Trust Education
After a 15-year legal dispute, James Brown’s estate is finally sold for an estimated $90 million. R&B legend James Brown’s estate has been sold for an estimated $90 million, enabling him to fulfill his dying wish to fund scholarships for children in need for perpetuity. It should not have taken 15 years for his estate to be settled. The proper trust will help alleviate that.
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Although he did leave some of his “costumes and personal effects” to a few of his children and provided $2 million, earmarked for scholarships for his grandchildren.
Aretha Franklin, the “Queen of Soul,” died back in August 2018 of pancreatic cancer at the age of 76. Her estate is just about to finally be settled now, almost 3 years after her death.
What happened after her death with her estate was not a very good story. It is the perfect example of how an estate can go into probate and pose challenges to everyone involved if a Trust is not written before the person’s death.
The petition calls for an initial $800,000 payment to the government, with more to follow.
Franklin’s estate, including real estate, luxury cars, furs and jewelry, has been estimated at more than $18 million and as much as $80 million. The legendary singer left no formal trut or will but three hand-written documents have been discovered since her death.
â–º 45% of quarterly revenue would be committed to the balance of unpaid taxes owed to the Internal Revenue Service
â–º 40% would go to an escrow account for Franklin’s heirs and future taxes on newly generated income
â–º 15% would be used to manage the estate. If at the end of a calendar quarter the estate has cash exceeding $1 million in the combined bank accounts in the name of the estate, Springtime Publishing and Crown Publishing, it would be distributed equally to the heirs.
