Whitney’s Trust & Wishes

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Whitney’s confidence in others, and trust as it relates to an estate planning tool, may go hand in hand when it comes to her wishes.  Time will tell.  Another super star is gone too soon and fans worldwide are reeling from the shock.  Whitney Houston’s untimely death at the age of 48 occurred in our own backyard, having drawn her final breaths in a luxurious hotel suite in Beverly Hills, California.  The stunning six-time Grammy Award-winner appears to be the latest artist to succumb to the addiction traps connected with fame.  It could take weeks before we hear the final results of the toxicology report; however, it’s rumored that a lethal combination of prescription drugs and alcohol snuffed the Queen of pop music’s life short.  Houston is the only artist to land the treasured #1 spot on Billboard’s Hot 100 seven times in a row.

Did Whitney Take Advantage of Great Tools Like a Trust?

As with any megastar, enquiring minds want to know all the dirt around her wealth (or lack of it).  Did Whitney do a good job with estate planning?  Did she take all the necessary steps to protect her beloved daughter?  Will Bobbi Kristina get it all, or will ex-husband Bobby Brown swarm in for the kill as he attempted to do through a court proceeding in 2007?  How much wealth is even left since drugs appeared to take their toll?  There are so many questions yet to be answered.  On a positive note, increased record sales and song downloads since her death may beef up the estate in a worst case scenario, similar to Michael Jackson’s estate.

 

At this point, we know that Whitney Houston had a will in place when she passed on; however, the details of the will are not yet public record.  We don’t know if a trust (or life insurance policy) is part of her estate plan.  It will be a shame if  it’s not.  Those who followed Whitney’s career and life know that she worshipped the ground that her only child walked on.  Whitney would have wished that Bobbi Kristina reap the benefits of her mega stardom.  In previous blogs, we’ve discussed the benefits of using a trust to reduce taxes and avoid a costly probate.  In this case, it would have been a wonderful way to ensure that Bobbi’s inheritance was both protected and well managed.  There are great risks for young people who acquire a lot of money.  Bobbi Kristina already faces demons of her own.  If you have any questions about a will, trust, probate, or any other estate planning issues – give Parrish Law a call.  The first consultation is always free.

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