Estate planning lessons to be learned from music stars' mistakes

The music and entertainment world in California and around the globe was rocked to its core when several pop superstars suffered untimely deaths. Prince, Michael Jackson and Whitney Houston were central figures in the pop music industry for most of their careers. In addition to remembering them for the international impact they made with their musical talents, many people now mention their names when discussing major estate planning errors to avoid.

One doesn't have to be wealthy to execute an estate plan. Regardless of the size of a particular estate, signing documents, such as a last will and testament or implementing a trust, may prevent major complications and stress for family members down the line. Prince, for instance, died with no final will or estate plan in place. Because he had no known children at the time of his death, nor had listed any heir to his estate, his death has led to an ongoing legal battle where as many as 45 people have come forward claiming they should inherit his assets. Some even say they are his biological children.

Houston, on the other hand, did specify in writing that her daughter should receive installments of her inheritance and that assets should go to her mother and brothers should her daughter ever become deceased. The problem in this particular situation is that her daughter did, in fact, suffer an untimely death. She had not executed a written estate plan, which has now created legal complications regarding the 10 percent of Houston's inheritance she received before she died.

Jackson left a will but the exact value of his estate is still being debated in tax court. There are estate planning tools that can help heirs and beneficiaries avoid heavy estate taxes. An experienced California attorney can help design and incorporate a solid estate plan ahead of time to prevent problems that could take months, even years to resolve.

Source: nasdaq.com, "Iconic Estate Flops: What Michael Jackson, Whitney Houston and Prince Did Wrong", Justin Brimmer, Dec. 11, 2017

No Comments

Leave a comment
Comment Information
Set up an Initial Consultation »

Need Our Help?

Contact us today to set up an initial consultation with an attorney in Truckee, Sacramento, Reno, Tahoe City, South Lake Tahoe, or Incline Village/Crystal Bay. We can be reached at 530-214-0385. Or send us an email.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Locations – For an Appointment, Call 530-214-0385

Truckee Office
10280 Donner Pass Road
Truckee, CA 96161

Phone: 530-214-0385
Fax: 530-214-8158
Truckee Law Office Map

Sacramento Office
1830 15th Street
Suite 100
Sacramento, CA 95811

Phone: 530-214-0385
Fax: 916-848-3500
Map & Directions

Reno Office
527 S. Arlington Avenue
Reno, NV 89509

Phone: 530-214-0385
Fax: 775-201-1444
Map & Directions

South Lake Tahoe/Zephyr Cove
212 Elks Point Road
Zephyr Cove, NV 89448

Phone: 530-214-0385
Fax: 530-214-8158
Map & Directions

Tahoe City Office
305 West Lake Blvd.
Suite 4
Tahoe City, CA 96145

Map & Directions

Incline Village/Crystal Bay
22 State Highway 28
Crystal Bay, NV 89402

Map & Directions