-------
With All Due R-E-S-P-E-C-T To
Aretha Franklin The Tax Man Cometh
Aretha Franklin The Tax Man Cometh
Nationwide -- Aretha Franklin, the Queen of Soul, is a legend that
will never be forgotten. But with all due R-E-S-P-E-C-T, the IRS is
probably singing with joy because she reportedly left no will when she
died. Apparently, it seems she did nothing to shelter her assets from the Taxman.
"The IRS will eat 40 percent of Aretha's estate with the death tax," says celebrity tax advisor Jayson Thornton of Thornton Tax Firm.
But the Estate taxes could have been limited. Thornton says Franklin could have set up an estate plan with trusts to benefit any relatives and charities she chose, while leaving very little if anything to be taxed. "When Black celebrities die, their money normally goes to 4 places; family, friends, charity, and the Taxman," said Thornton.
Not settling up a trust that would have given Franklin's beneficiaries set amounts; they now have to fight over the Taxman's leftovers.
For 2018, the estate tax exemption is $5.6 million per individual. That means an individual can leave $5.6 million to heirs and pay no federal estate taxes. A married couple will be able to shield $11.2 million from federal estate taxes. Aretha Franklin died with a reported estate net worth of $80 million, which could end up paying almost $27 million in Federal Estate Taxes.
"The IRS will eat 40 percent of Aretha's estate with the death tax," says celebrity tax advisor Jayson Thornton of Thornton Tax Firm.
But the Estate taxes could have been limited. Thornton says Franklin could have set up an estate plan with trusts to benefit any relatives and charities she chose, while leaving very little if anything to be taxed. "When Black celebrities die, their money normally goes to 4 places; family, friends, charity, and the Taxman," said Thornton.
Not settling up a trust that would have given Franklin's beneficiaries set amounts; they now have to fight over the Taxman's leftovers.
For 2018, the estate tax exemption is $5.6 million per individual. That means an individual can leave $5.6 million to heirs and pay no federal estate taxes. A married couple will be able to shield $11.2 million from federal estate taxes. Aretha Franklin died with a reported estate net worth of $80 million, which could end up paying almost $27 million in Federal Estate Taxes.
Article On Aretha Franklin's Estate Planning Continues After Sponsor's Message Below...
Farmers Pizza
Please Support Our Ad Sponsors Who Make This Community News Blog Possible. And Don't Forget To Tell Them You Saw Their Ad in The Scoop!
Farmers Pizza
Aretha Franklin Estate Article Continues Below...
About Thornton Tax Firm, LLC
Thornton Tax is a St. Louis, MO based African American accounting firm that specializes in tax law for clients in the Sports and Entertainment industry in tax compliance cases, tax preparation and IRS tax debt settlements. For more information, visit www.ThorntonOffice.com.
About Jayson Thornton
Jayson M. Thornton is a tax advisor and enrolled to practice by the United States Department of Treasury. He is also a certified public accountant (CPA) candidate for the State of Missouri. Thornton earned his associate degree in Accounting from St. Louis Community College, and bachelor's degree in 2006 from Missouri Valley College as an honors graduate.
Sponsor's Messages Below
Enjoy A Tasty Meal At The New Burger King In
St. Albans, New York
Experience This Modern, Spacious, And Affordable Place To Eat. For More Info Click Here
If You Want Truly Creative Gifts For The Holidays Shop With The B.E.S.T. Community Businesses
For More Information On The B.E.S.T. Networking Group Click Here
Give The Gift Of Beautiful And Affordable Photo Realistic Or Ethnic Art For The Holidays
World Class Sophisticated Art Can Portray Your Love This Holiday Season - Discover Exceptional Black Art, Get Exclusive Custom Framing, and Receive Expert Photography from Renowned Local Artist Click Here
Beautify Your Home and Accentuate Your Life - Discover Exceptional Black Art, Get Exclusive Custom Framing, and Receive Expert Photography from Renowned Local Artist Click Here
Checkout Similar Articles Below
Posted by community events coordinator, Nzinga Lonstein Austin, is a prolific blogger who writes on the entertainment industry and issues for people with developmental and physical challenges.She is presently in high school looking to have a career in video, film, and media. You can see more of her entertainment writing on Lonstein Movies.
About the Southeast Queens Scoop - is the premier website and only publication offering daily news and updates on the events, culture, issues, and is dedicated to the business and economic development in this largely black historic community.
Since you are here think about this please. Do You Want The Southeast Queens Scoop To Continue To Promote Empowering News and Events largely ignored by the corporate owned mainstream media in our area?
Since most local businesses don't have large ad budgets then please consider donating to ensure we can continue our media efforts. We appreciate all contributions ($5, $10, $15, $20, +) no amount is too small. Please donate now below or read more on donations.
No comments:
Post a Comment