. His music’s really good. Some of it’s better than others. He’s not my favorite guy. I do like him though. He had a large estate, we don’t know how much it was. He died pretty young, and in an age where he probably wasn’t saving much money based on how he was living, and he probably wasn’t making as much as he probably should have.

[00:10:42] He died in 1970 at the age of 27 from drug related complications. And at 27, he didn’t have a will. And there was a prolonged legal battle, of course, about his estate. It was in testate, just like Prince. And initially, [00:11:00] Hendrix’s dad, Al Hendrix, was named the primary heir. But over the years, Al made several bad decisions.

[00:11:07] And controversial decisions regarding the estate, including selling some of his licensing rights and settling disputes with former business partners. And after Al’s death, the estate continued to have legal battles, particularly when Jimmy’s half sister took control of the estate and he and his brother had issues, I guess, and these issues lasted for decades, right?

[00:11:32] He died in 1970, for decades later, they were focusing on control and distribution of his assets, who owns the rights, all those kinds of things. So what do we learn from Jimi Hendrix? Have a written will, right? Have an estate plan. That’s going to be a goal given on most of these.

[00:11:47] So I’m not saying the same thing about everybody, okay? Because we could say, well, he needs to have a will too, just like Aretha had to have a right, correct will or Prince. Jimmy, and these are not going to all be musical people.

[00:11:58] But we’re getting there. [00:12:00] I think I have one more musician. We’ll see. So what can we learn? Executor and trustee decisions, the people that you put in place matter. Okay? So you want to make sure that you put in place someone that has integrity, that is competent to act particularly with the kind of assets you might have, particularly if you have complex assets.

[00:12:26] So if you have complex assets, investments, real estate, business interests, intellectual property, which is mostly what they’re talking about here with Jimi Hendrix and his music rights. You got to have somebody that knows what they’re doing and you need to have someone that’s smart enough to find someone to help them that knows more, right?

[00:12:44] They have to be smart enough and humble enough and proactive enough to find someone that can help them and advise them an expert, like attorneys. Focus on intellectual property rights that would be good for them. Right? Other kinds of advisors [00:13:00] with regard to investments, real estate, all those things.

[00:13:02] And they have to also, by default, be able to make good decisions. And they should have a track record. I did a whole episode on what to pick out, or like the traits to have, or look for in a trustee or an executor. So go back and find that episode, it’s maybe 10 episodes ago. So, executors a point, it’s important. Executors and trustees are important.

[00:13:23] The fourth celebrity we’re talking about is Bob Marley. Bob had about 30 million dollars at the time of his death, he died of cancer in 1981. He did not leave a will, what’s the common thread? Not all of these, not everybody doesn’t have a will though on these, so we’ll find out. Just keep listening.

[00:13:39] He did not have a will. They say it might be because he was a Rastafarian, which says that the will may create or acknowledge that he’s immortal. I don’t know, I don’t know much about that, those beliefs.

[00:13:50] So if you’re interested, take a look under Jamaican law, his estate was divided up to his, with his widow and his 11 children, but what happens when [00:14:00] we don’t have a will, significant legal disputes, he has a lot of intellectual property and a lot of business associates.

[00:14:05] And so disputes arose over royalties and payment of, you know, rights with regard to his music and other business ventures. And the estate faced many challenges of people coming up to saying they were illegitimate children of his, which maybe they were. And like, rights and image, likeness, kinds of things, right?

[00:14:26] Image and likeness rights. There was a time and there still are Bob Marley’s on a lot of t shirts, but I think I remember a time in like the nineties, early nineties where Bob Marley was like every t shirt, every teacher had Bob Marley on the front of it, you know, so I had a t shirt with Bob Marley on the front of it.

[00:14:43] But these complicated the distribution of his estate. So that goes back to basically the same thing. That we learned from Jimi Hendrix. Bob Marley and Jimi Hendrix are very similar. Other than Jimi Hendrix didn’t have a lot of kids, or any illegitimate kids that we know of at least. So, we’ll leave that one [00:15:00] at that.

[00:15:00] Number five. This one’s a bigger one, okay? Howard Hughes. And Howard Hughes is an old guy from a long time ago. Most people know him from the movie The Aviator. That movie was sort of about his life. I don’t know how accurate it was, but it was a good movie. He was a reclusive billionaire. He had $2 billion when he died in 1976.

[00:15:19] So imagine what $2 billion in 1976 was, I can’t do the math, but it’s way more than it is now. And so reclusive billionaire, industrialist, film producer, aviator, hence the name, died in 76 at 1970. No will. His estate included significant business, real estate and other asset holdings. And this says, the lack of a will led to one of the most complicated probate cases in history, with over 600 people coming forward claiming that they were his heirs.

[00:15:50] There were numerous wills that were purported to be Hughes that came up over the years, most were deemed to be forgeries, and the estate was eventually distributed among 22 of his [00:16:00] cousins, after extensive litigation that spanned over several decades, much of which probably was, should try to find out who was who, and who gets what.

[00:16:09] These battles included disputes with regard to who gets his business empire. There were significant legal costs, significant taxes. I’m sure, also alleged illegitimate children. So no legitimate children on the paper, but there were some alleged illegitimate children. I’m sure lots of people would have liked to have been as illegitimate child when he died with $2 billion in 1976.

[00:16:33] So what can we learn from Howard Hughes? So his is super complicated. We’ve talked about disputes, we’ve talked about difficulty going through probate and prolonged administration. But the thing that I put on for Howard Hughes was even if you don’t have children, estate planning is important. In order to pass your estate to the people that you love or want to benefit or the organizations that you support, an estate plan is vital.

[00:16:58] And so, Howard Hughes, [00:17:00] despite not having children that he knew about, I guess, you know, should have had an estate plan. Okay? And in all cases, he’s the richest, I think of all the ones that we’re talking about here today, but just make it clear, make it easy, right?

[00:17:14] Especially if you don’t have natural heirs that are like intimate family members that are within your nuclear family and everything goes to your cousins, you should probably think about that. Okay? I just did an episode on estate planning for people that don’t have children. So go back and listen to that one.

[00:17:29] Number six, Chadwick Boseman. He was, worth about 3. 8 million, so not as much as many of these others. He was a younger star, actor, up and coming acting star from the Black Panther movie the Marvel Cinematic Universe.

[00:17:45] He died of cancer, unfortunately, at a young age, he was only 43, and he did not leave a will, and so his widow became the executor administrator of his estate, and it went through a long probate process, and really, [00:18:00] this one seems to be actually decent, like, his widow worked through with his parents to divide the estate to make sure that his parents got the fair share even though technically they probably weren’t heirs.

[00:18:10] Under Washington law, his parents wouldn’t have been heirs if he was married. But this situation brings to light the importance of having an estate plan even for relatively young people. I think I’ve done an episode on this. You should have an estate plan even if you’re young. Maybe I should have put this for Jimi Hendrix because he was younger than Mr. Boseman.

[00:18:27] Even if you’re young, you should have an estate plan because I’ve given this story a couple of times, this mother who lost her son a few years ago that had a bunch of digital assets. This story comes up a lot. He was a young guy and didn’t really think he was going to die and did.

[00:18:42] And so having an estate plan, at least a will when you’re young, makes things a lot easier, reduces the burden on your surviving family members for sure.

[00:18:50] Let’s see. Number seven, Tony Hseih. And Tony Hseih, had an estate worth about $840 million. He was the former [00:19:00] CEO and founder of Zappos, which is a shoe company, I believe, died in 2020 at 46 in a house fire. And so, he didn’t have a will either. And so like all these others, complex legal process, difficult administration, family had to navigate his particular assets.

[00:19:20] And so, this case highlights what did we learn, I guess. To give you the right break there, it highlights the importance of having an estate plan for individuals, especially business owners with complex and significant assets in order to ensure the smooth transition when you’re gone, right?

[00:19:38] If you’re a business owner, the other thing that happened with his, it turned out that a lot of his business and personal affairs were sort of intermingled and intertwined. So someone had to undo all this. And that’s another episode for another day. It’s like, if you have a business, make sure it’s not the same as you. Okay?

[00:19:56] But for business owners, it’s so important to have a business [00:20:00] plan or succession plan in your estate planning documents. And Tony didn’t have that, unfortunately. So it was a disaster mass sounds like. And so, what we’re learning here is have your state plan, particularly with regard to businesses. You want to make sure that your successors are in place.

[00:20:16] I had a client recently where he has a trusted team member on his company that he wants to be able to transition the business to if he dies. And so he laid out a plan that, you know, he can manage it for a certain period of time, then he can buy it for a certain amount of money, you know, so this family’s protected.

[00:20:33] But this other gentleman who’s a team member of his is able to transition this business and actually allow it to continue to thrive for his first family and things like that. So, that business succession plan as part of an estate plan is critical.

[00:20:47] Number eight is Pablo Picasso. He died in 1973, no will. He had hundreds of millions of dollars when he died. And Picasso was an intellectual property guy, artist, of [00:21:00] course, right? He had a vast estate of artwork and properties and other assets. And he had six heirs, which included his children and grandchildren.

[00:21:11] And this is the thing I took from this one. This is the thing that really is shocking to me, 1973, remember he died in 1973. His legal proceedings lasted for six years, which is not the longest thing. I’m sure many of these are longer, you know, but this is the thing that stood out to me in 1973.

[00:21:28] He incurred significant legal fees, reportedly around $30 million, which substantially reduced the estate’s assets. And so, it underscores the importance of having a clear plan. So what do we learn on this? Be clear, be organized in your plan and make sure that when you draft your plan, you draft it so that it is ideally set up to minimize or mitigate potential disputes and legal battles [00:22:00] and particularly if you have a lot of assets like with these artists like the musicians and like a guy like Picasso who are artists and they’ve got intellectual property, right?

[00:22:09] They’ve got stuff that they can sell and they can make prints and they can make recordings and they can make, you know, best of albums and books and stuff like that for guys like Picasso.

[00:22:18] Who gets all that money, right? Who has the right to do that? Does that stuff go to your family? Does it go to your friends? Does it go to your buddy? Right? Do you give it to charity?

[00:22:28] So be clear and be organized in your plan. That’s what we learned from Picasso. Oftentimes his artwork was abstract. I don’t know if you probably don’t call it abstract, but if you look at a thing, it’s not looking like a regular person. I don’t know what you call his era.

[00:22:41] I’m not a art expert, unfortunately. I like looking at art. I’m not great at saying what era it’s from, particularly with him. So be organized, be clear, draft your plan so you can avoid disputes.

[00:22:51] The last one I wanted to talk about is James Gandolfini from the Sopranos family. He’s been in a lot of different movies. He died with about $70 million estate and [00:23:00] died in 2013 at the age of 51.

[00:23:01] So very young, two years older than I am now. Knock on wood. He had a will though. This one’s different, right? James Gandolfini died with a will, but this will was not drafted to be as tax efficient as it should have been or could have been.

[00:23:18] And so this is the thing. The structure of estate plan led to significant tax bill, reportedly over 55% of his estate’s value, which we’re about $30 million, so that’s more than half of his estate. And this reduced, obviously in half or more than half the value of his estate for his heirs. And so, what do we learn from this one?

[00:23:41] Proper tax planning in your estate plan is essential. And we’re not talking like, okay, well, James, I don’t have $70 million. I don’t have $200 million. I don’t have $2 billion. Right? I don’t have that money. Do you have 2 million? Do you have one and a half? Do you think you might have that when you die?

[00:23:59] If you’re [00:24:00] in those ranges, particularly in the state of Washington, you’ve got to plan for estate tax. And we talk about this a lot, I think the episode that’s right before this one talks about estate taxes and what we need to do in order to plan for those.

[00:24:12] And so, proper estate planning with tax planning is essential, even in much lower numbers than what James Gandolfini and all these other celebrities had. Okay?

[00:24:22] And so, this just shows the point the reason I did this episode this way and I’ll give you a little explanation because we’re not going to have any stories because I just gave you stories for the whole episode. No story time today, sorry.

[00:24:33] There were a couple of stories intertwined in there. I gave you a couple of stories, right?

[00:24:37] What we’re learning here, though, is estate planning is important. And it can prevent disputes, it can prevent costs, it can prevent taxes, it can prevent families from disintegrating, it can prevent people from having to fight about who’s what, right? And who’s stuff is who’s?

[00:24:54] And so, if you’re listening to this podcast, I mean, if you’ve listened in the past, you know, that an [00:25:00] estate plan is important. Okay? And so take these pieces of information, these tidbits in history and learn from it, right? Implement it into your plan.

[00:25:11] You know, we go back, you know, today, we always talk about, well, we’re not learning from our history. Like we’ve already done this before. Why are we trying to do it again? You know, we got to learn from previous mistakes of others, things that didn’t work that others did.

[00:25:26] Take that for what it’s worth, but do your estate plan. If you don’t have it, do it, it’s important. And so that brings us to, since we’re skipping the story section, that brings us to the something good in the news section. And this isn’t necessarily good. This is in the news and everybody’s talking about this.

[00:25:43] Bill Walton passed away on May 27th just this week. And many of you know who Bill Walton is, Hall of Fame basketball player, won two championships at UCLA. He won two championships in the NBA, and then he was a commentator for basketball, color commentator for [00:26:00] many years after. And he’s a pretty incredible guy, like impressive. Okay?

[00:26:06] And I’m going to give you the impressive, like stats about him. Well, it was a star center in high school. He led his team to 49 consecutive wins and two straight high school basketball championships. Then he went to UCLA, where he won three straight National College Player of the Year awards. He might be the best college basketball player ever.

[00:26:26] He helped his UCLA team go on an 88 game winning streak and led them to two championships in 1972 and 1973.

[00:26:33] In 1974, he was the first overall pick in the NBA and went to the Portland Trailblazers and they won a championship in 1977. He was a league MVP the next year, but then he was hobbled by injuries.

[00:26:46] Unfortunately, his pro career was shortened. And then he finally won another championship in 1986 as a member of the Celtics in a solid backup role. He also won an Emmy in 2001 for broadcasting.

[00:26:57] So he won National Player of the Year. He won [00:27:00] MVP of the NBA. He won an Emmy. He won multiple championships in high school, college and the pros.

[00:27:07] And these are the other things. Okay. He’s a member of the Naismith Basketball Hall of Fame, the National Collegiate Basketball Hall of Fame, California Sports Hall of Fame, the UCLA Athletics Hall of Fame, of course. Among others. And in 1996, he was named one of the top 50 players in history, basketball players, by media and other analysts.

[00:27:27] The other thing about Bill Walton that I like, and this is personal to me I guess, Bill Walton was one of the biggest Deadheads, Grateful Dead fans there was. He loved the Grateful Dead. And he was one of their biggest fans. And there’s tons of pictures, like I’m a big fan of the Grateful Dead and I just like that jam band style music.

[00:27:45] Culturally, not maybe as much, but music wise, I really like it. Culturally, it’s fine. They’re very friendly and nice people, but I’m not in the hippie world as much as maybe some of those people are. But oftentimes he’s in the front of the concert with his hands raised, [00:28:00] like just enjoying the music with his 6’11 I think he was, this massive guy.

[00:28:04] And, he just loved that. Right? And I’ve got some quotes. He was a quote guy. And so I got some good quotes that I’d like to share as we finish this episode today. And this one, this first one is about the Grateful Dead because we just talked about the Grateful Dead. He says, and Mickey Hart, one of the drummers for the Grateful Dead, made a great tribute.

[00:28:22] All of them did that he was their best friends, basically, which is crazy to me. It’s pretty cool. He says the Grateful Dead. They’re my best friends. Their message of hope, peace, love, teamwork, creativity, imagination, celebration, the dance, the vision, the purpose, the passion of all things. I believe it makes me the luckiest deadhead in the world.

[00:28:41] So that’s the Grateful Dead quote. And he’s got more than that, but here’s a couple others that are really good. Okay, if you’re living for today, if you’re only dreaming about yesterday, it doesn’t work. You got to know that tomorrow is going to be better. Then you’re on your way. That’s just pretty awesome.

[00:28:59] You got to be [00:29:00] hopeful and optimistic and not just live for today, but live for tomorrow.

[00:29:03] This one’s good. Never rank, rate, or compare coaches, children, concerts, championships, or congratulations. Just enjoy them all. That’s a good gratitude quote, right? And it’s good if you’re a parent, don’t rank your kids, you know, there’s another one.

[00:29:20] No matter how good you get, there’s always something further out there. So always be improving, always looking to be better, right? Always look for the better, becoming the better you. And the final one, I thought this one’s really good. Like it’s good for all of us. Okay?

[00:29:36] Love is the single most powerful and important word and notion in culture and language. Until the power of love supersedes the power we have, Sorry. Until the power of love supersedes the love of power, we have no chance of being ever successful.

[00:29:53] Until the power of love supersedes the love of power, we have no chance of ever being successful. Like, let that sink in. [00:30:00] Love is the answer, right? All you need is love, if you like the Beatles. I don’t know. But love really drives this world. It could. And I really, you know, the day that we’re living today, this day and age where we’re so divided politically and socially and culturally, being united in love of our fellow man, love of each other, right?

[00:30:23] Love for life, love for our families, love for our neighbor, you know, what better message is that? Right? And so Bill Walton has left us, but he left us with a lot from his life that we can learn from.

[00:30:40] And so I wanted to close this episode with that. Hopefully it was something motivating, something good for you.

[00:30:47] And we can take some of these quotes and implement them into our daily lives and we could all be better.

[00:30:53] Anyway, that’s it for today’s episode. I’d like to thank you for listening to today’s episode of legacy talk. If [00:31:00] you liked today’s episode and would like to learn more, please like, and subscribe for more great content.

[00:31:05] I’ve been your host, James Jones to your legacy.