“Whitney Houston’s only child, Bobbi Kristina, was potentially left in a tough situation when her mom died. The estate taxes possibly taken out of her inheritance could be dramatic because of awful financial planning and terrible advice from her lawyers and accountants,” explains Rocco Beatrice, managing director of Estate Street Partners, parent company of UltraTrust.com, the premium irrevocable trust. Although there is some debate, Forbes and Business Insider estimate her estate to be worth as much as $115M.
“Whitney should have a solid irrevocable trust or, at the very least, a revocable trust. But she decided to plan her entire multi-million dollar estate by relying on a will from 1993 that is no different than the will a law student could prepare for you. A simple will isn’t enough to protect assets for some of those who are even considered middle-class because of their net asset worth.”
Whitney’s entire estate is about to be on public record in the probate court of Atlanta, Georgia so it’s deducible how much her estate needs to pay and everybody is going to find out all of the details. “Most high profile, high-wealth people avoid probate court with a trust for that very reason,” says exclaims Rocco Beatrice of Estate Street Partners.
Whitney, however, with all of her money and access to attorneys, engaged in estate planning based on a single will signed back in 1993 with a slight change in to it in 2000. “For a woman of her wealth, I’m shocked that this is the only estate planning she did,” exclaims Rocco Beatrice of Estate Street Partners. “A will alone isn’t sufficient for someone who has 1/10th of her assets and none of her fame.”
Read more here.