“Queen of the Soul”, Aretha Franklin, who died of pancreatic cancer in August at the age of 76, is reportedly due to pay the IRS nearly $ 8 million in tax and fines at the time of her departure. Franklin, who also had no will or confidence when she died, is being audited by the IRS, but the lawyer for her property disputes reported the amounts due. Whatever the truth, it is obvious that Franklin, like Prince and many other musical superstars, died to some extent due to financial turmoil – despite the fact that as of this year it is estimated at $ 80 million.
The prince, who died of an accidental drug overdose at the age of 57 in April 2016, also did not have the will or trust – or any tax havens of any kind – so his property, estimated at $ 200 million, was ultimately subject to 50 percent. in federal and state taxes, Billboard magazine reported last year. Even the estate of Michael Jackson argued with the IRS because of the cost of his vast possessions and, consequently, property taxes owed since the appearance of the musical legend in 2009.
Here's a look at 11 musical superstars who sang or shouted their hearts on the way to world-wide fame and incalculable wealth — just to protect their portfolios and safely pass them on to their heirs, ignoring the last will and testament. According to the stories of these celebrities, everyone – rich or poor, known or not – can make bad financial decisions.
“Some of the most important financial planning recommendations are not investment, insurance, or retirement planning, but instead include estate planning with wills, powers of attorney and preliminary directives,” Tim Maurer, welfare adviser and personal finance director for Buckingham and the BAM Alliance, as well as the author of Plain Money, told CNBC in April 2016.
“We avoid discussion because it touches upon a topic that we would prefer not to consider, but although the likelihood of your early departure is small, the damage caused by the lack of real estate planning is so significant that it requires our immediate attention.”
– By CNBC