480-418-1776 KEYSTONELAWFIRM.COM
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
2701 W. QUEEN CREEK RD., #3 CHANDLER, AZ 85248
INSIDE THIS ISSUE
Spend Your Golden Years Right
1 2
Should You Wait to Claim Social Security? Bringing Kids’ Ideas to Life
Roasted Sweet Potato Arugula Salad Why Every Estate Plan Needs a Power of Attorney
3
4 Sons, 4 Wills, and an Ongoing Battle
4
How Her Handwritten Wills Caused Strife Aretha Franklin Didn’t ‘Respect’ Estate Planning
the singer’s home. Two were dated 2010 and locked in a cabinet. The third, dated 2014, had been written in a spiral notebook, and Sabrina found it under the Queen of Soul’s couch cushions. The wills split her assets differently — but crucially, none of the three were signed. A fourth unsigned will, dated 2018, emerged in 2021. The documents proved Franklin knew the value of estate planning, but she never completed the legal requirements, and the fallout has been enormous. Her oldest son has disabilities, and Franklin missed the opportunity to establish a special needs trust. Further, while Franklin kept her oldest son’s father a secret her entire life, she revealed his identity in one of her wills — perhaps not realizing it would be made public. Meanwhile, Franklin’s four sons have fought each other in court, and the estate racked up a $7.8 million tax bill.
The world lost a legend when the Queen of Soul, Aretha Franklin, died in 2018. And in their grief, her family got an enormous headache. Unlike many, Franklin did plan for her eventual death — but her DIY approach to the matter proved disastrous. Her four conflicting, handwritten wills cost the estate millions, pitted relatives against each other, and exposed family secrets. Franklin didn’t trust others to handle her money and personal affairs. She’d even demand upfront cash for her performances and stash it under her piano onstage. So, it may not have surprised her family that she decided to handle her estate plan herself. While they initially thought she died intestate (without a will), conflicting documents emerged.
A trial, initially scheduled for August 2020, was delayed due to the pandemic. However, the estate resolved the IRS debt in June 2022. Despite their earlier battle, her sons requested their mother’s remaining assets be split equally, but it is unclear whether a judge has approved their request. A comprehensive estate plan could have shielded Franklin’s substantial intellectual property, reduced the estate’s tax burden, and properly cared for her family. This cautionary tale should remind you to do more than “say a little prayer” to protect your assets after death.
Franklin’s niece and estate executor Sabrina found three handwritten wills while cleaning
4 | 480-418-1776
Made with FlippingBook Ebook Creator