From Game Shows to Estate Plans: Insights from Regis Philbin
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Regis Philbin, the Guinness World Record holder for the most hours on US television, was a
familiar face in millions of homes for decades. By the time he retired from his show Live with
Regis and Kelly in 2011, he had spent more than 16,740 hours in front of the camera.1
Philbin passed away in 2020, leaving an estate worth approximately $150 million2 that was likely
divided between his wife, Joy, and his children. He had four children: Danny (who died in 2014)
and Amy from his first marriage and daughters Joanna and Jennifer with Joy. While Philbin
accumulated most of his net worth as the host of game and talk shows, his estate planning
documents and court records show that he also left millions in other assets behind.
More Properties, More Problems
At the time of his passing, Philbin owned at least two properties: a Manhattan apartment3 and a
Beverly Hills condo.4
According to Radar Online, Philbin's estate filed a will with New York Surrogate's Court (i.e.,
probate court) that listed $16.5 million in property and millions more in stocks, bonds, and cash
to be overseen by his wife, Joy, as the executor of his will.5 However, a large portion of his
estate was placed into a trust containing assets not listed in the will, court documents show.6
That trust could have contained his New York and California homes, which would have spared
Joy and the rest of his loved ones the considerable hassle of probating properties in multiple
states.
Real property titled in an individual's name (as opposed to being held in a revocable living trust)
that is located in a state other than where the individual lives may require a separate probate
proceeding in each state where the property is located. State laws vary, but New York's probate
process is notoriously slow and burdensome (especially in New York County, where Manhattan
is), while California's comes with both statutory attorney and statutory executor fees based on
the estate's gross value.
Predeceased Heirs and Plan Updates
A notable aspect of Regis's plan was that he updated it following the death of his son, Danny.
Born with a spinal cord defect, Danny died of natural causes in November 2014, predeceasing
his father by nearly six years.7
Regis signed his final will just two months later, on January 15, 2015.8 The timing of these
events is probably not a coincidence. Regis's 2015 estate plan is a case study in why estate
plans must change with life. The death of a child, the birth of a grandchild, a new marriage, or a
change in financial circumstances are some of the key life events that should trigger clients to
revisit their plan. An outdated estate plan may not reflect a person's wishes at the time of their
death and could result in outcomes they would never have chosen.
My Three Daughters
Blended families are becoming increasingly common in America. Today, approximately one in
six children grows up in a blended household, and nearly two in five families include a
stepparent.9 These numbers continue to rise as remarriage becomes more common.
While Philbin did not necessarily live in a blended household, he did have children from different
relationships. It would not be uncommon in that situation to face challenges when deciding how
to fairly structure an estate plan. Reports indicate that Philbin took a thoughtful approach,
providing for his surviving spouse and their children in common while also making provisions for
the children from his earlier relationship.
However, when it came to appointing someone to carry out the terms of his will in probate court
(called the executor in New York), Philbin prioritized his wife and their children by leaving clear
instructions. "I appoint my spouse, Bette Joy Philbin, as my Executor of this Will," Philbin's will
states.10 "If my spouse shall not qualify or, having qualified, at any time shall not continue to act,
then I appoint my daughter Joanne Philbin as successor Executor of this Will."11 "If Joanne
Philbin shall not qualify or, having qualified, at any time shall not continue to act, then I appoint
my daughter, Jennifer Philbin, as successor Executor of this Will."12
This language provides a crucial estate planning lesson to build contingencies into a plan,
including having backup decision-makers and heirs. While Danny's passing underscores the
need to update documents as circumstances change, sometimes changes occur after the
client's death, which is why every estate plan should include backup executors, trustees, and
beneficiaries to ensure that someone trusted - and chosen by the client - is always available to
step in.
Give Your Clients a Lifeline
As a former host of the Who Wants to Be a Millionaire television game show, Philbin gave
contestants three "lifelines" to help them answer a question if they needed it: narrowing down
their multiple choice options from four to two, phoning a friend to ask them for their insights, or
polling the audience. However, clients need a more reliable strategy for their estate plan. Philbin
did not leave his "final answer" up to chance - and neither should your clients.
Regis asked "Who wants to be a millionaire?," but the more important question is, "Who wants
their millions to go where they intended?". We are here to help you answer it.
MEREDITH | PC
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Flower Mound Texas 75028
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This newsletter is for informational purposes only and is not intended to be construed as written advice about a Federal tax matter. Readers should consult with their own professional advisors to evaluate or pursue tax, accounting, financial, or legal planning strategies.
You have received this newsletter because I believe you will find its content valuable. Please feel free to Contact Me if you have any questions about this or any matters relating to estate planning.
