Aretha Franklin's Estate Planning Lesson
John Darer • August 27, 2018
Icon of Icons Left No Will or Trust
Aretha Franklin, one of my favorite singers of all time, a woman who could move Heaven and Earth with her voice, who sang and taught us about R-E-S-P-E-C-T and left us with so many wonderful memories, apparently left no will or trust which would provide legal guidance on how to r-e-s-p-e-c-t her wishes. #arethafranklin
#arethafranklinrip
#queenofsoul
, #arethafranklinestateplanning
, #intestate
In addition to a filing by Aretha's four sons, Franklin's niece has asked the court to appoint her as a
personal representative of the estate, the Detroit Free Press has reported.
It said under Michigan law, if an unmarried person dies without a will,
his or her assets are divided equally among any children.
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."I
was after her for a number of years to do a trust," Los Angeles
attorney Don Wilson told the paper. " It would have expedited things and
kept them out of probate and kept things private."
Franklin is not alone.
Here is a list of some notable people and celebrities who died intestate.
- Jimi Hendrix
- Bob Marley
- James Brown
- Barry White
- Abraham Lincoln
- Nate Dogg
- Stieg Larsson
- Sonny Bono
- Pablo Picasso
- DJ AM
- Prince
- Michael Jackson
- Steve McNair, NFL QB
- Howard Hughes
- Amy Winehouse
- Martin Luther Ling Jr
- Kurt Cobain
- Tupac Shakur
What is a Will?
A will is a legal document that sets forth your wishes regarding the distribution of your property and the care of your children. To maximize the likelihood that your wishes are carried out, you want a will that is set forth in writing, and signed by you and your witnesses .
Without a will, the division and distribution of
your estate is governed by the laws of intestacy in your state.
If
you are survived by a spouse and children, your estate is usually
divided between your spouse and children, for example in Pennsylvania 50% spouse, 50% children. New York's intestacy laws provide that the surviving spouse will inherit the first $50,000 of the deceased spouse's probate estate and then of the remainder 50% to the surviving spouse and 50% to the other descendants, per stirpes
.
If you have only children
(or grandchildren), the estate is divided among your children (and
grandchildren).
If you have neither spouse, children, nor
grandchildren, the estate is distributed to your parents, brothers
and sisters, grandparents, aunts and uncles, or cousins, depending
on who survives you.
A person must be appointed to serve as the administrator of your estate, to collect and marshal your assets and settle your estate. That person must act in a fiduciary capacity.
Single parents may wish to consider these consequences of dying without a will
- If you have minor children who inherit from you, a court will appoint a guardian for the children's estates (also known as "guardian of the property", until they reach the age of majority.
- If you have minor children and your husband or wife did not survive you, a court will appoint a guardian for their persons .
In the structured settlement annuity industry, dominated by many of the largest life insurers in the United States, Independent Life Insurance Company (ILIC) achieved significant milestones in 2024. Good news, positives and some concerns discussed in this lattest post.
Prudential and Pacific Life have once again been named among the world's most ethical companies. Prudential received the award for the 11th time., Pacific Life received the award for the 8th time. Prudential and Pacific Life are leading issuers of structured settlement annuities.
John Darer reviews structured settlement annuity market expansion featuring 3 new entrants Athene Life & Annuity, American National (ANICO) and Puritan Life as well as MetLife's development of a best in class
What is a Settlement Agreement and Release? What is the role of a Settlement Agreement and Release in establishing a structured settlement? What is a compromise?
John Darer reviews the primary structured settlement market, secindary market and tertiary structured settlement markets
A structured settlement annuity does not drive the tax consequences of structured settlement annuity payments. It is the type of damages the structured settlement annuity payments represent, as reflected in the relevant settlement documentation executed by the settling parties
Structured settlement beneficiary death claim. An executor cannot change the beneficiary of a structured settlement annuity. StructuredTypically, settlement agreements permit the Payee to name or change a beneficiary, provided such change is in writing and submitted to the Assigmment Company or annuity issuer in writing and in proper form.
Which life insurance companies write structured settlement annuities for personal injury and wrrongful death settlements in Bronx, Brooklyn, Staten Island, Queens, Manhattan, Long Island, Westchester, Erie, Rockland, Albany,Monroe in 2025 through licensed representatives?
Why Structured Settlements? Because Certain Sells® Structured settlements offer predictable income streams, which can be appealing to rein in uncertainty. John Darer reviews some other reasons that structured settlements are increasingly being used to settle cases:
Structured settlements have roots that trace back more than 100 years, from 1918, when Congress exempted damages for personal injury or sickness from income tax, to the establishment of structured settlements as the core personal injury settlement planning tool it is today.
