Anyone who listens to music or has been on a college campus lately will know that Dr. Dre is making money hand over fist. You must've at least seen one person with those Beats by Dr. Dre headphones plugged into her iPhone.
Forbes has recently listed the top earners in the hip-hop world with the good Doctor ranking No. 1, followed by Diddy, Jay-Z, Kanye, and Lil Wayne, respectively. Andre "Dr. Dre" Young pulled in $110 Million last year to rise to the top of this chart.
With all of Dre's assets in different investments, how would these ventures continue if he were to pass on without an estate plan?
The recent death of actor Michael Clarke Duncan reminds us that everyone, no matter how young, should have an estate plan in place to avoid potential problems upon an unexpected calamity.
As you probably know, your estate consists of all the property that you own at the time of your death. This means anything held in your name like real estate, bank accounts, personal property, or an ownership stake in a business.
What an estate plan does is determine how your property will be transferred after you die. It helps to determine this yourself, because otherwise a court will decide how to distribute the proceeds of your estate based on your state's laws.
A good estate plan can also help your heirs avoid certain taxes. Depending on the value of your estate, an experienced estate planning attorney can help you manage your assets to optimize the value being passed on to future generations.
An estate plan is especially valuable when you have many assets or have a complex family dynamic, as many hip-hop artists do. However, if your plan is to spend it all because you can't take it with you, you really don't need to bother with any of this.
- Estate Planning 101 (FindLaw)
- Why Estate Planning is Important? Top 5 Reasons to Estate Plan (FindLaw's New York Estate Planning News)
- The Basics: What are the Important Documents in an Estate Plan? (FindLaw's New York Estate Planning News)