Burt Reynolds Disinherits Son?
Following the passing of Burt Reynolds on September 6th, the media quickly released that Reynolds’ adopted son and only child, Quinton Anderson Reynolds, was left out of his will.
Many speculate that Reynolds decided to leave his son out of his will, not as a way to cut him out of the inheritance, but rather as a way to protect his son from any estate taxes. Reynolds provided for his son through a living trust.
Reynolds had an estimated net worth of $5 million. Had Reynolds not put his assets in a trust, after passing, his estate could owe $70,000 to $150,000 in probate fees alone!
This scenario is a prime example of the importance of having a comprehensive estate plan that includes a trust. A will does not protect an individual’s assets from estate taxes, and it also sends beneficiaries to probate court, which can be a lengthy, costly, and publicized process.
For your beneficiaries to avoid estate taxes, probate court, and keep your financial matters private, a trust is a must!
To learn more about the importance of having a comprehensive estate plan, please call our office for an over-the-phone or in-person meeting with an attorney at no cost.
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