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Davis Jr.: The Repoman Can

Posted: Friday, April 25, 2008

by Joshua Mosshart
Mosshart Wealth Management

Sammy

Sammy Davis, Jr. was born in Harlem on December 8, 1925. He made his stage debut at the age of three performing with Holiday in Dixieland, a black vaudeville troupe featuring his father and helped by his de facto uncle, Will Mastin. Their show was dubbed "Silent Sam, the Dancing Midget." Davis proved to be phenomenally popular with audiences, enough so that the act was soon renamed Will Mastin's Gang Featuring Little Sammy. Soon thereafter, at the age of seven, Davis made his film debut in the legendary musical short "Rufus Jones for President," and later received tap-dancing lessons courtesy of the great Bill "Bojangles" Robinson. In 1941, the Mastin Gang opened for Tommy Dorsey at Detroit's Michigan Theater; there Davis first met Dorsey vocalist Frank Sinatra -- the beginning of a lifelong friendship. In 1959, Davis became a charter member of the Rat Pack, a loose confederation of Sinatra associates (also including Dean Martin, Peter Lawford and Joey Bishop) which began performing together at the Sands casino in Las Vegas.

Throughout his life Davis found himself in the middle of racial controversies. In 1943 he joined the U.S. Army, where he endured a constant battle with racism. His inclusion in the Rat Pack was perceived in many quarters as an egalitarian move; many black audiences felt he was simply a token -- the butt of subtly racist jokes -- and declared him a sell-out. In 1954, Davis made headlines when he lost his left eye in a near-fatal car crash while driving back to Los Angeles from Las Vegas. During his recovery in the hospital, he converted to Judaism, which was bruited about by the press. Davis continued treading on socially controversial ground by carrying on a series of interracial romances, most notably with actress Kim Novak, and with the Swedish actress May Britt, whom he married in 1960 (which even elicited death threats).

Recognized throughout much of his career as "the world's greatest living entertainer," Sammy Davis, Jr. was a remarkably popular and versatile performer equally adept at acting, singing, dancing and impersonations -- in short, a variety artist in the classic tradition. He was among the very first African-American talents to find favor with audiences on both sides of the color barrier, and remains a perennial icon of cool. Davis, a lifelong smoker, died of cancer on May 16, 1990.

Unfortunately, Davis failed miserably in one area: the ability to plan and manage his finances. Upon his passing, his third wife, Altovise, was forced to hold an auction in an effort to raise the $7 million in federal estate taxes he left behind. With the help of a fundraiser she sold literally every personal memento--from his tap shoes to his gold record award for the hit song "The Candy Man." The event was a success, but raised only $439,000, just a fraction of the massive tax bill. Within six months Altovise found herself facing bankruptcy but opted to settle with the government. All royalties from the Rat Packer's films, TV appearances, records and other memorabilia have been

going straight into IRS coffers since Davis' death. It certainly was not Sammy's goal to leave his wife with massive estate-tax debts, but like most Americans, he simply did not have a plan.

WHAT COULD HAVE BEEN DONE DIFFERENTLY?

Sammy Davis, Jr. could have certainly opted for a charity to own his assets after his death rather than owe the federal government any estate taxes. Had he not wanted to leave the estate to his heirs, at least he should have set up a family foundation or charitable trust to hold it. Charitable planning is a very popular option among the wealthy and could have preserved the many mementos of his performing life for the public to enjoy rather than for the bargain hunters to own. Indeed, Sammy should have been more responsible to his wife by ensuring that his estate was not going to be left in such a mess but would instead ensure a lifetime income for her. Charitable planning could have provided that security. In addition, even though Sammy was a heavy smoker, he certainly could have afforded life insurance to protect his wife and, possibly, to create a fund for paying the estate taxes. An insurance policy would certainly not have cost his estate anywhere near the $7 million it ended up spending due to poor planning.

Joshua D. Mosshart CHFC,CASL, CEA
Chartered Financial Consultant, Chartered Advisor for Senior Living, Certified Estate Advisor, President

Mosshart Wealth Management Group, www.Mosshartwealthmanagement.com Joshua D. Mosshart is principle and a registered representative with and offering securities and financial planning through Linsco/Private Ledger (LPL) Member FINRA/SIPC.

California Insurance # 0C90229

Joshua D. Mosshart CHFC , CASL , CEA, CLU Joshua is a Certified Estate Advisor through the National Association ofFinancial and Estate Planning (N.A.F.E.P.). Hecompleted theCERTIFIED FINANCIALPLANNER TM(CFP)Certification Curriculum through theAmerican College and completed"The Industry's Most Complete Financial Planning Program" the CHFC designation and the CASL retirement coaching designation as a leading credential in the senior/retirement area. Also he was awarded the Chartered Life Underwriter designation the highest level designation available in the life insurance profession. Joshua D. Mosshartis series 7, 63, 66 & 24 securitiesregistrations through LPL Financial. He is a memberThe California Society of Certified Public Accountants. He is a member of The Beverly Hills Bar Association. Joshua is alsothe Co-Chairman of theAdvisory Council for California State University Channel Islands FoundationandGifting program.

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