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Float Like a Butterfly, Get Stung By a Bee

snoopThe ever not so eloquent, Snoop Dogg, was asked this week if he had a will or estate plan. His NSFW response was, “I don’t give a f— when I’m dead. What am I gonna give a f— about? This goin’ on while I’m gone, you know?”

And continuing in his non-King’s English, he added, “Hopefully, I’m a butterfly, I come back and fly around and look at all these motherf—–s fighting over my money and s–t, like, ‘Look at all these dumb motherf—–s.’ Ha!”

Only four sentences, but so many points. Minimizing them:

1. Snoop can make life easier for his loved ones if he spends a bit of time deciding who should inherit the wealth accumulated from his questionable talents. He could eliminate any people claiming to be his illegitmate child by naming people in his will.

2. Prince reportedly has had 900 people come forward for DNA testing claiming to be his haIf-siblings while anyone who can establish that he is Prince’s child, will hit the jackpot and inherit all of Prince’s wealth.

3. Raise your hand sheepishly if you think Snoop has fewer illegitmate children than Prince. You would be wrong.

4. I doubt Snoop views his family as loved ones when he refers to them as “dumb motherf—–s.”

5. Maybe it is just me, but if I were reincarnated, unlike Snoop I would prefer to return as something more fierce and substantial than a short lived insect with pretty wings.

Piece of Britney

britney cd6b98d5df2bfe13a293ba02d6aa0a42When Britney Spears had her breakdown in 2008 (think shaved head and window smashing), her father and attorney became her conservators. In Ohio, they would be known as guardians. They manage both her physical well being and her finances. As such, they make sure she takes her medicine for her unspecified illness as well as manage her career.
 
In recent years, Britney, who has been described as shy has not testified at hearings about continuing the conservatorship. She reportedly is only interested in seeing her sons. Her father receives 1.5% of the $17.5 million annual revenues from her Planet Hollywood shows and the same cut from the merch sales. Her court appointed attorney has received $2 million in fees since 2008 and the other conservators have received $6.7 million.
 
Three brief points:
 
1. Britney clearly needed someone to assist her in 2008 while she was crumbling. She is likely still alive, while Michael Jackson and Prince are not, because of that.
 
2. Guardianships can be temporary and Britney’s seems to be a perfect example of temporary intervention being all that is required. She should have the right to make stupid decisions on her own.
 
3. I doubt that I am the only one who read the NYT article who thought that Britney was nothing more than a trained seal performing at the behest of her inner circle for the reward of seeing her sons.
 

Controversy

FILE - In this Feb. 4, 2007 file photo, Prince performs during the halftime show at the Super Bowl XLI football game at Dolphin Stadium in Miami. Prince, widely acclaimed as one of the most inventive and influential musicians of his era with hits including "Little Red Corvette," ''Let's Go Crazy" and "When Doves Cry," was found dead at his home on Thursday, April 21, 2016, in suburban Minneapolis, according to his publicist. He was 57. (AP Photo/Chris O'Meara, File)

As mentioned the other day, Prince did not leave a will. A Minnesota court today appointed a corporate trust company as special administrator to manage his affairs and identify his heirs (I can help – his sister, 3 surviving half siblings, and the children of his 2 deceased half-siblings will inherit under law). His estate is rumored to be worth $300 million. 

 Three brief points: 
 
1. A bank trustee is perfect for this role when no family members have experience in managing such a large amount of assets. 
 
2. I hope the trustee does not quickly resume Prince’s habit of sending take down notices to Youtube for all of his videos posted in recent days. His Super Bowl performance is worth 12 minutes of your time. 
 
3. Did anyone truly believe that Michael Jackson, who left a will, would provide for his death in a better manner than Prince?
 

Purple Mess?

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Reports are surfacing that Prince did not leave a will. Of course, it is ludicrous to expect someone to present his will one business day after his death. Still, his longtime attorney and friend said that he did not prepare a will for his Purple Majesty because Prince thought he would live to be 1,999. It is unlikely another attorney prepared a will for Prince. He is survived by a sister and three half-siblings.

Three quick points:

1. Live to be 1,999? At some point the attorney/friend has to say, “Dude, the average American lives to be 78. Add fifteen years for taking care of yourself. Tell me who should inherit your sizable estate and let’s write it down.”

2. Under Ohio law, his estate would pass equally to his sister and half sister (plus any children of his dead half-siblings).

3. If the attorney for Harper Lee were appointed as Executor, we would see various outtakes released as newly discovered material and presumably titled “1998.”

 

Mama Don’t Let Your Babies Grow Up to Be Musicians

In light of Prince’s untimely death, the below chart is fascinating. Most common age of death for pop stars is 56. Mercifully, the trend line is up.  Full story here.

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I am an attorney located in Cincinnati, Ohio who practices in the areas of estate planning, probate, asset protection, and small business advice. I make a difficult and bewildering process as simple as possible. Most importantly, I provide "more for less" for my clients.