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Financial Literacy - Planning for your heirs
SPOTLIGHT
Celebrities talk about estate planning
Being famous doesn't get them out of the important task of planning for their families' futures after they're gone.
Planning for your heirs
 
 Celebrities:
Christopher Buckley
Michael Connelly
Ken Jennings
Don LaFontaine
Jodi Picoult
Ian Rankin
Celebrity Q&A
Who: Ken Jennings
Notable:
Jeopardy winner, author ("Brainiac")
Fame & Fortune Q&A:
Bankrate: So here you are, right after the final taping, with $2.5 million -- did you have any idea of how to handle that kind of money?
Ken Jennings: I really didn't, except that I had done some reading on people who get sudden windfalls, and I was just amazed at the numbers. Maybe a third of people who get some kind of inheritance or lottery win have lost it all within five years. An amazing number of people just don't handle their windfall well. I didn't want to be one of those guys, where you see some kind of "Where Are They Now?" story on the reportedly smart "Jeopardy" champion who's blown all the money and is now living in a trailer park somewhere. I didn't want that to be the story, so I read up on how to deal with the windfall.
Lesson learned: 
If you inherit money, get advice on how to manage it.
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-- Posted: Nov. 19, 2007
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