Paul Newman, the mastermind behind the successful company Newman’s Own, started as an actor who was selling homemade salad dressing with the author A.E. Hotchner. No one would ever think that two years later that his company would be posting a profit at about $1 million, which had been given away to charitable funding companies. Besides his company, there are some valuable lessons to be taken away from his estate plan. This lessons are sure valuable and resourceful when it comes time to start prepping for your estate planning consultation.
- Writing a Letter of Intention: Sadly after being hospitalized back in 2006, he needed to revise his estate plan in 2008 in which his daughters would not be on the Newman’s Own Foundation Committee and that all his money that was given to charity was to be put in his marital trust.
- Avoiding Conflict: Disputes among family foundations are not common, especially with such a successful company.
So whenever you are in the store and see a Newman’s Own product, think about what it took to make that company stand out like it does right now and how Paul Newman wasn’t a business owner but someone who took all the charity money back for his own.
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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