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Last week over on Get Rich Slowly I read a post about the recently deceased Hollywood star Heath Ledger.

In that post there was a snippet from the NY Times reporting that Ledger’s will was last updated in 2003. Because he met his girlfriend after that date and had a child years later, sadly, neither were included in his will.

JD goes on to write that even young people need to be mindful of proper estate planning. And I’m here to say that I totally agree, although for most (young people) I’d recommend focusing on the simple stuff, like crafting a will.

You would think I’m about to write about wills and the like… but I’m not going to right now. Though I will say (pun;), if you are married, have just had a baby, or have begun to build wealth, it’s important to have one. Any major changes in your life should have you thinking, “I need to update my will!”

With that said… when I read the Heath Ledger post it reminded me of an article I had seen years earlier - about the massive estate taxes that famous celebrities owed the US government upon their passing.

In memory of them all, I thought I’d share some of the basic tenets of current US estate tax law and list a few prominent Americans that gave much of their net worth back to Uncle Sam in the form of estate taxes.

Continue Reading “Deceased Celebrities and Their Shocking Estate Tax Bills”