Estate of Steve McNair | Lesson about Estate Planning

Since Steve McNair was paid over $90 Million throughout his career, safe money is on the fact that his estate is worth more than $3.5million. As I’ve blogged here: “Steve McNair | Unfortunately Horrible Estate Planning“, the Estate of Steve McNair will most likely be writing a hefty check to the IRS, because Steve McNair during his lifetime inexcusably failed to do the proper estate planning necessary.

USA Today has an interesting post on some of the issues and lessons we can learn from the Estate of Steve McNair, which you can read: “McNair’s messy estate is a lesson about Wills”.  The article references the need for a last will and testament, in reality he needed a full, comprehensive estate plan that included a revocable living trust and further advanced estate planning techniques to plan for his NFL wealth.

Adding do the confusion of dying intestate (with out a last will and testament or estate plan), is the fact that Steve McNair had two children with other women.  Paternity will have to be established for the sons to make a claim on his estate.

Christopher J. Berry, Esq., An Oakland County Probate and Estate Administration Lawyer, is a Partner with The Law Office of Witzke Berry PLLC, which practices in the areas of Estate Planning, Michigan Medicaid Planning, and Michigan Probate Litigation.