Aretha Franklin died without a will!
Updated: Dec 28, 2019
First, here's the link to the article:
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.
David H. Kinder | Lifetime Tax & Wealth Educator
Dynamic Advanced Insurance, Financial, and Retirement Strategies