Tuesday, January 28, 2020

Is financial planning important? Aretha Franklin $80 million troubles!


It is not exciting to think about, but we all have an end date.  And we should all ask ourselves, if I expired today, are my affairs in order?  I ask myself this question and I realize I defiantly have work to do.  In 2018 Aretha Franklin died.  She left behind $80 million. (Read the details) It is 2020 and her family and the courts are still working to settle her estate.   With so much money at stake, you can image the confusion.  Initially it was thought that she died without a will.  But it turns out that she left behind 3 hand written wills.  So now her family are the probate court are in battle that might take years to settle.  With proper estate planning this could have been prevented. 
Sometimes we procrastinate, but  the bottom line is that we all have an expiration date.  And preparing for the unexpected should be a part of our financial planning.  
Disclaimer: You should seek the advice of the proper professional.  I am not attempting to give legal, accounting or tax advise.   

 



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