Aretha, Donald Trump, Retha Franklin discussed on Keep Hope Alive
Read why would Retha Franklin I'm assuming her counselor advised. Her to get a trust why would? She not do it You. Know there's a, lot, of people why people a lot of reasons why people, avoid it it it's been oh it's probably an uncomfortable tour to. Contemplate your own mortality and people have a natural tendency to avoid lawyers when it's optional let's talk, about what. Happens to her eighty million dollar estate for sun sixty three sixty one fifty four. Forty I guess, our ages, aren't really relevant and she has an eighty million dollars state no, will well you, know I don't know what what her tax situation was before she died, but she had you know if she. Didn't give away a taxable gifts, during her lifetime she had thanks to the, tax cut she has an eleven point one eight million dollar exemption from a state tax. But that leaves almost sixty million dollars to be. Hit with a forty percent estate tax that's do nine. Months after her date of death. So you can imagine because she didn't. Do that planning there may be a liquidity problem there. May be fire sale on her Assets So so so Reeve her not doing a trust is going to cost the, estate how? Much, well I'm. Not I it, it you. Don't there's there's a lot of ways to reduce the, taxes but in eighty million dollars state is going to have to pay some estate, taxes but for, example you, know not having a. Will she was very philanthropic during her. Lifetime anything that she would have given to charity in a. Will, actually she directed money to go to a charity would have escaped that forty percent. Bite I read that I read the Pedo wanted the family to donate her fur coat collection to, them but that for coke collection is gonna pay forty percent on their fair market value as of her dead of doubt because because Aretha didn't direct that pita get for. Collect. Wow so so there's, no there's no rational financial reason why somebody would die without a, wheel especially somebody that's got money like Aretha it's going to cost Loss of. Privacy obviously people are gonna know what she had what she would it would our debts aren't all, that stuff but also complicate things and end up paying more than she otherwise would have paid and the administrator of her estate is probably going to get somewhere around three. Hundred. Thousand dollars and the, the the attorneys will get a similar amount and about at least, half of that could have been avoided by using a trust Wow What we thank you very much for taking the time to. Bad she didn't. Consult you re chart partner with, Irving urban Cohen and Jessup in Beverly, Hills and he is an LA native and. Read thank you so. Much I appreciate your coming on. Larry you're. Terrific and, you're as I've said, before your gentleman and a, scholar and there are very few of us. Left All right thanks for coming, on everybody depreciate it coming back Lanny Davis I was one of the sources for the CNN false story that Trump knew about the famous Trump Tower meeting ahead of. Time and. That my client was. There to hear that Trump. Approved it Yeah I was one of the ones who set there but it's not. True There is. Only? One tax resolution firm that I truly. Trust, it's called rush tax resolution why because I've gone, to see their operation I've met them Got an a plus rating with the BBB eight. Zero complaint history I repeat. Zero complaint history New Bedford's NewsTalk station Warning property, protected by electric fence Sharks.