John Lennon, a beloved songwriter and singer from the band The Beatles’, was murdered tragically at the age of 40 in 1980. John Lennon always had the motivation to change the world and to imagine a life without destruction. With the backup support from his wife, Yoko Ono, Lennon became a voice for the people of the world. Instead of naturally giving his son Julian full control over his estate like he did at first, Yoko Ono got full control over Lennon’s original song rights and his image. Unfortunately, Lennon’s estate plan became sad just like a ballad due to his son Julian’s fury over his estate. Sixteen years after Lennon had passed away, Julian sued Ono for a larger part of his father’s estate. Eventually, it was settled completely in 1996 and Julian received 20 million in English pounds after the long and limitless legal battle versus Yoko Ono. Some of the lessons that can be learned from Lennon’s estate plan include: Don’t leave your children out of will, Create Steps in order to make sure each one of your heirs receives their part, and Create an Additional Trust just in case your child gets left out. By using this advice, you can avoid family feuds and will be able to make sure your estate plan is executed smoothly.
Michelle Profit is an estate planning attorney serving Maryland and the District of Columbia. A Harvard Law School graduate, she has worked in the financial services industry for over 20 years. A dedicated advocate for all of her clients,Michelle Q. Profit personally handles each client case from start to finish to meet the client’s needs and objectives. Michelle listens in the consultation sessions and works with any other client accountants or financial planners to create a comprehensive estate plan.
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