Estate Planning Business Succession
When hip-hop star DMX died in 2021, he had no will and only a few liquid assets. His estimated 15 children are expecting a share of his estate, but the estate has been in the probate court for months. An estate also has to be established to manage any expected future earnings from his music. However, with no appointed administrators and legal costs, DMX’s estate will be dwindling until the proceedings are finalized.
In fact, some reports estimate that DMX's net worth was estimated to be $10 million. However, it fell to a perhaps even negative $1 million at the time of his death.
Finurah’s recent article entitled “Not Just for the Rich: Five Estate Planning Tools Everyone Needs” reports that the number of Black Americans who have completed a will has increased by 6.2% (from 25.9% to 27.5%).
Estate planning lets you stay in control of your assets, while contributing to your family’s generational wealth. Let’s look at five tools necessary to create a comprehensive estate plan.
Talk to an experienced estate planning attorney about a comprehensive estate plan that includes these five documents.
Reference: Finurah (Feb. 5, 2022) “Not Just for the Rich: Five Estate Planning Tools Everyone Needs”
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