Chuck Berry is one of the few who will be successful in life and death.
So often celebrities leave a mess when they pass away.
Some squander their earnings, leaving nothing for their loved ones.
Divorces, court battles and poor life decisions drain their estate.
Couriously, the estates of such train wreck celebrities may increase after their passing due to interest and nostalgia.
According to a recent Trust Advisor article titled“Who’ll Reap The Millions From Chuck Berry’s Final Album?,” Chuck Berry will leave a sizeable sum to his heirs out of his estate, let alone any postmortem windfall.
In short, retirement was not in his vocabulary.
He also made wise business decisions.
He was prolific, writing about 1,400 songs.
His songs were recorded about 6,600 times.
And Berry kept the publishing rights.
What does this mean?
He earns 9 to 10 cents on every unit sold.
Want to license his music for advertising?
This will cost even more.
But wait, there is more.
Chuck Berry was working on a final album.
If it is released, the size of his estate could skyrocket.
For example, Bowie released a final album, and it earned his estate $700,000 in the first week.
He left between $15 and $20 million in assets at his time of death.
Who will inherit?
Without a will, Berry's wife will receive a share of 50% in his intellectual property.
With a will, she could get much more.
The catalogue of Berry’s work will continue to generate income for generations to come.
Having business savvy is key to being a successful artist.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Trust Advisor (March 20, 2017) “Who’ll Reap The Millions From Chuck Berry’s Final Album?”