Estate Planning: Lessons Learned From Hugh Hefner's Third Marriage

by Evan Guthrie Law Firm
Contact

Estate Planning: Lessons Learned From Hugh Hefner's Third Marriage

Hugh Hefner and girlfriend Crystal Harris got married for a third time on New Years Eve 2012. Hugh Hefner is best known for his Playboy empire And Harris is known as a model for Hefner's magazine. There are several estate planning lessons that can be learned from Hugh Hefner's later marriage.

The biggest lesson about planning an estate that can be take away from the events of Hefner's marriage is that a prenuptial agreement may be very important for a late in life marriage. There were several reports that Harris signed a prenup three weeks prior to marriage to Hefner. The agreement reportedly protected the bulk of Hefner's assets that include his Playboy Enterprises and famous Playboy Mansion. A prenuptial agreement is a contract made prior to a marriage that can exclude assets from being part of a marriage. While most people think of a prenup from a divorce perspective and protecting assests from a divorce, the agreement is also important from an estate planning perspective. In most jurisdictions, a spouse is entitled to a percentage of a deceased person's estate regardless of efforts to exclude that spouse in a will or trust. The only way a spouse is not entitled to an elective share or statutory portion of that estate in most states is to contract that right away. When there is a large age differences between two spouses, such as the 86 year old Hefner and the 26 year old Harris and the advance age of Hefner and the anticipated limited duration of a marriage, a contract can be appropriate. Hefner need only look to former Playboy Playmate Anna Nicole Smith's 1994 marriage as a 26 year old to 89 year old J Howard Marshall that lasted thirteen months until his death and resulted in a protracted multimillion dollar estate battle that lasted 15 plus years and went all the way to the U.S. Supreme Court

A spouse with a large estate or business interests can protect those interests and guide who they want to leave their estate to with a prenuptial agreement. An agreement allows Hefner to give his estate to his four children from previous marriages instead of a spouse of a late in life marriage. This can apply to an average person as well that may want to leave their assets to children and not a second or third spouse. There can be many unanticipated estate planning and probate consequences to a late in life marriage that may cause fighting and litigation that can be prevented by a prenup or other planning device. An upcoming marriage, especially later in life should always signal the need to reevaluate a plan for an estate.

For more on this article Please visit http://estateplanning.ekglaw.com/post/39941773612/hugh-hefner-estate-planning-lessons-about-late-in-life or http://estateplanning.ekglaw.com/

Evan Guthrie Law Firm is licensed to practice law throughout the state of South Carolina. The Evan Guthrie Law Firm practices in the areas of estate planning probate personal injury and divorce and family law. For further information visit his website at http://www.ekglaw.com . Evan Guthrie Law Firm 164 Market Street Suite 362 Charleston SC 29401 843-926-3813

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Evan Guthrie Law Firm | Attorney Advertising

Written by:

Evan Guthrie Law Firm
Contact
more
less

Evan Guthrie Law Firm on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up using*

Already signed up? Log in here

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Privacy Policy (Updated: October 8, 2015):
hide

JD Supra provides users with access to its legal industry publishing services (the "Service") through its website (the "Website") as well as through other sources. Our policies with regard to data collection and use of personal information of users of the Service, regardless of the manner in which users access the Service, and visitors to the Website are set forth in this statement ("Policy"). By using the Service, you signify your acceptance of this Policy.

Information Collection and Use by JD Supra

JD Supra collects users' names, companies, titles, e-mail address and industry. JD Supra also tracks the pages that users visit, logs IP addresses and aggregates non-personally identifiable user data and browser type. This data is gathered using cookies and other technologies.

The information and data collected is used to authenticate users and to send notifications relating to the Service, including email alerts to which users have subscribed; to manage the Service and Website, to improve the Service and to customize the user's experience. This information is also provided to the authors of the content to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

JD Supra does not sell, rent or otherwise provide your details to third parties, other than to the authors of the content on JD Supra.

If you prefer not to enable cookies, you may change your browser settings to disable cookies; however, please note that rejecting cookies while visiting the Website may result in certain parts of the Website not operating correctly or as efficiently as if cookies were allowed.

Email Choice/Opt-out

Users who opt in to receive emails may choose to no longer receive e-mail updates and newsletters by selecting the "opt-out of future email" option in the email they receive from JD Supra or in their JD Supra account management screen.

Security

JD Supra takes reasonable precautions to insure that user information is kept private. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. However, please note that no method of transmitting or storing data is completely secure and we cannot guarantee the security of user information. Unauthorized entry or use, hardware or software failure, and other factors may compromise the security of user information at any time.

If you have reason to believe that your interaction with us is no longer secure, you must immediately notify us of the problem by contacting us at info@jdsupra.com. In the unlikely event that we believe that the security of your user information in our possession or control may have been compromised, we may seek to notify you of that development and, if so, will endeavor to do so as promptly as practicable under the circumstances.

Sharing and Disclosure of Information JD Supra Collects

Except as otherwise described in this privacy statement, JD Supra will not disclose personal information to any third party unless we believe that disclosure is necessary to: (1) comply with applicable laws; (2) respond to governmental inquiries or requests; (3) comply with valid legal process; (4) protect the rights, privacy, safety or property of JD Supra, users of the Service, Website visitors or the public; (5) permit us to pursue available remedies or limit the damages that we may sustain; and (6) enforce our Terms & Conditions of Use.

In the event there is a change in the corporate structure of JD Supra such as, but not limited to, merger, consolidation, sale, liquidation or transfer of substantial assets, JD Supra may, in its sole discretion, transfer, sell or assign information collected on and through the Service to one or more affiliated or unaffiliated third parties.

Links to Other Websites

This Website and the Service may contain links to other websites. The operator of such other websites may collect information about you, including through cookies or other technologies. If you are using the Service through the Website and link to another site, you will leave the Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We shall have no responsibility or liability for your visitation to, and the data collection and use practices of, such other sites. This Policy applies solely to the information collected in connection with your use of this Website and does not apply to any practices conducted offline or in connection with any other websites.

Changes in Our Privacy Policy

We reserve the right to change this Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our privacy policy will become effective upon posting of the revised policy on the Website. By continuing to use the Service or Website following such changes, you will be deemed to have agreed to such changes. If you do not agree with the terms of this Policy, as it may be amended from time to time, in whole or part, please do not continue using the Service or the Website.

Contacting JD Supra

If you have any questions about this privacy statement, the practices of this site, your dealings with this Web site, or if you would like to change any of the information you have provided to us, please contact us at: info@jdsupra.com.

- hide
*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.