Bob Saget’s Estate Plan is a Case Study in Good Estate Planning

While many are still mourning the unexpected and untimely death of stand-up comedian, actor, and television host Bob Saget on January 9, 2022, it does appear that he undertook good estate planning before he passed.

Whenever there is a high-profile death involving famous celebrities or other high profile and high net worth individuals, there is usually interest in how much money they are leaving behind and who that money is being left to; in essence, what is being done with their estate.

Similar interest and controversy have occurred with the deaths of famous celebrities including Prince, Betty White, Louie Anderson, and Meatloaf—just to name a few.

“The unfortunate aspect of these high-profile celebrity deaths is two-fold. First, the deaths are usually untimely and unexpected. Second, we usually learn that their financial matters were not in order, leading to unnecessary legal costs, lengthy court battles, and ultimately more money going to government taxes rather than their loved ones,” said estate planning attorney Rodney J. (“Rod”) Hatley.

Hatley, who practices tax, estate planning, and asset protection law in San Diego, works with high-net-worth individuals to minimize or eliminate their tax liabilities.

Fortunately, Saget’s estate plan included a trust that owned his $5.8 million Brentwood home.

“Because Bob Saget’s home was owned by a trust, it will avoid probate, which is expensive, public, and time-consuming. If Bob had only had a will, or no plan at all, then the probate fees for his home would have been $142,000, or 2% of the value of that asset. Bob received good advice from his estate planning attorney and saved his estate hundreds of thousands of dollars.”

“Generally speaking, most individuals should have an estate plan and make sure to keep it updated. In Bob’s case, his estate plan included a trust that owned his home and other assets. Given the size of his estate, reportedly $50 million, I expect that Bob had additional planning. As such, there won’t be any probate and his assets will be distributed to people and causes he cared about,” said Hatley.

Saget died at age 65. In addition to his career as an entertainer, Saget had served on the board of the Scleroderma Research Foundation since 2003. The cause was near and dear to him: His sister was diagnosed with scleroderma at 43 and died at 47.

Rodney J. Hatley, Esq., LL.M. (Taxation) is a tax, estate planning, and asset protection attorney in San Diego, CA. He works with high-net-worth individuals and families in planning for the preservation and distribution of their estates.

Contact Information

Rodney J. Hatley

Attorney

Hatley Law Group, A P.C.

(1) (858) 465-8001

rod@hatleylawgroup.com