Whether your business is just getting started or you’ve been in business for years, here are the steps you need to take to avoid making the same not-so-happy mistakes that affected Bob Ross and his family.
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As the host of the wildly popular The Joy of Painting TV series on PBS, Bob Ross became a pop-culture icon, who was equally famous for his giant head of hair, soothing baritone voice, and folksy demeanor as he was for his iconic landscape paintings. And like so many other artists, Bob’s artwork and image would become even more popular following Bob’s death in 1995. Unfortunately, his business dealings and incomplete estate planning have left his son with next to nothing.
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As I reported last week in part one, although DMX was wildly successful in both music and movies, the rap icon experienced serious legal and financial problems, along with frequent issues with drug addiction throughout his career. Having fathered 15 children with nine different women, DMX’s money issues largely stemmed from unpaid child support, but he also failed to pay income taxes, and both of these issues would land the rapper in prison and rehab on more than one occasion. This week, I will explore the details of how DMX’s legacy and wealth are at risk of being lost.
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This week, I explore the lessons uncovered from legendary hip hop artist DMX’s failure to create an estate plan. He left behind an estate that is millions of dollars in debt and 15 children who are in conflict over his estate and with each other.
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Nearly three years have passed since Aretha Franklin, known as the “Queen of Soul,” died from pancreatic cancer at age 76. At the time, her total fortune was estimated to be worth up to $80 million. Yet due to poor estate planning, the late singer’s children have yet to see a dime of their inheritance, and what they ultimately do receive will be significantly depleted by back taxes. Moreover, it’s still not clear whether or not Aretha ever had a valid will.
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