When Lou Reed passed away last October he was already a rock and roll legend. However, did you know he never had a true hit single? Still, at the time of his death, his estate was valued at approximately $10 million.
That is mighty sweet indeed.
Reed's manager recently filed papers in court that he had already garnered another $20 million in assets for Reed's estate. The New York Post recently reported how the money was likely earned in an article titled “Lou Reed left behind $30 million fortune.”
In seems when Reed passed away, interests in his works suddenly spiked. Many TV producers and advertisers asked to use his works. It is likely many copies of his music were sold as well. This new income will be distributed between Reed's widow and his sister.
You do not necessarily have to be a celebrity for your estate to gain value after you pass away. Most estates will not see the same spike in assets celebrity estates do, but they can still grow.
Careful estate planning and wise investment of estate assets can see the total value of the estate continue to grow. For example, if the assets of the estate are put in a trust and invested wisely by the trustee, the value of the trust can be much greater by the time the trust's term ends.
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) and to download free tools to help you organize your estate, visit my estate planning website.
Reference: New York Post (June 30, 2014) “Lou Reed left behind $30 million fortune”