The Queen of Soul did not have an estate plan, a will or a trust when she died from pancreatic cancer recently, according to news reports. That’s especially surprising, said Investment News in the article “Aretha Franklin estate echoes planning problems of Prince,” since her estate has already been valued at as much as $80 million.
Franklin was not married, so the estate will pass to her four children. It’s similar to the situation that occurred when Prince died unmarried and without a will in 2016.
Had she been married her estate would have passed tax-free to a spouse and there would have been planning opportunities available at that time. Continue reading