Prince was a brilliant guy, yet he did something moronic: he never created a Will. He died at age 57, his family is fighting, and chaos has ensued. And it was his own damned fault.
First, I'll admit that the blog has been quiet lately, but that's for good reason, I promise. First, I wrote a new report about Long Term Care Coverage (See it HERE). But I realized there's a lot of info to cover, and the report is just an overview. So I took the opportunity to write a new book, about the reasons why your long-term care application will be rejected. It's in the publishing phase now and should be out for print in the next 2-3 months.
Back to Prince. Read more about his estate HERE. A musical genius, who had more than enough money to go around and take care of his family for life. Now I'm sure he didn't expect to die at 57. But who does? None of us know when our time is up, and that's the point! Because we don't know when, or how, we have to prepare. We work our whole lives, with the hope of taking care of our children, or our parents, or other family and friends. But then we don't take the steps to protect what we've earned, make our wishes clear, and make sure our money goes where we want it to go. And instead, your money can be squandered on court costs and lawyer fees, just like Prince's.
Unlike most of us, Prince's estate is worth $200 million dollars; even after all the fighting, there's still going to be plenty of cash left to go around. He could afford to be dumb. That's not the case for most of us. We can't afford to be dumb. So don't be. Have you been back-burnering your estate plan for a while? Well it's 2020 folks - now's the time. Get it done.