For any late 80s and early 90s kid, “Full House” was essential viewing, and its characters were icons of the television. Perhaps this is why it struck a chord with so many when Bob Saget, known for his classic role as Danny Tanner in the beloved show, suddenly passed away in his Orlando hotel room on January 9th, 2022. And while we at Trust Counsel are no strangers to untimely or unexpected celebrity deaths, there was something in particular about Bob Saget’s death that left us all shocked- after all, he was still young, and his death seemed to come out of nowhere. Despite all of this, Bob Saget is one celebrity that has somehow avoided the tragic pitfalls of so many others in his industry: in fact, his large estate, valued at around $50 million, has not been the subject of any drama, tragedy, or poor management (crazy, right?).
This is likely due to the fact that long before passing, Saget cautiously put his money into a trust. By doing this, he was able to carefully dictate where he wanted his money to go, and what charities or funds could be donated to in his name. This aligned with Saget’s personal generous perspective, as he often supported many different causes, like the Scleroderma Research Foundation, the Susan G. Komen for the Cure Foundation, the Voice for the Animals Foundation, and the Alliance for Children’s Rights. Perhaps the best part about this trust is that it included the star actor’s home, worth an estimated $5.8 million. By putting his house, and by extension, his other assets, under the control of a trust, Bob Saget was able to avoid burdening his family with the costly price of probate or risk losing money in the form of fees and government taxes.
It seems like today’s estate planning tip couldn’t be any more obvious, but just in case you need some Trust Counsel clarity: trusts are great! They’re effective ways of handling your assets, by including a clear outline of what you wish to be done with your money, in a way that is consistent with your goals. Plus, it makes sure that your family won’t have to be burdened with unnecessary court fees and procedures if you were to pass. As experts in family and estate planning, the team over at Trust Counsel is dedicated to making sure your assets are secure, and your legacy along with it. So, make an appointment today, and see how Trust Counsel can help organize, manage, and protect your unique needs, businesses, and assets to help shape your legacy for tomorrow.
