Did Kirk Douglas have an Estate Plan?

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Kirk Douglas left a significant estate.

Kirk Douglas had a prolific career.

For some 40 years, he worked steadily.

Although his career slowed in the early 1980s, he still had a significant estate upon his death.

According to a recent Wealth Advisor article titled “Kirk Douglas Lived Well, Died Rich And May Trigger $200M Los Angeles Range War,” he was financially savvy in his career.

Kirk Douglas is a strong planner.
Kirk Douglas set up his estate to help other for years.

How so?

Kirk Douglas was one of the first stars to create his own production company and one of the first to request to receive part of the profit from his films.

When he made Spartacus, he did not take any pay for his work.

Instead, he chose to accept 60 percent of the profits.

His company both owned the films and sold the distribution rights.

Kirk Douglas was not simply a smart business man.

He also was wise in his estate planning.

He and his wife (of 65 years) set up his estate plan so any money passing to family will be disbursed through a trust.

The income will be received by heirs without sparking estate taxes.

As shareholder for his company, his wife rolled the money into a family trust with number of holding companies and joint ventures.

One of these ventures was purchasing half of the land under the Marina Del Rey “Shores” apartment complex.

The land is nearly priceless.

When his wife Anne dies, a successor trustee will need to choose what happens to the land.

Kirk Douglas was a great philanthropist in life and through his estate, benefiting schools, theaters, and hospitals.

Throughout his life, Kirk Douglas focused on long-term planning.

Because of his planning, his choices will benefit others for years to come.

Reference:  Wealth Advisor (Feb. 4, 2020) “Kirk Douglas Lived Well, Died Rich And May Trigger $200M Los Angeles Range War”

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