In April, we lost an iconic music legend, Prince. His music will not be the only thing that will live on for years to come… settling his estate will as well. Prince’s estate is estimated to be worth over $300 million and he had no estate plan. As a result, he will pay roughly 40% of his estate to the federal government. Prince’s relatives will now have to face the expensive and time consuming process of probate. Prince could have saved millions in taxes by simply putting an estate plan in place; this also would have ensured his assets would pass to the people or organizations that he wanted.
Estate Planning sounds daunting and it generally does not fall at the top of everyone’s priority list, but it is important and can save your family time and money. Putting an estate plan in place also can ensure your assets pass as you wish. Below are the key documents to any estate plan:
At BDF, we make it a priority to ensure our clients have a proper estate plan in place. Whether it is simple or complex, we will always help our clients accomplish their appropriate estate planning goals.