A recent article in Kiplinger, How To Avoid Aretha Franklin and Prince’s Estate Planning Errors, discusses the Estates of James Brown, Aretha Franklin and Prince. Each of them left estates that were the subject of years of litigation. Each of them could have avoided those problems by planning for their death.
Among the recommendations in the article are:
- Prepare for death
- Be clear about who should benefit
- Do your charitable planning during your lifetime
- Keep your estate plan updated
- Get help picking trustees
- Know how divorce affects your estate
- Protect your legacy
- Consider selling property while you’re alive; and
- Name your beneficiaries.
Of course, there are other factors to consider. If you want help planning your estate, the Elder Law Practice is available to help. Contact us at 706-428-0888 or by email at info@mcguffey.net.
