03 May Who Will Get Prince’s 300 Million Dollar Estate?
This week, investigators took a look into Prince’s tragic death at the age of 57. Amongst the tremendous amounts of questions being asked, those of us in the financial industry are wondering the future of his immense fortune.
After several decades in the entertainment industry, Prince’s net worth is estimated at 300 million.
First off, let me say that for any person, especially someone as wealthy as the late entertainer, creating a trust or a will is extremely important, both are very effective estate planning documents that enable you to direct the transfer of your assets after your death.
According to Los Angeles based attorney Laura Zwicker, who specializes in clients worth more than $100 million states,
“My experience with people in the music industry is, even more than other people, they think they’ll live forever. So, getting them to focus on a plan is really a challenge.”
As a professional in the industry, this is quite alarming to think that Prince spent all these years without a plan for the future.
If Prince hadn’t created a trust or will, it is safe to say the distribution of his estate will get messy.
Whether you are a wealthy musician or not, Estate Planning is essential to ensure a smooth transition of your wealth. If you don’t plan for the future, someone else will be making your decisions for you, which is ultimately not ideal and more importantly, may negatively effect and neglect the loved ones left behind after your death.
Although, this case is unique, what will remain consistent is the distribution of your estate and assets, and the possibility of it not going how you would have liked.
But the point of the matter is, you will no longer have a say.
We use this as an example because it is such a public case and although it seems tough to compare your situation to a celebrity from the US, the pitfalls are very similar.
When you don’t plan, the most likely outcome is undue tax that needs to be paid, assets that will need to be sold at unwanted times, and added stress will be brought onto your loved ones.
Losing a loved one is the most difficult time in a families life, the last thing that anyone wants to deal with when that time comes is added financial decisions to make.
Estate Planning: Protect Your Wealth
Estate Planning allows you to make the decisions before hand so that your loved ones do not have to worry and things are distributed the way you want.
At Kemp Financial Group we provide sound financial advice and expert financial services, that will help grow, protect and transition your wealth in the most tax efficient way possible from one generation to the next.
With over 100+ years of combined experience within the family, we understand that Canada’s economy is dependent on the health and wealth of our client’s and communities.
Let Our Family Take Care of Yours.