Raquel Welch enjoyed a career which spanned five decades. She died in February at the age of 82. Welch appeared in more than 30 films and fifty television series, won a Golden Globe Award, and has a star on the Hollywood Walk of Fame. However, Welch was more than just an actress. She was a savvy businesswoman with several successful ventures, including a fitness program, wig line, and celebrity product endorsements.
Her reported net worth of $40 million will presumably go to her two adult children. However, few details reveal Welch’s estate plan. This suggests that she was also savvy about estate planning.
Raquel Welch’s Life
- Welch was born Jo Raquel Tejada to a Bolivian father and English mother in 1940.
- She married James Welch, her high school sweetheart, in 1959.
- The couple had two children together, Damon Welch and Latanne “Tahnee” Welch.
Raquel Welch’s Rise to Stardom
After her divorce in 1964, Welch moved to Los Angeles to pursue an acting career. A few minor parts led to her landing roles in the 1966 movies Fantastic Voyage and One Million Years B.C. Welch later won a Golden Globe for her role in 1974’s The Three Musketeers. Welch is also credited with breaking the stereotype of the blonde bombshell that ruled 1950s Hollywood.
Raquel Welch: A Successful Businesswoman
In the 1980s, Welch was nominated for a Golden Globe for the 1987 TV drama Right to Die. But she was fired from an adaptation of John Steinbeck’s Cannery Row. Welch sued MGM for breach of contract and won $10.8 million in 1986. However, the lawsuit led to Hollywood blacklisting her.
After failing to land big-screen work, Welch pivoted to business ventures. She created the Raquel Welch Total Beauty and Fitness Program. Additionally, she published a memoir and self-help guide called Beyond the Cleavage. She also served as a model and spokesperson for Foster Grant sunglasses, and created a signature lines of jewelry, skincare products, and wigs.
Raquel Welch’s Final Years and Legacy
Alongside her entrepreneurialism, welch continued to pursue roles that introduced her to a new generation. She had a cameo in Seinfeld and appeared in other popular 1990s sitcoms, as well as the 2001 movie Legally Blonde. Her last professional acting credit was in the TV show Date My Dad in 2017. Welch died on February 15, 2023, after a brief illness. She was married and divorced four times and is survived by son Damon and daughter Tahnee, both of whom are in their sixties. Her net worth is estimated at $40 million.
Did Raquel Welch Have an Estate Plan?
Lack of reports about Welch’s estate plan leaves fans wondering what will become of her fortune. Yet this silence, together with details about her family, offers some clues.
A Trust Preserves Privacy
Although their mother’s fame negatively impacted Welch’s children, she worked to repair her relationship with them. As a result, by all accounts, they were on good terms when she died. In addition to providing tax savings, a revocable trust would allow Welch’s money and property to pass to Damon and Tahnee as privately as possible.
Estate Planning Is Not Just for Celebrities like Raquel Welch
Celebrities are not alone in failing to create estate plans. In fact, around two-thirds of Americans do not even have a basic will, let alone more advanced documents like a living will, medical directives, and powers of attorney.
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