And Beyonce, who stunned in a sheer, sparkly gown at the NYC premiere of her HBO documentary Life Is But a Dream on Tuesday, Feb. 12, is vocally grateful to have a pal who understands the demands of both fame and family.
"She is incredible," the "Love on Top" singer told E! News of Paltrow, 40. "She's a great friend on every level. I think for us, protecting our daughters is so important and … keeping things on our own terms, so I will still be protective and make sure [Blue Ivy] has a childhood and a great time."
The singer's documentary, which is set to air on Saturday, Feb. 16, will reveal some of the more intimate parts of her life -- both behind the scenes and in the comforts of her home, which is something Beyonce was initially concerned about.
Looking to her own mother for inspiration, however, the 31-year-old star now reasons that she'll just have to trust her own skills as a parent (with husband Jay-Z) to protect daughter Blue Ivy, 13 months.
"At some point, you know it is what it is, you can't control it anymore," she said. "But I know as long as I'm the mother that I know I can be and the mother I have -- such an incredible mother -- my daughter's going to be fine."
Paltrow, who is mother to daughter Apple, 8, and Moses, 6, with husband Chris Martin, has similarly lauded her pal's mothering skills, and seems positive that baby Blue is destined for greatness.
"She is going to be an entertainer," Paltrow told Hollywood Life a few weeks after Blue Ivy's birth. "She just has this glow around her like her mother."