Mac Miller is a rapper whose music I am unfamiliar with, but whom my children have seen in concert. He died last year of a drug overdose involving fentanyl. Surprisingly, he left behind a will and a trust. Several weeks ago, we learned that his estate was valued at $11.3 million and that he left various personal items to his friends (think laptops, guitars, and jewelry) and his financial assets of $5 million and musical royalties and master recordings valued at $6.5 million to his family.
1. Kudos to Mr. Miller for being the rare 26 year old to prepare a will and trust.
2. His estate will likely not have to pay any federal estate taxes because administration expenses (and perhaps state estate taxes) will reduce the net value below the $11.2 million in effect last year.
3. For an artist with a short career with a limited reach and the decline of physical media, a value of $5 million for the master recordings seems optimistic.
Photo Credit: Mac Miller Instagram
License: Fair Use/Education