Hugh Hefner, the Playboy icon who embodied the concept of a carefree, pleasure-seeking life, also saved time for sober, careful planning. At least it appears so to a couple of experts who have recently written about the issue. They say the famous California publisher took care with his plan to transfer assets.
Hugh Hefner remarried late in life and also was a father to four children. He controlled assets of high value, spread across savings, real estate and his business. Similar circumstances have certainly made chaos in other families when close attention was not paid to the division of the estate property.
Mr. Hefner chose a prenuptial agreement when he married the woman who would be his last wife. This allowed him to choose what his wife would receive in the event of his passing. It was reported that in his will he divided his estate between his four children and also gave half to a charity of his choice. Individuals often choose to give to charity as a way to avoid high estate taxes. Mr. Hefner may have also placed his assets in trusts as a way to avoid probate.
For Mr. Hefner, it wasn’t all parties and pajama pants. The man took steps to ensure that his choices to transfer assets were honored. In California, both high net-worth and low asset families might have an interest in protecting their heirs. Certain life circumstances, such as remarriages, may make estate planning more important. Many people seek estate planning help from a knowledgeable attorney.
Source: Forbes, “Hugh Hefner, Role Model? He Was When It Came To Estate Planning“, Danielle and Andy Mayoras, Oct. 9, 2017