Kobe Bryant’s Death Is an Estate Planning Reminder To All
By: Barry E. Haimo, Esq.
March 19, 2020
Sometimes it’s a death of a close relative. Other times, it’s the loss of a friend. Then there are those celebrity deaths that hit a large number of people hard. Like Kobe Bryant.
Why Bryant? He was a larger-than-life icon. He had family ties. He had his hands in a number of enterprises – both for- and non-profit. Perhaps most importantly, though, he was only 41.
No one should ever die that young, but the fact that it was someone so well-known. So omnipresent. Well, his untimely demise can’t help but be a reminder to us all in some way, shape, or form that we have to prepare for the unexpected.
A Father (and Family Member) in His Forties: Gone Too Early
We’ve seen a number of celebrities pass in the last couple of years who turned out not to have even drawn up a will. While we hope that’s not the case for Kobe, history says there have been numerous affairs that may have left his last wishes up in the air.
A feud with his mother over a half-million-dollar home a few years back suggests those early contracts that probably named her as a beneficiary could have been changed. If they reconciled in the end, were the documents changed back?
What about the period when it seemed a split between him and wife Vanessa was imminent… then they worked things out? Hopefully, his estate plans reflect his most recent wishes, years after their reconciliation.
If you haven’t dedicated time to planning for your survivors at all, it is imperative you draw up a will at the very least. This is especially true when your estate plans involve your children.
A Budding Business Man: Bryant Stibel’s Venture Capital
One of Kobe Bryant’s personal interests led him to found a venture capital firm, Bryant Stibel, with “serial entrepreneur” Jeff Stibel back in 2013.
He reviewed business pitches, invested, and even occasionally lent his personal star power to endorsements for portfolio partnerships. Some say much of his liquid assets were tied up in this project. Luckily, he chose a partner who is a known venture capitalist, but that’s not the case for every lion’s shareholder of a venture capital company.
Heavy is the head that wears the crown, as they say. Individuals who invest in the livelihoods of others are right to worry about their partners should their support end.
Whether you’re an entrepreneur with a handful of contract employees or a bigtime investor, if you are helping to keep others’ dreams afloat, you have a big responsibility. Does your estate plan reflect that?
A Foster of Philanthropy: Kobe’s Charitable Work
From his 100-plus appearances for the Make-a-Wish Foundation and spokesmanship for the After-School All-Stars Program to the millions he raised for efforts like cancer research and minority education, Kobe Bryant (and his family) touched the community in countless ways.
For individuals that benefit from the organizations he helped, his loss will certainly be felt. The organizations themselves will also be affected simply by the fact that those funds will have to be raised in a new way.
These are just a few of the ways that Kobe Bryant’s death will have a ripple effect across the community. Whatever aspect of Kobe Bryant’s life you find that reflects your own, let his untimely departure be a reminder that all of our lives may be shorter than we think.
It is important you ensure those you care about continue to receive the estate benefits you wish for them despite unexpected events. If you have questions about how to best prepare for the transfer of your legacy, get in touch with Haimo Law.
Barry E. Haimo, Esq.
Strategic Planning With Purpose®
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