How Shailene Woodley and Aaron Rodgers Engagement could help your estate planning
What can Shailene Woodley and Aaron Rodgers' new engagement teach you about estate planning? Well, by the end of today's video, you'll have a better idea.
I know what you're thinking. "What in the world does the engagement and the pending marriage of a movie star and the NFL's Most Valuable Player this year have to do with my estate plan?" It can give us some insight on how we should be planning our own estate plan. In our lives last several videos, we talked about the 11,580,000 federal exemption for estates and how this only affected a very small percentage of United States' taxpayers.
According to the website celebritynetworth.com, Shailene Woodley's assets are estimated to be worth approximately $12 million. And I think she gets paid something like $40,000 per episode on her shows. And Aaron Rodgers' net worth is estimated to be around $120 million and growing. If he earns his entire contract through the year 2023, his on-field earnings alone will be a whopping $315 million.
As you can see, both are bringing significant assets that individually will be over the 11,580,000 federal estate tax exemption, and together will clearly be over the $23,160,000 federal estate tax exemption for married couples. Let's put aside the fact that they're going to need significant estate planning and asset protection. And instead, let's look at this from the perspective of two highly successful people who can really stand out there on their own and have, well, they've fallen in love.
I always tell you guys that we all entrepreneurs of our own lives, and you have heard me talk about estate planning for people contemplating their second or their third marriage in other videos, like this one up here. If someone comes into our office on their second or third marriage, contemplating a second or third, then they are not only bringing kids most likely into the marriage but usually a substantial amount of assets.
Because they have most likely been living by themselves, so they already have an established estate, right? A bank account, a house of their own, cars, maybe cars for their kids. As part of their estate planning, they should consider a prenuptial agreement and separate revocable living trust for the husband and for the wife, one for each partner.
I should also say that if a client comes to me on a second or even a third marriage or fourth, then I will absolutely insist that their soon to be spouse also hire an attorney to represent them individually in the prenuptial agreement discussions. That's really important. I am certain that Shailene Woodley and Aaron Rodgers both have extensive legal teams that are working on all of these details to protect them individually and as a future married couple.
Remember, a prenuptial agreement and estate plan should work together to protect you, your spouse while also providing and protecting your kids and your entire family. Unfortunately, today, 50% of all first marriages end in divorce and something like 70% of second marriages do. I don't wish it on any married couple or somebody thinking about getting married but it just makes sense to plan just in case.
Certainly, don't risk your wealth and your future by failing to have an ironclad prenuptial agreement and revocable living trust centered estate plan. Before you say I do, talk to your estate planning attorney.
I know I've thrown a lot at you today so that's why we've prepared our free guide on estate planning. I'll put a link to it in the description below and in the comment section below that so that you can download it and get started in the right direction. And to help you out even more, watch this video up here and this video up here.
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