The love affair between Mick Jagger and L’Wren Scott was quite chaotic, and it can to a very abrupt, very sad end recently, when L’Wren Scott took her own like on March 17th.
Scott, who had been a designer and former model, had filed her last will and testament in Manhattan’s Surrogate Court a year prior. In her will, she outlined that her entire estate would be going to her former lover Jagger, lead singer of the Rolling Stones.
Scott’s will almost immediately entered into probate, and the estimates of her personal net worth were around $9 million in assets. As the picture continued to solidify, it came to light that her design firm, LS Fashion Limited, was in deep financial trouble, having posted an operational loss of $5.9 million just 2 years prior. After receiving some inquiries, LS Fashion Limited was quick to release a statement saying that speculation about Scott committing suicide due to her company’s financial troubles was ridiculous and disrespectful.
There is much speculation circulating around why Scott left all her finances to Jagger and not to her family members, but the most simple explanation is that she was in love, and love often trumps everything else.
The trouble relating to Scott’s estate is that she did not set up an irrevocable trust, and rather used a simple will. This means that even though the $9 million will pass to Jagger, it will subject him to unwanted attention from creditors, and New York estate taxes. Probate, unwanted attention, and taxation could all have been avoided, and as with all estates valuing over $1 million, it would have been an extremely smart decision.
It is undeniable that estate planning is important, and even the most famous among us are not immune to the pitfalls and traps involved. If you ever have any estate planning questions or concerns, do not hesitate to get in touch with a skilled attorney.