Will You Be Worth More Dead Than Alive in Virginia?

NetworthWhen most of us pass away, our estates will not see a sudden growth in wealth. However, sometimes when celebrities pass away, a spike in interest about them drives a large spike in the value of their estates. Lou Reed is the latest example of this phenomenon.

When Lou Reed passed away last October he was already a rock and roll legend, but he had never had a true hit single. Everyone probably knows some of his songs, such as “Walk on the Wild Side” and “Sweet Jane.” Those songs were never number one hits. They were not even in the top 10 in the United States. This left Reed with approximately $10 million in assets at the time of his death.

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 on how the money was likely earned. The article is titled Lou Reed left behind $30 million fortune.”

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.

You can learn more about this topic as well as other strategies on our website under the tab entitled: estate planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.

Reference:New York Post (June 30, 2014) Lou Reed left behind $30 million fortune



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Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.