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May 17, 2023 · 1) Matt LeBlanc (Joey Tribbiani) Matt LeBlanc played the lovable Friends character, Joey. The kind-hearted, simple-minded playboy is still one of the most iconic TV characters of all time....
- Sourav Chakraborty
- Overview
- What may happen to Perry’s ‘Friends’ residuals
- Charity may have figured into Perry’s estate
Matthew Perry, the beloved actor best known for his role as sarcastic, wise-cracking Chandler Bing on the sitcom “Friends,” died Saturday at age 54.
He left behind a legion of fans and a sizable estate.
A significant portion of the actor’s wealth came from his most iconic role. That income reportedly amounts to $20 million a year, from syndication and streaming revenue.
A spokesperson for Warner Bros., which owns the show’s distribution rights, declined to verify or comment on the residual payments. CNBC was unable to reach Perry’s representatives for comment.
When an actor passes away, residual payments are considered the actor’s personal property. Now, this residual cash flow stream is presumably owned by his estate.
There could be three possibilities for the inheritance of Perry’s “Friends” residuals based on laws in California, where he resided, said Charlie Douglas, a certified financial planner and president of HH Legacy Investments in Atlanta.
The Screen Actors Guild-American Federation of Television and Radio Artists has contracts in which its members can list beneficiaries for residual payments upon death. As one option, Perry could have named an individual or individuals here. (It’s a similar exercise to naming a beneficiary for common types of accounts like 401(k) or individual retirement accounts.)
As a second option, Perry may have named a trust — and not an individual — as the beneficiary of his residual payments, Douglas said. The residuals would flow to the trust and the trust would, in turn, have stipulations as to who received them.
Unlike wills, which are a matter of public record in probate, trusts are private — in which case the public may never know who inherits Perry’s “Friends” income.
However, there’s a third option: that Perry didn’t name any beneficiary. In this case, state law would determine his estate plan.
Perry may have also opted to leave his estate outside his family.
He had close relationships personally and professionally and supported several philanthropic interests, “and it wouldn’t be surprising to see some of his wealth go towards them,” Oh said.
The actor, who publicly struggled with addiction for years, once opened a sober living facility at his Malibu mansion and was working to create a foundation for addiction issues.
On Nov. 3, the Matthew Perry Foundation was established in his name as a donor-advised fund. The charity is sponsored and maintained by National Philanthropic Trust.
“When I die, I know people will talk about ‘Friends,’ ‘Friends,’ ‘Friends,‘” Perry said during an interview in 2022. “And I’m glad of that, happy I’ve done some solid work as an actor ... But when I die, as far as my so-called accomplishments go, it would be nice if ‘Friends’ were listed far behind the things I did to try to help other people. I know it won’t happen, but it would be nice.”
Charitably inclined people can also use their donations to avoid or reduce estate taxes. Charitable contributions aren’t subject to estate taxes, Douglas said.
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