A Lesson in Contrast: Did Steve McNair Engage in Estate Planning?
The unexpected death of former NFL quarterback Steve McNair has raised a lot of questions about fidelity and domestic violence. Putting McNair’s personal life aside, however, we can use his situation as an example of what can happen when one does not engage in estate planning.
We have commented on Michael Jackson’s death and the professional estate plan he created during his lifetime. Jackson protected his children and his assets through a Will, trusts, guardianship appointments, and trustee appointments, making his intentions for his estate clear and legally binding.
From the initial reports on McNair’s death, however, it appears that he died intestate, meaning he died without a Will. It follows that since he had no Will, McNair’s estate will be divided according to Tennessee law. Reportedly, McNair’s wife will receive 33% of the estate, and his four children will divide the rest. The courts will choose an administrator, which is likely to be his former wife.
Not being able to decide how your personal assets should be distributed is only one of the many downfalls of poor estate planning. Assuming that McNair also did not set up any trusts for his wife and children, his beneficiaries will lose a much greater share of his estate to estate taxes. This is unnecessary. McNair’s beneficiaries will also not be able to take advantage of any creditor protections or gifting advantages that trusts can provide.
Most people recognize the importance of estate planning but believe that it can be put off until some future time. No one likes to think about the possibility of an unexpected death. On the flip side, everyone benefits from estate planning. Everyone, regardless of age or income, deserves to determine the fate of their person and their property in the event that they cannot speak for themselves. Everyone deserves the peace of mind that comes from knowing that their loved ones will be cared for, and their wishes will be carried out.
Tags: new york elder law, new york estate planning, new york special needs, new york special needs planning, ny elder
25 Responses to “A Lesson in Contrast: Did Steve McNair Engage in Estate Planning?”You must be logged in to post a comment.


New York City Office
Westchester Office
Dutchess Office
December 18th, 2009 at 9:13 am
I am stricken by the way you embraced this topic. It is not often I come across a website with interesting articles like yours. I will bookmark your feed to keep up to date with your upcoming updates.Just striking and do continue up the good work.
January 21st, 2010 at 1:33 am
I really liked your great blog! The info you provide is jaw-dropping ! I think im gonna stick around and read one of your posts. best regards
April 4th, 2010 at 7:09 pm
Always helpful… I will be back soon!
June 21st, 2010 at 2:42 pm
That is an interesting point. I never thought about it that way. it is a great example of that too.
June 25th, 2010 at 6:50 pm
Aw, this was a really quality post. In theory I’d like to write like this too – taking time and real effort to make a good article… but what can I say… I procrastinate alot and never seem to get something done.
June 29th, 2010 at 6:54 pm
I carnt believe that quite a few of the internet sites I have been taken to through stumblupon (just now this specific web page) I was trying to spend a couple of tedious hours away, when stumbleupon dropped me here. What a really good resource site you have got Im so happy to have located it I have just passed the last 20 mins going through quite a few of your articles or blog posts, and have additionally bookmarked some of them. I will certainly be back to read a little bit more when i have alittle more time.
July 2nd, 2010 at 9:35 pm
In one moment in my search, I find your site, and always return for here because enjoy it.
July 4th, 2010 at 7:35 pm
excellent thank you creating this
July 10th, 2010 at 4:01 am
I do not agree with almost everything within this posting, but you do make some incredibly excellent factors. Im very fascinated in this matter and I myself do alot of research too. Either way it was a well thoughtout and great read so I figured I would leave you a comment. Think no cost to verify out my web page sometime and let me know what you consider.
January 11th, 2011 at 4:10 am
Reading this post I’m just happy to enunciate that I’ve got a great impression I discovered precisely what I was looking for. For certain i will be sure to don’t forget this blog and go here on a constant basis.
January 13th, 2011 at 1:07 am
Can I just say what a relief to find someone who actually knows what they’re talking about.
January 14th, 2011 at 10:28 am
Glad to find this information. I have been searching in Google for long time.
January 16th, 2011 at 2:23 am
I am totally immersed myself in the excellent stuff.It is our great pleasure to share the wonderful blog with you. Best Regards!
January 19th, 2011 at 12:05 am
Amazing cool post you have posted!
January 20th, 2011 at 6:54 am
I thought this was a fantastic blog, not only great writing but it has a great layout, well done.
January 22nd, 2011 at 12:40 am
Starting step by step is the way to go. Small steps could bring in a huge difference. Just using alternative fuels can bring a major change in the environmental conditions. It is high time one put an end to fishing for ways to make personal profits at the stake of the environment. The current situation is our fault and it is up to us to amend it.
January 22nd, 2011 at 6:38 pm
I just sent this post to a bunch of my friends as I agree with most of what you’re saying here and the way you’ve presented it is awesome.
January 24th, 2011 at 10:10 pm
I’ve been visiting your blog for a while now and I always find a gem in your new posts. Thanks for sharing.
January 26th, 2011 at 2:57 am
The layout is what really caught my eye, then the i looked at the writing and i think you did a very nice job. Good work:)
January 26th, 2011 at 5:22 am
Your site is great! Is this site custom designed?
January 27th, 2011 at 11:36 pm
Thank you for another informative website. Where else could I get that kind of info written in such a perfect way? I’ve a project that I am just now working on, and I’ve been on the look out for such info.
January 30th, 2011 at 2:34 am
Great blog man, had very important content that I can relate to
January 31st, 2011 at 2:53 pm
I definately see what you’re speaking about here
January 31st, 2011 at 10:27 pm
I have been previously searching for a while for just a sensible content articles associated with this matter . Checking out in Bing I lastly saw this blog. Reading this data I’m just delighted to state that I’ve got a good feeling I discovered whatever I was looking for. For certain i will make certain to remember this blog and give it a look on a constant basis.
February 2nd, 2011 at 10:27 am
You have a great blog here! would you like to make some guest posts on my blog?