Jim Morrison was a legend in his own time because of the great music that The Doors created coupled with his enigmatic personality. He passed away in Paris, France at the age of 27 on July 3, 1971, so the 53st anniversary of his death is right around the corner. Obviously, he made the ultimate mistake, and he also made a huge estate planning error that is instructive for others, and we will look at it here.
Jim Morrison’s Will
You might think that a hard-living rock star in his 20s would not think about estate planning, but Morrison did execute a will. He had a serious disdain for his parents, and he named his long-term girlfriend and confidante Pamela Courson as the sole heir to his estate.
She had a drug problem, and Morrison was concerned about her potential actions immediately after his passing. She would only receive the inheritance if she lived for at least 90 days after Morrison’s death, and his siblings were listed as the alternate beneficiaries.
She did live for more than 90 days, but Morrison’s expectations were met when she died two years later. Pamela Courson did not have a will, so her parents were the rightful inheritors according to the intestate succession laws.
This did not make sense to Morrison’s parents, and they initiated a legal action to try to pry the estate loose. Ultimately, the court did not have to make a decision, because the two litigants reached an agreement to share the property in the estate and future royalties.
In the end, Morrison enriched people he despised because he did not plan his estate properly.
Build-In Safeguards
If he had used a trust instead of a will to serve as the centerpiece of his estate plan, he could have prevented the undesired outcome. First, it was obvious to him that Courson was not very stable, and there was no reason to believe she could handle a money-making empire.
After all, he was one of the most popular artists on the planet, and there was a great deal of interest in his image and his work going forward. In fact, his passing may have actually increased his popularity on this level.
He could have conveyed his property into a trust, and a professional fiduciary could have been named as the trustee. The terms could provide for Courson for the rest of her life without giving her absolute, permanent control of the resources.
Morrison could have named his siblings as successor beneficiaries who would step into the role after Courson’s death.
Federal Estate Tax
There is also the matter of the federal estate tax. At the time of his death, the tax carried a 77 percent top rate, and the exclusion was just $60,000. This is the amount that can be transferred tax-free, and the rest would be subject to taxation.
An estate planning lawyer would have been able to explain tax efficiency strategies that could be utilized to minimize the damage. There are a number of different types of estate tax efficiency trusts that can be utilized.
Tax Efficiency Solutions
One of them is the qualified personal residence trust, and here’s how it works. You convey your home to the trust, and you establish a term during which you will live in it as usual. In legal parlance, this is called the retained income period.
When you establish the trust, you name a beneficiary who will inherit the home after the term expires. This is considered to be a taxable gift by the IRS, but the value of the gift for tax purposes will be considerably less than the actual value of the house.
This is because the gift recipient will not be able to take possession of the home for years as stated in the trust agreement. Ultimately, the value of the house will be removed from the estate, and it will be transferred to the beneficiary at a tax discount.
Another possibility is the generation-skipping trust. As the name would indicate, you skip a generation when you name the beneficiaries, naming your grandchildren instead of your children.
After your passing, the assets will remain in the trust, so there will be no estate tax imposition. During their lives, your children will be able to benefit from assets that are held by the trust, so they are not completely cut out.
After their death, your grandchildren will become active beneficiaries of the trust. Taxes may be applied then, but one round of taxation will be avoided.
Access Your Free Worksheet
We have produced an estate planning worksheet that you can go through to gain a more complete understanding of this important process. It is available free of charge right now, and you can visit our worksheet access page to get your copy.
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As you can see, it is important to work with a lawyer who will help you take the right steps to make sure that your wishes come to fruition. If you are ready to do just that, we are here to help.
You can set up a consultation appointment at our Warren, NJ estate planning office if you call us at 908-222-8803. There is also a contact form on this website you can use to reach out electronically, and if you message us, we will get back in touch with you promptly.
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