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Mick Jagger inherits L'Wren Scott's estate

Famed fashion designer L’Wren Scott reportedly has left her entire estate to her longtime boyfriend, Mick Jagger. Scott was found dead in her Manhattan apartment on March 17, and her death has been ruled a suicide. Her death was a traumatic surprise to those in the fashion industry.

According to court documents, Scott’s will indicated that she wanted to leave all of her “jewelry, clothing, household furniture and furnishings” to Jagger. It is estimated that her estate is worth $9 million. Arguably the most valuable asset is her Manhattan apartment.  Noticeably absent from her will were Scott’s two children, Randy Bambrough and Jan Shane. 

A CNN report reveals that Scott signed the will in May 2013 in Beverly Hills, California.

Scott’s will, and the transfer to Jagger, brings up a number of estate tax issues. Given the value of the estate, there could be significant taxes to be paid, if there is no applicable exemption to help in saving money that would otherwise be paid to the federal government. Estates with a value of less than $5 million can avoid federal taxation, which could be as much as 40 percent. Since she and Jagger were not married, he would not be able to take advantage of the unlimited exemption afforded to married parties.

Additionally, the State of New York may seek its share of the estate, where taxes apply on estates worth more than $1 million. It remains to be seen whether Jagger will argue that a particular exemption applies, or whether California law controls.

Source: CNN.com “L’Wren Scott leaves $9 million estate to Mick Jagger,” Rande Iaboni, March 28, 2014 

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