Aretha Franklin died without a will!

Updated: Oct 15, 2020


First, here's the link to the article:

https://www.msn.com/en-us/music/celebrity/aretha-franklin-died-with-a-reported-net-worth-of-dollar80-million-and-no-will/ar-BBMgr8b?li=BBnb7Kz

So, what's the problem? Two problems:

1. Now all of her stuff is public. If she had a trust, all of her financial affairs would've remained private. Michael Jackson actually did a much better job. Here's the link: https://www.kiplinger.com/article/retirement/T021-C000-S001-4-estate-planning-lessons-from-michael-jackson.html

2. According to the article, Aretha Franklin had a special needs son. Now one would automatically assume that the courts would distribute Aretha's estate equally among her 4 children.

But the problem is with special needs. Assuming that he has Social Security government benefits, a large inheritance (assuming $20 million BEFORE estate and other inheritance taxes) could disrupt those benefits.

Prior proper planning prevents poor results! Do you have a will in place? Do you have a living trust? Are your assets titled to the trust? While I am not an attorney, it certainly is an area that needs financial, tax, and legal advice to avoid having happen what you don't want to happen.

#taxexemptwealth #realwealthvsfakewealth

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