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Celebrity Estates: Jack Cassidy and How Divorce Can Complicate an Estate Plan

David Cassidy's dad neglected to update his plan in the wake of his second divorce.

 

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In this episode, David Lenok, senior editor at WealthManagement.com, is joined by Christopher Melcher, partner at Walzer Melcher LLP where they focus on complex family law litigation and premarital agreements of high-net-worth individuals.

Today’s celebrity example is Jack Cassidy, an American actor and singer known for his works in theatre, TV and film.   

Having married and divorced twice and fathered children in both marriages, most notably David and Shaun Cassidy, Jack’s estate plan was for the most part very well executed. Except for the small “loose end” by way of a life insurance policy that neither Jack nor his team followed up on when completing his divorce paperwork. An eight-year legal battle between ex-spouse No. 2 and the estate then ensued over a $50,000 life insurance policy.

Now, Christopher and David discuss why you must ensure that you dot your I’s and cross your T’s in the wake of a divorce.

Keystone/Hulton Archive/Getty Imagesjack-cassidy-shirley-jones.jpg

Jack Cassidy and his second wife, Shirley Jones

In this episode, you will learn:

  • What are some lessons learned for advisors, from Jack Cassidy’s unfortunate circumstances;
  • Are premarital agreements good or bad for a relationship;
  • What are some other typical “loose ends” that often get forgotten when finalizing an estate plan;
  • And more!

Tune in to help your clients understand, you cannot win the race if you do not cross the finish line!

Listen to the podcast

Browse more episodes in this podcast series. ... 

The Celebrity Estates: Wills of the Rich and Famous podcast is available on Apple PodcastsAndroidStitcher and wherever podcasts are found. 

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