The article clarifies the two valuation methods: "The Internal Revenue Code provides for two values: the "date of death" value or the "alternate valuation date" value."
Learning the difference and the pros and cons of each method could save an estate a significant portion of tax.
When it comes to celebrities, the estimated future value of their estate can be more problematic.
Two icons, Aretha Franklin and Prince – died intestate (without a will). It will be the task of professionals to come to terms with how to calculate the future value of their estates. Estimates, no doubt, will vary widely. Also under consideration are the post mortem rights of publicity.
Another interesting article from maxim.com has a listing of the earning power of celebrities who have died. “HERE ARE THE TOP 10 HIGHEST-PAID DEAD CELEBRITIES (2017) – “When it comes to making bank, being alive is seriously overrated” by Zeynep Yenisey (Oct. 31, 2017)
It may surprise some that in 2017 Albert Einstein “earned” $10 million and Michael Jackson “earned” $75 million (two people who made the top ten list in 2017)
Even if you are not in celebrity status, having an estate plan and avoiding probate are two goals to be achieved.
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