In Switcheroo, IRS To Deliver Full … Keep in mind you don’t have to be rich to need an estate plan. This is because such payments go overwhelmingly to the song’s author, not the performer. I incorporate all of these experiences, along with my knowledge of the law, into my weekly blog on Forbes.com. Which raises a larger point: Why do people with serious illnesses continue to procrastinate? One of the things that often came out about Aretha is that she was usually involved in some sort of legal turmoil. The Queen Of Soul came out to respond to the rumors of her passing on the 21st of November. Mar 16, 2021,02:05pm EST. But Ted White Jr, 54, and Kecalf, 48, think he used her as a “meal ticket” and only wants her money, an unnamed source told the Express. Wilson added: “I would imagine she probably felt she was entitled to more but probably received more than a lot of artists from the time, especially African-American artists.”. They called of an engagement in 2011 but they continued to see each other until she lost her battle with pancreatic cancer. Aretha gave birth to Clarence Franklin at 14 years old. Yet I see the opposite all the time: People regularly visit our office to get advice on how to navigate the probate system after a loved one has died without a Will or an estate plan. Perhaps the most perplexing question now is why would this multimillion dollar artist leave her work, her legacy, and her family unprotected? Also, if you didn't know - she was super interesting and the diva's diva. Clarence was cared for by Franklin’s grandmother “Big Mama,” while Franklin pursued her musical career. She did not leave as much as a Will – much less an estate plan. Beckerman, Jim, “Aretha Franklin Talks to The Record: Archive,” … Chilling history of Brittany Murphy’s final home in Los Ange... Married At First Sight: James Weir recaps episode 18 MAFS m... Chris Hemsworth and Elsa Pataky move to Sydney from Byron Ba... Find out more about our policy and your choices, including how to opt-out. In the case of Respect, the royalties go to the estate of Otis Redding, even though the song owes nearly all its popularity to Franklin. She assured her fans that she is still alive. Read this blog for straight-talk about Aretha's estate. MORE: Hundreds gather to honour Aretha Franklin That’s one reason why none of his heirs have inherited any portion of his estimated $200 million estate. I am an estate planning and elder law attorney with offices on Long Island. Reportedly, Aretha Franklin didn’t leave a will after her passing, and so her estate was originally being equally distributed by default to her four children. The Queen of Soul’s fortune was expected to be split equally between her four sons but now, a long term on-off lover says he deserves a piece too, reports The Sun. When you think about it that way, everyoneneeds an estate plan. Wilkerson, 71, first met the legendary musician at a meet-and-greet with fans in Detroit in the 1980s, when they sparked a “fiery” relationship. Under Michigan law, as in most states, the sons will equally divide their mother’s assets in the absence of a will. Opinions expressed by Forbes Contributors are their own. According to Daily Mail , Aretha Franklin's early career was reportedly bankrolled by Ted White, the man she walked down the aisle with at the age of 19 in 1961. But his money … Even David Greenbaum, who was Franklin’s accountant until 1992, eventually sued her for for nearly $7,000 in nonpayment: “She was above all the mundane activity of paying bills,” he explained. This story originally appeared in The Sun and is republished here with permission. Her sons are reportedly at odds over whether fireman Willie Wilkerson, who Franklin once described as her “forever friend”, should get any of her money. That makes the process of settling his estate much more complicated. In Aretha’s case, had she become incapacitated and unable to make decisions herself, a person she had appointed could have done so on her behalf. Still: Aretha is not alone. And close to 10% of all respondents said they simply didn’t want to think about death or incapacitation. Aretha says she’s of “sound mind,” though she notes in her 2010 will that she wasn’t completely of sound “body,” having high blood pressure and a pancreatic neuroendocrine tumor that caused her to cancel tour dates that year and ultimately proved fatal. Don Wilson, a Los Angeles lawyer who worked on entertainment matters for Franklin for nearly 30 years, said he repeatedly told her to sort the paperwork out. Rest in peace Ms. Franklin and thank you for the journey of a lifetime. She added: “People don’t like to face their own mortality. Released in the 1970s, the song radically overturned gender conventionsby situating a woman as the primary breadwinner in a family and fiercely ch… A History Of Money Related Lawsuits. Aretha Franklin leaves a wealth of knowledge, experiences, and success for us to learn from. And then once she passed away, her intentions could have been carried out with much less fuss… and relatively little delay. Her estate will likely be divided equally among her 4 children, which may not be what she wanted considering her eldest son has special needs and will need financial support and specialized healthcare for the rest of his life. At the most basic level, during your lifetime an estate plan allows someone you trust to make decisions on your behalf if you are unable to do so yourself, and after your death, ensures that your assets and your wishes are carried out as smoothly as quickly as possible. Find out more about our policy and your choices, including how to opt-out. While Franklin's career did not immediately flourish, she found acclaim and commercial success after signing with Atlantic Recordsin … Aretha Franklin will forever be remembered as the legendary Queen of Soul, but her six decade career (during which she won 18 Grammy awards and was the … You may opt-out by. Though her records were played millions of times, she earned little in radio royalties from smashes including 1967’s Respect, her lawyer Wilson said. The video below insinuates that Aretha Franklin’s dad was a creepy pastor. Ibid. It just didn’t seem to be something she got around to.”, The singer’s money is not at the centre of a legal stoush. MORE: Hundreds gather to honour Aretha Franklin, MORE: Aretha Franklin’s body on display ahead of funeral. The Queen of Soul has passed, leaving behind a major legacy and a potentially major legal battle for her heirs. news.com.au — Australia’s leading news site>news.com.au — Australia’s leading news site. (AP Photo/Matt Rourke)Source:AP. (And since his estate continues to release previously unreleased recordings, his estate’s value should only grow.). Aretha gave birth just two months before her 13th birthday to a baby boy she named Clarence after her father and who was the first of two babies she would have before the age of fifteen. In 2016, for example, he won an Emmy for his portrayal of real-life … Don’t let that happen to your loved ones. I am a Fellow of the American Academy of Estate Planning Attorneys, a member of the National Academy of Elder Law Attorneys, the American Bar Association and the New York State Bar Association. At the age of 18, she embarked on a secular-music career as a recording artist for Columbia Records. Many people feel they don’t have sufficient assets to warrant a plan. Photo: Jemal Countess/Getty ImagesSource:Getty Images. She died on August 16, 2018, in Detroit, Michigan, U.S. She did not write any will regarding her estate which is estimated to be worth approx. My advice? Who did Aretha Franklin leave her money to? The late Aretha Franklin left no will or trust for her reported $80 million estate, and her family could now face lengthy court proceedings when dividing up her fortune. What age did Aretha Franklin die? And No Will. Another document included with that will states that a different handwritten will from “1972-1973ish” was either stolen or went missing and is “no good today.” All three documents — viewable here… Aretha Franklin, Wikipedia. Aretha Franklin, who died last month at the age of 76, did not leave a will. Here's Why That Matters To You. Her estate is estimated to be worth approximately $80 million. Go slow, be careful and be smart.”. (AP Photo/Jose Luis Magana, File)Source:AP. He’s accused of molesting and impregnating a 12-year-old member of his Memphis congregation in 1940. Maybe that same reasoning applied to Aretha. And maybe that same reasoning applies to you, too. Aretha Franklin Left An $80 Million Estate. This was reportedly because she often saw fellow black singers being underpaid or cheated out of royalties. Bio Data of Aretha Franklin : The process of dividing her many millions could take years and is likely to play out in public, according to experts who were shocked she did not write a will. My primary focus is helping families protect their assets from the high cost of nursing care if they become ill, and addressing hard-to-discuss topics like how to avoid family in-fighting by preparing a comprehensive legacy wealth plan, arranging care for heirs with special needs and anticipating issues that may affect children and grandchildren. The process is much quicker, much less expensive… and ensures that your specific wishes are carried out, not your state’s. According to the contract, the rest of the balance owed to her could be presented in the form of a check but the cash had to be handed directly to Franklin on the night of the show. Aretha Franklin was worth $80 million at the time of her death on Thursday at age 76. Aretha Franklin died last month, leaving behind an estimated $108 million fortune. For example, the executor of his estate can’t divide the money among his six surviving siblings until the IRS and the executor agree on the value of the estate when Prince died. Aretha Franklin Died: The multi-talented person Aretha Franklin died at the age of 76 from pancreatic cancer. In that case a probate court takes over the handling of your estate, appointing an executor to handle any claims made against the estate, pay off all creditors, and distribute whatever assets remain under the laws of that state. 3 Wills Found At Aretha Franklin's Home After the singer's death last August, lawyers and family said that she had left no final instructions. Aretha Franklin’s estate is reported to be worth roughly $80 million, and most likely more into the future with licensing agreements and copyrights. That's right, Aretha didn't have a Will and she had a reported $80 million net worth. Even fewer – less than one in four – have a Living Will, and only 1 in 5 have set up a Trust. Franklin’s two eldest Clarence, 63, and Edward, 62, feel like he deserves “something” for the time they spent together, reports claim. Barbara Siggers Franklin, Aretha’s mom couldn’t handle the scandal. A fake account posing as Aretha Franklin began a hashtag #RipArethaFranklin and many started retweeting the message. The unflinching demand for respect became a mantra for both the women’s rights and civil rights movements. $80 million. Franklin died in August 2018, and, because she reportedly left no will, Michigan law stipulated that her assets be divided equally among her four sons. The Queen of Soul’s fortune was expected to be split equally between her four sons but now, a long term on-off lover says he deserves a piece too, reports The Sun. Aretha Louise Franklin (March 25, 1942 – August 16, 2018) was an American singer, songwriter, actress, pianist, and civil rights activist. By the late 1970s, Aretha appeared to be happier after finding love with second husband, actor Glynn Turman, and left Atlantic Records for a new deal with Clive Davis' Arista Records. More information on the firm is available at www.myestateplan.com, © 2021 Forbes Media LLC. Franklin’s funeral was held last Friday. I had a client who had a $70 million (A$97 million) real estate portfolio who had had end-stage diabetes. The death of Aretha Franklin sees the loss of one of the most acclaimed and versatile singers of all time. All times AEDT (GMT +11). As will Franklin’s four sons, one of whom has special needs. While that might sound unfair, that's what can happen when you die intestate (without a valid Will.) Aretha Franklin did not pass away. I don’t know why (dad/mom) didn’t at least write up a Will…”. Passing away without an estate plan means that Aretha Franklin’s estate is “intestate”. Nationwide News Pty Limited Copyright © 2021. Franklin’s friend Ron Moten, a Michigan businessman, gave the four sons some guidance in his speech at her funeral last week. He said: “Remember your family, and friends that have been with you for years because you are about to meet a lot of people who will now want to be your new best friend. All Rights Reserved, This is a BETA experience. While I obviously have no way of knowing what Aretha might have been thinking, the combination of her age and her illness should have made her think about passing on her legacy – and her assets – to her heirs. Laura Zwicker, an lawyer who specialises in estate planning, but not affiliated with the Franklin estate, said she sees it happen all too often in her work. Courtney B. Vance has a gift for tapping into rich and complex, larger-than-life men. Aretha Franklin’s Sons And Niece Showed No Respect On The Anniversary Of Her Death But Fight Over Her Money After Almost $1 Million In Uncashed Checks Were Discovered Aug 31, 2019 2:22 AM PDT Reports Indicate That Legendary Soul Singer Aretha Franklin Had $1 Million In Checks Uncashed At Time Of Death Both newly discovered wills have a few things in common. The Queen of Soul’s fortune was expected to be split … By Erick Johnson The time had come for Reverend Al Sharpton to speak. In addition to extensive estate planning and elder law services, I also provide tax and financial coaching to individuals and families. Others feel they aren’t old enough. The "Queen of Soul" had a particular quirk when it came to her money: she required to be paid in cash. Over half of the respondents to a LexisNexis survey did not have a Will, much less a comprehensive (and effective) estate plan. She had her 2nd son, Edward Franklin, at 15. The reason? “You will also meet some people that will have the best investments in the world for you. Her four sons and other family members are thus left to find out how much the Queen of Soul was worth, and to divide it up. Franklin began her career as a child singing gospel at New Bethel Baptist Church in Detroit, Michigan, where her father C. L. Franklin was a minister. She understood the need. she lost her battle with pancreatic cancer. A NOTE ABOUT RELEVANT ADVERTISING: We collect information about the content (including ads) you use across this site and use it to make both advertising and content more relevant to you on our network and other sites. In an era when respect was not universally received in the US, Franklin’s rousing version of “Respect,” first recorded by Otis Redding, was an electrifying call to action. What do most of them say? Prince serves as a great example why: He also died without having an estate plan in place, or a Will. “He/she knew things weren’t looking good. Earlier this year, Aretha Franklin died at the age of 76 from pancreatic cancer. He added: “She never told me, ‘no, I don’t want to do one’. In addition to extensive estate planning and elder law services, I also provide tax and, I am an estate planning and elder law attorney with offices on Long Island. Aretha Franklin’s estate will be like a complicated maze with many questions. Aretha Franklin chose NOT to leave a will sparking feud over her £60m estate Willie Wilkerson, who had an on-off relationship with the soul singer for three decades, wants some of her fortune A LEGAL feud has erupted over Aretha Franklin’s $108 million estate after it emerged she did not leave a will before her death at 76. Keep in mind an estate will still enter probate even if there is a Will – but if the probate court determines the Will is valid and there are no objections to that Will, then after creditors are paid the remaining assets are distributed based on the stipulations of the Will. Aretha Franklin offered to bail activist Angela Davis out of jail. A LEGAL feud has erupted over Aretha Franklin’s $108 million estate after it emerged she did not leave a will before her death at 76. It was Aretha Franklin’s funeral, and a grand, star-studded send-off was … But it shouldn’t: Survey respondents said “poor” or no planning caused 1 in 5 to experience problems, including conflicts over how assets would be distributed, after the death or incapacitation of a loved one. Recent reports have informed us that Aretha Franklin did die without any estate planning in place. 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