What Can We Learn From Lou Reed?

A singer and songwriter with a long and successful musical career, Lou Reed died with a gorgeous New York Last Will. We know all of this because last wills are filed with the Probate Court, which makes them public. We, the general public, when there is a probate (and a last will is produced) can access the last will.
In the case of Reed, we know that there are assets of approximately $10 million, set aside for Reed’s wife and sister, along with $500,000 left to his sister for her to use for the care of their 93-year old mother, in her discretion, and the residuary estate to be divided between Reed’s wife and his sister. We know a lot.
So, what ca we learn from Reed’s estate plan?
We learn that we can keep our estate matters private with a trust. A revocable living trust, when property used, may avoid probate court entirely as well as keep the family’s affairs private and away from a probate filing. A will is probated and therefore public. A trust is a private document, not recorded or filed anywhere.
So while Reed didn’t mind to “take a walk on the wild side,” we can certainly learn to protect our assets as well as our privacy with a well though out trust. It’s fun to be a rock and roll and an estate planning rebel, until it’s not.
Portrait of Odelia Goldberg, Esq.

With over 50 years of combined experience, our probate, estate planning, real estate, elder law and asset protection attorneys provide peace of mind for our clients throughout South Florida.

Florida Bar Logo Broward County Bar Logo NYSBA Logo United States Patent and Trademark Office Logo Broward Attorney Real Estate Council Logo

Schedule a Consultation

1270 SW 26th Ave
Fort Lauderdale, Florida   33312

Phone: 954-832-0885


Facebook LinkedIn Twitter

The Law Offices of Odelia Goldberg Logo White

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation.
This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.
© 2024 The Law Offices of Odelia Goldberg. All Rights Reserved. Privacy Policy. Web Development by IWD Marketing