Beloved performer Aretha Franklin entertained music lovers across Tennessee for decades. Now, she is leaving behind one last message for her fans -- do not forget about estate planning. It was recently revealed that Franklin did not have a will, trust or any type of estate plan at the time of her death, leaving the future of her estate up in the air.
Did Aretha Franklin forget about estate planning?
Second marriages may benefit from QTIP trusts
A second marriage can be very exciting. Spouses may feel like they are on the road to a fresh start: A new relationship is blossoming later in life. It’s a time for love, change and potential adjustments. Despite the initial surge of anticipation, it’s normal for spouses to worry about what happens to their assets once they die.
Are trusts a good choice for my retirement account?
Most people in Tennessee spend decades building up their retirement savings, and yet few seem to properly integrate these accounts into their estate plans. Retirement accounts typically contain significant sums of money and can have adverse tax consequences if mishandled, so addressing their distribution early on is a good idea. Using trusts is extremely helpful in this respect, although naming an heir as an account's beneficiary may also work.
