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What Did Whitney Houston, Michael Jackson And Prince All Do Wrong?

January 9, 2018

 

The deaths of icons Whitney Houston, Michael Jackson and Prince rocked the world, but unfortunately, left their families burdened and broken-hearted with estate taxes and fees. Despite having professionals to help with practically every aspect of their lives, none of these artists had a total estate plan, which ultimately ended up costing their heirs millions of dollars and what would have otherwise been avoidable taxes and legal fees. avoid these estate planning mistakes

An estate plan is crucial for the peaceful transfer of assets from your generation to the next. However, even if your estate doesn’t include things like private amusement parks or music rights, there are still takeaways from these artists’ situations to avoid the same costly mistakes. Even though Prince, for example, had paid all necessary taxes without audits from the IRS and had appropriately valued assets, he left no will when he died.

This means that more than 45 people ultimately came forward claiming to be heirs, including nieces, half siblings, siblings and supposed children, which cost the estate tremendous amounts in legal fees to investigate this and respond to it. In order to avoid these challenges, schedule a consultation with an experienced estate planning attorney, regardless of the size of your estate. You can get your own peace of mind and ensure that your beneficiaries receive the assets to which they are entitled well in advanced.


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Schedule your free Exploratory phone call

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can be of assistance.

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listings and become a part of an amazing team.

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Listen in, Join the Conversation!

Recent Posts
Do You Owe The AMT?

American educational reformer Horace Mann called education “the great equalizer.” In football, it’s been said ...

See more
What is the Value of Your Business?

In the second quarter of 2023, more than 2,300 small businesses were sold. The median ...

See more
Immediate vs. Deferred Annuities

Despite not being as well known as some other retirement tools, annuities account for 6.5% ...

See more