Paul L. Caron

Tuesday, July 10, 2018

Anthony Bourdain's Estate Planning Lessons For All Of Us

Forbes, How Anthony Bourdain's Estate Plan Reflected The Two Most Important Parts Of His Life:

Ever since his untimely death, the press and the public hasn't been able to get enough of Anthony Bourdain. His name caused another commotion this week when his will was probated in New York. The New York Post’s Page Six headline read “Anthony Bourdain Worth Only $1.21M at the Time of His Death.” Social media responded immediately as the actual dollar amount just didn’t seem right.  How could Bourdain’s net worth be so much less than the public previously speculated?

While a man’s worth is quite subjective, Bourdain, by all accounts, was an American success story. Though he often admitted that he’d lived paycheck to paycheck well into his 40s, by having an estate valued in excess of $1 million, Bourdain could be considered in the top 3% of all Americans in terms of wealth. In his case, the estate plan reflected two interesting aspects of the man and what he truly valued.

Estate Planning Is About Protecting Those You Love
Bourdain was thorough in making provisions for his only child as the bulk of his estate will pass to her. ...

It’s the Miles You Travel That Can Matter in Estate Planning
But the real reflection of the man came in the provision regarding his frequent flyer miles.   He left them to his estranged wife to “dispose of in accordance to what she believes to be his wishes.”  With a travel record like Bourdain’s, you can only imagine the riches there. ... Many people overlook frequent flyer miles, award points and perks when creating their estate plans. ...

We loved Bourdain because he was authentic and curious. But he also knew the value of things that most of us overlooked. Not many people choose to entertain a sitting U.S. president in Hanoi at a hole-in-the-wall restaurant on a plastic stool.

In his estate plan, his final message isn’t about bonds and stocks but about continuing to feed one’s curiosity and taking care of those you love. To him, that was perhaps the most valuable legacy he could share. As he once said, “Open your mind, get up off the couch. Move.”

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Wow. Didn't know the man, didn't watch his shows. However, I admire his legacies.

Posted by: Michael | Jul 15, 2018 9:13:38 AM