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Help clients avoid doing an Evel Knievel on their estate

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Evel Knievel
Evel Knievel’s estate faced a $12.5 million judgment stemming from a lawsuit prior to his death.

In the end, it was a stunt that Evel Knievel pulled not on his motorcycle that permanently broke his estate.

It might not surprise many people who knew the daredevil to be hell-bent on breaking every bone in his body that he did not leave a tidy estate when he died at 69 in 2007. His estate was worth about $12,500, but his name and image had potential value. After all, many celebrities, such as fellow-jumpsuit-aficionado Elvis Presley, earned far more money dead than alive.

But his heirs would have to rocket over the chasm of the stuntman’s exceedingly poor decision-making. You can read his story in this year’s collection of Estate Planning Failures of the Rich and Famous, so we won’t give it away here. But, it is clear that Evel had more than a Touch of Evil.

 

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Steven A. Morelli is editor-in-chief for InsuranceNewsNet. He has more than 25 years of experience as a reporter and editor for newspapers, magazines and insurance periodicals. Connect with Steve →

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