will your family receive support when it needs the most?
Since Kobe’s wife, Vanessa, survives him (and it’s been widely reported that they married without a prenuptial agreement), it is most likely that she will inherit everything. And due to the “spousal exemption,” those assets will pass to her tax-free.
Yet despite the protection from estate taxes, if she does inherit everything directly, all of the estate-planning, financial-planning, business-management, and wealth-preservation responsibilities for Kobe’s immense fortune will now pass to Vanessa. That’s an overwhelming responsibility to suddenly have to take on, especially while she mourns the loss of both her husband and child, while raising Kobe’s remaining three daughters.
Given the vast scope of Kobe’s estate, ongoing business ventures, and the likelihood of lawsuits and other legal complications, Vanessa will need the advice and support of her trusted counsel now more than ever. And we sure do hope she has that support, and that it was established well before this point in time.
The Value of a Qualified Estate Planning Firm
Unfortunately, many estate planning firms do not engage with the whole family when creating estate plans and the associated legal documents, leaving the spouse and other family members largely out of the loop. Though we can’t know if this was the case with Kobe’s lawyers, such situations occur frequently enough that there’s a good possibility this could be true for Vanessa as well.
And it could be true for you and your family, too. Are you in the loop on the planning that’s been handled (or not) for your parents? Are the people you’ve named in your plan, or who you would want handling things for you, fully up to date and aware of your planning?
How CAN Lexern Law Group Help You and Your Family Today?
This scenario highlights the immense value of working with family-centered estate planning lawyers like us. We take the time to get to know you and your family members and include them in the planning process. We can even facilitate regular family meetings to keep everyone up to date, as your family dynamics and planning strategies evolve and change over the years.
While the death of Kobe, his daughter, and the others is terribly sad, if it motivates you to get your estate planning handled the right way, or updated, the tragedy just might have some positive impact. Whether you already have a plan created or nothing at all, meet with your estate planning lawyer at Lexern Law Group to learn about the specific planning strategies necessary to protect your loved ones and their inheritance if and when something equally tragic happens to you.
This article is a service of Lexern Law Group, Ltd. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, ™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love.
You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.