No Will or Trust? Celebrities Risk Major Tax Fallout as a Result

Aretha Franklin is the latest example of celebrities who have died without a will or trust, leaving heirs to deal with a potential tax fallout that could have been avoided with estate planning.

The revelation about Franklin means the proceedings involving the Queen of Soul’s estate will be public in Michigan’s Oakland County Probate Court.

While privacy will be a top non-tax concern for her heirs, “there’s going to be, I’m sure, a huge estate tax issue” as well, due to the lack of proper planning, Jeffrey E. Nusinov, managing attorney of Nusinov Smith LLP, told Bloomberg Tax. Nusinov ...