Celebrities usually have considerable assets they have accumulated that must be accounted for upon their passing. Unfortunately, despite their vast fortunes, many celebrities neglect to establish an estate plan. Such was the case with the late entertainer, James Brown. Now, after 15 years, the assets of his estate have finally been sold.
A company that manages song catalogs and estates of successful entertainers purchased James Brown’s estate recently for a reported $90 million. The purchase includes music rights, control over the entertainer’s name and likeness, and real estate. This comes after the company battled for control of the estate in litigation for the past 15 years.
The company also reportedly plans to honor the late entertainer’s wishes to have a portion of his estate used for scholarships and other charities for underprivileged children living in Georgia and South Carolina. Although the sale of the estate assets is a step in the right direction, the estate still has several remaining claims against it, including from Brown’s children and family members. Many of the denied claims are on appeal, so the estate cannot yet distribute funds for scholarships.
Hopeful for quick resolution
The company who bought the estate hopes the remaining claims and appeals will be resolved quickly. The amount the company has agreed to pay will provide the estate with considerable liquidity to pay for estate taxes and other expenses, and the company hopes to receive confirmation soon to begin disbursing preliminary distributions to the intended beneficiaries. If anyone is dealing with complex estate litigation, regardless of the amount of assets involved, he or she will want to work with an experienced estate planning attorney to gain a full understanding of his or her rights and options.