On Tuesday I summarized the contents of the Emergency Petition filed by Steve McNair's widow, Jonula "Mechelle" McNair, in Davidson County, TN, in order to open his probate estate, and yesterday I explained why it is going to cost thousands, if not millions, to settle the intestate estate.
What really surprises me the most about the whole mess is that Steve McNair did not have any estate plan at all. Over the years I have worked on the estate plans of MLB players, NBA players and an Olympic gold medalist in addition to NFL players - I even got to try on a Super Bowl XXXV ring. The one thing that impressed me the most about working with NFL players is that they are actually encouraged by the NFL to put their financial matters in order, including getting an estate plan in place even at a young age. Unfortunately, Steve McNair must not have been "encouraged" enough by the NFL or his agent. With just the most basic estate plan in place McNair could have saved his family thousands or perhaps millions in legal fees, other costs and estate taxes. What a valuable estate planning lesson for us all.
- Steve McNair's Estate - And You Thought Settling Michael Jackson's Estate Would be a Thriller?
- Steve McNair's Estate - Who Will Get What?
- Steve McNair's Agent Says Despite Lack of a Will McNair's Family Will Be OK
- Steve McNair's Probate Estate Valued Near $20 Million
- What Happens Without an Estate Plan?
- Do You Need an Estate Plan for Your Family Situation?
- Do You Need an Estate Plan for Your Financial Situation?
- Top Five Reasons Why You Need an Estate Plan