Monday, December 31, 2018

Aretha Franklin's estate may owe the IRS $8 million. A look at music stars who died under a financial cloud

By CNBC, Dec. 28, 2018

"Queen of Soul" Aretha Franklin, who died in August of pancreatic cancer at age 76, reportedly owed the IRS nearly $8 million in back taxes and penalties at the time of her passing. Franklin who also had no will or trust when she died, is under IRS audit — but an attorney for her estate disputes reported amounts owed. Whatever the truth, it's apparent Franklin, like Prince and many other music superstars, died in some degree of financial disarray — despite being worth an estimated $80 million as of this year.

Prince, who died of an accidental drug overdose at age 57 in April 2016, also had no will or trust — or any tax shelter of any kind — so his estimated $200 million estate ended up being subject to as much as 50 percent in federal and state taxes, Billboard magazine reported last year. Even the estate of Michael Jackson has wrangled with the IRS over the value of its vast holdings, and therefore estate taxes owed, since the music legend's passing in 2009.
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