Los Angeles Estate Planning Law Blog

People around the country were saddened to hear of the death of Whitney Houston. The pop star passed away last week in a California hotel on the eve of the Grammy Awards. Known for her powerful mezzo-soprano voice and her model-like good looks, Houston earned a great deal of money during her lifetime. But her death has raised questions about how much of that wealth remains, who stands to inherit it, and what kinds of estate planning mechanisms, such as a trust, she had in place.

In addition to her long music career, Houston also starred in a handful of notable films. She made millions from the movies, including an estimated $10 million from 1996's "The Preacher's Wife." She also signed a $100 million record contract in 2001. Experts estimate that her death will boost sales of her music, in the way, though to a lesser extent, that Michael Jackson's death brought in millions of dollars to his estate. Merchants have already seen a spike in purchases of her albums and songs.

The importance of estate planning can be seen across the United States as news stories pop up about families fighting for property left behind by their loved ones. Last week, residents in Los Angeles and all across the United States celebrated the historical achievements of Martin Luther King, Jr. A lot can be learned from his actions, both publically and personally. Due to a lack of a complete estate plan, his family is now in a battle over documents that he supposedly left with his former secretary. A will indicating King's wishes in terms of these documents would have made a world of difference for his family. This holds true for more than half of all American families, who are also without a will.

What holds families back from starting the estate planning process? Some say overanalyzing the process has something to do with it. For example, when it comes to naming a guardian for minor children, many parents consider it but often don't actually get to it. Estate planning professionals say this is due to parents overanalyzing their decision. They recommend going with your gut feeling and choosing one of the first people who pops into your mind. The decision isn't set in stone and can always be altered as relationships change and children grow up.

A recent dispute has broken out regarding the ownership of an Andy Warhol painting of 70's iconic beauty Farrah Fawcett. Warhol had given Fawcett two silk screen paintings that he painted of her.

In 2009, Fawcett died after a lengthy fight against cancer. She had a complete estate plan that included a will and trust. In her trust, Fawcett left her art collection to the University of Texas, her alma mater. The University received one of the paintings, but not the other.

The University of Texas has brought a lawsuit to obtain the second painting.

Legendary singer, Etta James, is battling end stage leukemia and dementia. While she is fighting for her life, her sons have been battling their stepfather for control over her $1 million estate.

The singer's two sons requested that conservatorship be transferred to them for a short time from her husband over concerns about the costs of her medical care and treatment. Recently, the sons reached an agreement with the singer's husband that allows him to remain conservator of her estate. However, a California judge will only release $350,000 for her medical care, slightly less than the $500,000 the singer's husband originally requested.