"Queen of the Soul" Aretha Franklin, who died in August this year for pancreatic cancer at the age of 76, reportedly owes the IRS nearly $ 8 million in back taxes and fines during her passing. Franklin, who also did not have the will or confidence when he died, is under the IRS revision – but the lawyer for her property disputes has published sums. Regardless of the truth, it is obvious that Franklin, like the prince and many other music stars, died in a degree of financial mess – despite being worth about $ 80 million this year.
The Prince, who died of an accidentally overdose of 57 years of age in April 2016, also did not have the will or confidence – or any tax haven – so his estimated $ 200 million worth of assets ended up with as much as 50 percent in federal and state taxes, the Billboard magazine reported last year. Even Michael Jackson's property was terrified of the IRS over the value of huge properties, and therefore property duties were owed, as the legend of music passed in 2009.
Here is a glimpse of 11 music stars singing or gathering their hearts on the road to world glory and unprecedented wealth-only to fail to protect their portfolios and bring them safely to the heirs by neglecting to make the final will and covenant. As the stories of these individuals show, everyone – rich or poor, known or not – can make bad financial decisions.
"Some of the most important recommendations for financial planning do not fall into the field of investment, insurance or retirement, but involve estate planning with wishes, power of attorneys and advance directives," said Tim Maurer, wealth adviser and personal finance director for Buckingham and the Alliance BAM and author of "Simple Money", for CNBC in April 2016.
"We avoid the discussion, because it includes a topic that you would not consider, but while the probability of your direct transfer is low, the damage caused by lack of property planning is so significant that it requires our immediate attention."
– With CNBC