What Giorgio Armani’s Will Can Teach Us About Estate Planning in Florida

The fashion world was taken by surprise earlier this month when the will of iconic designer Giorgio Armani—who passed away at 91—was made public. Armani, known for fiercely guarding his company’s independence, laid out a meticulous plan for the future of his empire. His estate plan directs heirs to sell majority stakes in his fashion house over a set timeline, naming even the preferred buyers. At the same time, he protected his legacy by requiring that the Armani Foundation maintain at least a 30.1% share to preserve the brand’s values.

This level of detail highlights one key truth: estate planning is not just about passing down wealth—it’s about ensuring your wishes are honored, even in the most complex situations.

Armani’s Estate Plan at a Glance

• Business Succession: Armani had no children, so instead of keeping the company in the family, his will mapped out a clear exit strategy.

• Named Heirs: His longtime partner, sister, nieces, and nephew are included, ensuring those closest to him benefit from his life’s work.

• Legacy Preservation: By requiring his foundation to hold a significant stake, Armani made sure his brand’s principles would continue to guide the company.

What This Means for Floridians

While most of us don’t have a billion-dollar fashion empire, we may have something just as meaningful to pass on—our Florida homestead property. And unlike a business, your homestead comes with very specific protections and restrictions under Florida law.

As avid readers of this newsletter know, homestead is really three things in Florida:

1. Property tax deductions

2. Creditor protection

3. Inheritance laws (you cannot disinherit your spouse or minor children from a homestead)

   
   

Here, we’ll focus on #2 and #3—the creditor protection and inheritance rules that apply to your homestead after your passing.

Did you know that when you pass away, your Florida homestead remains creditor-protected? Your debts cannot attach to the property, as long as it passes to your qualified heirs. This is a huge benefit of Florida law.

However, there’s a catch: if your will or trust requires your heirs to sell your homestead within a certain period of time, you may lose that homestead creditor protection. By forcing a sale, the property no longer passes as a protected homestead, and creditors may be able to attach to it.

How to Avoid This Pitfall

If you want your heirs to sell the homestead eventually, it’s important to leave flexibility in your estate plan. Instead of hard “must sell” language, attorneys often recommend softer wording such as:

• “It is the grantor’s wish that the property be sold…”

• “At the trustee’s discretion…”

• “Without impacting the homestead status…”

This softening ensures your heirs inherit the property as homestead first, preserving creditor protection, and only then consider a sale at the right time.

Key Takeaway

Armani’s estate plan shows that thoughtful preparation can protect not only wealth but also values, relationships, and legacies. Whether you own a small business in Florida or significant personal assets, planning ahead ensures your family isn’t left with uncertainty.

If you live in Florida and haven’t reviewed your estate plan—or if you don’t yet have one—it’s wise to speak with an estate planning attorney. Like Armani, you have the power to decide what happens to your legacy, rather than leaving it to chance.

For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.

Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.