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Private Client Services Partner Marc M. Stern was quoted in Wealth Management on the estate planning considerations surrounding Dolly Parton’s charitable legacy and how her estate may ultimately be distributed.

Excerpts:

“Given Parton’s significant charitable objectives, it made sense for her to create her own PF [private foundation], structured as she wanted, to carry out the specific goals she wanted to achieve. She would then be able to make tax-deductible contributions to the PF to further those goals. Setting up her own PF also gave Dolly the ability to revise those goals over time,” explained Marc M. Stern.

“During her lifetime, Dolly established and was active in The Dollywood Foundation, and I therefore expect that a significant portion of her estate would be left to the Foundation for charitable purposes. Even though Dolly had no children or surviving spouse, she was also family-oriented, and it would not be surprising if she left property to siblings and relatives. She may also have had close friends or other charitable organizations that she wanted to provide for at her death,” said Stern.