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Started By
Message
re: Aretha Franklin died with no will and no trust
Posted on 8/22/18 at 8:24 am to CarRamrod
Posted on 8/22/18 at 8:24 am to CarRamrod
As with most successful entertainers, she may be worth more dead than alive. Even after the current estate is settled, there is still the issue of future royalty payments. How will those be divided ?
Hopefully her kids are smart enough to hire some good advisors to walk them through this.
Hopefully her kids are smart enough to hire some good advisors to walk them through this.
0
Posted on 8/22/18 at 8:25 am to GetCocky11
Gravy going to be claiming relation
Posted on 8/22/18 at 8:29 am to GetCocky11
quote:
Franklin's lawyer has represented her in entertainment matters for nearly three decades, and told the paper that he constantly asked her to do a trust, but she never got around to it.
Posted on 8/22/18 at 9:11 am to SPEEDY
Her Lawyer should be sued. There's no excuse here. Just do a something simple, takes 15 minutes. Sell everything and divide it equally.
Then take another 15 minutes of her time and make a trust that all future income goes into and is divided equally to all 4 kids.
SMH. This is absurd.
I don't care how well those 4 siblings get along, this is going to be a nightmare.
ETA: I don't mean 15 minutes of her lawyer's time. 15 minutes of her to sign something simple to at least help her heirs out.
This is going to be a full time job for all the heirs for the next year or 3.
Then take another 15 minutes of her time and make a trust that all future income goes into and is divided equally to all 4 kids.
SMH. This is absurd.
I don't care how well those 4 siblings get along, this is going to be a nightmare.
ETA: I don't mean 15 minutes of her lawyer's time. 15 minutes of her to sign something simple to at least help her heirs out.
This is going to be a full time job for all the heirs for the next year or 3.
This post was edited on 8/22/18 at 9:13 am
Posted on 8/22/18 at 9:16 am to jscrims
quote:
They are going to get raped by estate taxes.
I'd guess future royalties are her most valuable asset.
How are those taxed for estate tax purposes?
Posted on 8/22/18 at 9:18 am to GetCocky11
Mom? 
Posted on 8/22/18 at 9:19 am to Y.A. Tittle
Depends on who the money is owed to. Is it royalties owned by Franklin but hasn’t been paid yet or future earnings?
Future earnings will go into the estate until it is settled and then the kids/heirs are responsible for those taxes as it would be income.
Future earnings will go into the estate until it is settled and then the kids/heirs are responsible for those taxes as it would be income.
Posted on 8/22/18 at 9:22 am to GetCocky11
Without a trust, life estate, and other defensive measures, the govment is going to get a nice piece of that estate.
This post was edited on 8/22/18 at 9:23 am
Posted on 8/22/18 at 9:27 am to GetCocky11
quote:
if an unmarried person dies without a will, his or her assets are divided equally among any children.
quote:
Get your wills prepared, people.
Why?
Posted on 8/22/18 at 9:34 am to GetCocky11
and no RESPICT
Posted on 8/22/18 at 9:37 am to jscrims
quote:
Depends on who the money is owed to. Is it royalties owned by Franklin but hasn’t been paid yet or future earnings?
Future earnings will go into the estate until it is settled and then the kids/heirs are responsible for those taxes as it would be income.
So, at the end of the day, it's probably really not all that complicated, unless, as some have suggested, this niece or someone else pulls some sort of "will" out of their arse.
ETA, I meant future earnings royalties, of course.
This post was edited on 8/22/18 at 9:38 am
Posted on 8/22/18 at 9:39 am to Y.A. Tittle
Split every thing four ways, including all future royalties?
Posted on 8/22/18 at 9:47 am to Y.A. Tittle
quote:
I'd guess future royalties are her most valuable asset.
How are those taxed for estate tax purposes?
I'd imagine some sort of net present value must be done in order to value those future payments.
Posted on 8/22/18 at 9:50 am to AlxTgr
quote:
if an unmarried person dies without a will, his or her assets are divided equally among any children.
quote:Get your wills prepared, people.
Why?
For starters, splitting everything 4 ways is not always the most ideal situation. You can give your children an equal share of the estate without splitting every individual asset if you've got a will. Without one, every individual asset will have to be split. That's time consuming and can be costly.
Posted on 8/22/18 at 9:56 am to SCLibertarian
quote:
Now if the niece were to present some document claiming to be a will, it will get ugly.
She'd have a hell of a time proving it legit when Arethra's lawyer of many years didn't even know about it.
Of course, judges and juries have proven they have no problem awarding money to undeserving parties so who knows what will happen.
This post was edited on 8/22/18 at 9:59 am
Posted on 8/22/18 at 9:59 am to GetCocky11
Did she have any assets?
Posted on 8/22/18 at 10:06 am to kywildcatfanone
quote:
Did she have any assets?
Unless she liquidated her home, personal effects, and her entire musical catalogue, she has quite a bit.
Posted on 8/22/18 at 10:33 am to Y.A. Tittle
Valuations. There will be private valuations and the IRS will for sure do their own valuations. I suspect this probate will last for 2+ years since the IRS will be heavily involved. What a cluster 
Posted on 8/22/18 at 10:34 am to kywildcatfanone
quote:
Did she have any assets?
You'd better Think a little bit here and show the proper Respect. If you don't, you might be considered to be part of the Chain of Fools. Also, I bet at night when you're with your bestie, you're Giving Him Something he Can Feel.
Posted on 8/22/18 at 10:46 am to baldona
quote:
Her Lawyer should be sued. There's no excuse here. Just do a something simple, takes 15 minutes. Sell everything and divide it equally.
He urged her over many years to make a will. You cant force a client to do something they dont want to do.
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