Last week I wrote about how the artist Prince died without a will and how as a result of the singer’s lack of planning, the IRS gets to enjoy a payday of 40% of the nearly $300 million estate (equaling about $120 million), the state of Minnesota will take another 16% (roughly $48 million), and a handful of attorneys are going to be able to retire early from the impending probate litigation fees that are likely to arise between Prince’s siblings, creditors, and a whole bunch of people who suddenly realized that Prince may have been their long-lost brother or father.
Well today we share another example of how NOT to plan your estate, this time from another celebrity musician, Snoop Dogg (excuse the profanity – his words, not mine).
While Snoop’s butterfly approach is entertaining, his laissez-faire estate planning mentality is actually shared by many. In fact, less than half of all Americans have a will. Sure, most people don’t like to talk about death, but the truth of the matter is that a little front end planning while you’re young and healthy will not only ensure that your wealth will be distributed according to your wishes but doing so can also save your loved ones a lot of anxiety and money in the future.
Moral of the story: don’t wait for that cocoon to open because it’ll probably be too late!