Schneiderman Insurance Agency, Inc. Blog
We’re really tired of writing about beloved performance artists passing away this year. We bet you’re tired of reading about them, too. But just like David Bowie’s death taught us earlier this year, the unexpected demise of his high purpleness, Prince, provides a strong lesson in the importance of proper estate planning.
According to the latest reports, Prince’s sister, Tyka Nelson, has filed court documents stating her brother left no will . Tyka asks a probate judge to name Bremer Bank as official administrator of the estate. She said the bank provided financial services to Prince for years, is familiar with his affairs and is best suited to protect his assets.
The virtuoso musician died April 21 at 57 years old. His death sets off a countdown to see just how much the government plans to tax from his vast empire, estimated by various news sources to be in the region of $300 million.
He was Ziggy Stardust. Major Tom. The Man Who Fell to Earth. The Thin White Duke. Rock musician David Bowie embodied many distinct, memorable personas. Interestingly, his newly released 20-page will never mentions the name we all knew him by best – “David Bowie.”
What the will does reveal is that at his core the beloved singer-songwriter was a family man who put together a detailed plan 12 years ago after a heart attack to protect and provide for his widow, Iman, and two children.
This is the goal of many of our firm’s clients: Create a powerful estate plan to carry out their after-death wishes and make known to their loved ones just how much they really cared for them. It’s really that simple.
By now, the American public has become accustomed to stories of Hollywood actors’ deaths and their various financial missteps.
There was James Gandolfini, who left his wife with only 20 percent of his estate, meaning the other 80 percent didn’t qualify for the unlimited tax-free transfer of money to a spouse. The cost of that was nearly $30 million to taxes.