Lessons learned from a Prince

Prince was undeniably one of the greatest musicians of our time.  He could play a number of instruments at a level that I would give my left arm to play one.  He was a talent to be sure.  His passing has left a talent void to be sure.  During his time making records and touring the world Prince was able to amass a fortune and stay relevant for decades.  I was shocked when I heard that he was gone.  I was even more shocked when I learned that he died without a will!  It’s one thing to go out there and earn and become the best at what you do but it is so important to cover your bases as well and protect the people you love, the charities you love, and this estate that you’ve worked so hard for.

If you are a parent, get a will.  Without one there is a huge issue with guardianship of your minor children.  I’ve seen it a lot of times, what you think won’t be a big deal does become a huge deal when you’re gone.  If you have any desire to gift monies to charity, get a will (and/or a trust).  Prince’s charities will likely lose out on millions of dollars because he didn’t dictate where funds should go at his passing.  If you are at risk of estate taxes, get a trust.  It will save your heirs hundreds of thousands of dollars.

There are so many simple things you can do to make sure your hard earned money goes where you want it to go.  Take the time to meet with a financial planner and an attorney and get it done right the first time.

Be better.

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