Before I get to a hot news story you have probably read about, I want to remind you to reserve your spot for our upcoming LIVE Planning Forum. I will be moderating the session with my colleague, Brad Barth, who is one of our expert attorneys in estate and asset protection planning.
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You are most likely aware of this hot news story. It’s a sad one with a silver lining.
On October 4th, 1990 teens and “twenty somethings” across the country discovered the zip code 9-0-2-1-0. That’s the date the first episode of Beverly Hills 90210 aired. Viewers fell in love with Dylan, Brenda, Brandon, Kelly, Donna, Andrea, Steve, David, Valerie and Clare.
Of course, it’s Luke Perry (aka Dylan) who we are all talking about now. Tragically, he suffered a massive stroke and was taken to the hospital. For five very long days, his family had to deal with their own grief while deciding how to care for an unresponsive Luke. He was only 52 and he passed on March 4th.
It is hard to wrap your head around someone that young dying from a stroke as we all think, “Isn’t that for old people?” It’s quite the reminder that life is not static.
Luke Perry was part of a blended family. He was divorced and had kids from his first marriage, an 18 year old daughter and a 21 year old son. He was also engaged to be married again. An engagement has no legal basis so it remains to be seen if Luke provided for his fiancé within his planning.
Reports suggest Luke did have some level of estate planning, which is great considering the circumstances of his death. Estate planning includes important documents such as a Medical Directive and Financial Power-Of-Attorney. Luke’s family would have been well served by both.
The fact that Luke had a blended family is a big deal in estate planning. Often, divorced couples neglect to update their planning and then encounter unintended consequences. It gets very messy when this happens and costly if you are trying to fix a problem. Assets can end up in probate, they can pass to step kids versus your own kids, and can become a nightmare scenario.
The death of Luke Perry is a blunt reminder of the importance of proper planning. When he was in the hospital, the doctors would have asked to see his Advanced Medical Directive. My colleague, Brad Barth, put together a short video on this exact topic. Do you have one of these? Ever wonder what it does exactly? If you are like the majority of Americans, either you don’t have an Advanced Medical Directive or you are not entirely sure how yours actually works when it’s needed. Brad is one of our estate and asset protection planning experts and he walks you through the Advanced Medical Directive. Click below to check it out:
Do you have any questions about your own planning? Do you feel that your planning is organized and pulled together? Is your personal planning properly integrated with your business? Are you part of a blended family or is your planning outdated?
Don’t hesitate to get a fresh look at your planning by way of our complimentary assessment. Get some one-on-one feedback with our team and make sure you are covered in all the important areas. Click below to schedule your initial brief interview call so that we can get you pointed to the appropriate expert.