What happens if you die and don't have a will? Hanging in the balance is the value of an estate that some experts estimate could ultimately be worth hundreds of millions of dollars if the family can manage it properly. Soul music icon Aretha Franklin was worth $80 million when she died, according to Celebrity NEt Worth. Then in 2019, in a surprising twist, three unofficial handwritten documents, dated from 2010 to 2014, were discovered in Franklin's home (via The New York Times). worldwide in her career, according to Business Insider. Depending on the size of Franklin's estate, it could be subjected to the federal estate tax. Aretha Franklin Biography. Her wealth included royalties from hit . "It's the era she grew up in she saw so many people, like Ray Charles and B. It doesn't appear that Franklin formed a trust, which would have kept her finances private. But she usually doesn't talk to them until it's too late.". The late 1960's saw some of Franklin's most soulful and fiery performances. Singer Aretha Franklin, nicknamed the "Queen of Soul," left behind an $80 million fortune when she died on Thursday at age 76,according to Celebrity Net Worth. Judge Callaghan has urged the family to settle its differences through a mediator. Well, if youre ready, lets start. Former President Barack Obama said she "helped define the American experience" and one of her performances evenbrought the former president to tears. ", Aretha Franklin singing at Barack Obama's inauguration in 2009. Aretha Franklin had a net worth of $80 million dollars at the time of her death in 2018. Franklin owned a fourth home in Bloomfield Township, but sold it in November 2016 to former Detroit Piston Joe Dumars and his wife, Debra, for $625,000. And no matter the details of her estate, many people will likely agree that Rolling Stone magazine had it right in 2010 when it called Franklinthe greatest singer of all time. Aretha Franklin had a reported net worth of $80 million, but left no will when she died. However, the actual worth of her estate and its beneficiaries have been called into question. Franklin, who won 18 Grammy awards,is known as a musical icon. Given my aunt's deep love of family and desire for privacy, this is not what she would have wanted for us, nor is it what I want," she wrote. Queen of Soul who released the immortal hits " (You Make Me Feel Like) A Natural Woman" and "Respect.". For anything over $25,000, Franklin accepted the balance via check, but cash was her preferred payment method. By clicking Sign up, you agree to receive marketing emails from Insider In addition to their grief, Franklin's family was left to sort out the finances of her estate. She was one of the best-selling artists in history, with one industry estimate indicating she soldover 75 million recordsworldwide in her career, according to Business Insider. Records. Moving on, Aretha Franklin's net worth was estimated to be $80 million US dollars. A spokeswoman for MGM said the films producers, Scott Bernstein and Harvey Mason Jr., worked closely with Ms. Franklin during her life, and that Ms. Earlier this year, Franklin forfeited two Bloomfield Township homes to the Oakland County Treasurer for delinquent taxes only to redeem them a month later when shepaid $19,000 and $11,355, respectively. What Happens Now? Charles Sykes/Invision, via Associated Press. She had been gravely ill and in hospice care prior to her death. Below Deck Sailing Yachts Daisy Kelliher Is the Best Chief Stew. That number includes the value of her likeness, music catalog and royalty stream. At the time of her death, Aretha Franklin was reportedly worth $80 million, which makes the fact that all she had were two handwritten notes about how she wanted her estate divided up all. Buzz60's Natasha Abellard has the story. Theres also her music copyrights to consider: Ownership over royalty streams, in the age of digital streamings continuous payments, can prove much more valuable than physical possessions. The discovery of the wills has put a halt to a lot of negotiations because its unclear who can make the decisions, Mr. Bennett said in an interview. Her mother took Aretha's half-brother, Vaughn, and moved back to Buffalo, but still frequently visited her other children back in Detroit. The value of her image and song catalogue is also extremely valuable, but are much less liquid assets. Ten years later she reduced President Barack Obama to tears when she sang (You Make Me Feel Like) A Natural Woman at a Kennedy Center Honours ceremony, having previously performed at his inauguration. Intent on running her own affairs, she cycled through numerous lawyers over the years, and ignored their pleas to write a will or at least to work with any of them in doing so. When she died, Franklin's family believed that she had no will, per The New York Times, which meant that whatever her estate was worth would be divided equally among her four sons Clarence, Edward, Kecalf, and Teddy who had appointed their cousin, SabrinaOwens, as the estate's executor. The Franklin brothers, she said, are on a private email list the family uses to vet the parades, tributes and other Aretha-related events that frequently come up yet all those events, and the constant media attention, she said, have not given the family a chance to grieve as normal people., When it comes down to it, Cristal added, as a family were still sticking with each other, were still loving on each other. If you do not know, We have prepared this article about details of Aretha Franklins short biography-wiki, career, professional life, personal life, todays net worth, age, height, weight, and more facts. According to Fortune, she had an estimated net worth of $60 million. Wilson said some of Franklin's compositions were covered by other artists, butmost were retained by her. People do have a fear of professionals, Mayoras said. She was also engaged to Willie Wilkerson. Her youngest child, Kecalf Cunningham, was born in 1970 to Franklin and her road manager Ken Cunningham. "It's only tax-exempt if it was set up in a totally irrevocable way," Hines said. The deal also allowed for Franklin's four sons to each receive $200,000 from the estate while they continued their legal battle over it. But she declined to discuss other questions, such as whether she views the notarized will as being particularly valid. The soul Queen was estimated to be worth around 47million having amassed a fortune through her dazzling . The March 2014 will gave a greater share of her estate to her youngest son, Kecalf Franklin, and her oldest son, Clarence Franklin, was to get less. Aretha Franklin had a reported net worth of $80 million, but left no will when she died. The legendary Aretha Franklin died a little over a year ago, on August 16, 2018 at age 76. Her albums from the 1970s include Spirit in the Dark, Let Me in Your Life, You, Sparkle, Sweet Passion, Almighty Fire, and La Diva. In 1985, Franklin released her first platinum-certified album called Whos Zoomin Who?. Aretha Franklin, on the other hand, owed $8 million in taxes at the time of her death, according to her longtime attorney, David Bennett. Aretha Franklin, the "queen of soul" known for hits like Respect and Think, has died in Detroit at the age of 76. Franklin performed an eye-catching cameo in cult comedy The Blues Brothers, and then she scored a number of big hits in the 1980s including Who's Zooming Who? Her first single with J.V.B. What was Aretha Franklin's net worth? Still, $80 million is certainly nothing to sneeze at. Michael Rosenberg, the co-chairman of Imagine Entertainment, the studio producing Genius, said the project was in preproduction. Franklin, 76, died Aug. 16 of pancreatic cancer. Franklin has released many hit singles in her career, including Spanish Harlem, Think, Freeway of Love, I Knew You Were Waiting (For Me), and Jump To It. She has appeared twice in the list of 100 Greatest Artists of All Time by Rolling Stone magazine. So what happens to the fortune she accumulated over a decades-long career? Aretha Franklin had a net worth of $80 million dollars at the time of her death in 2018. Teddy Richards Wife, Net Worth, Father, And Biography Of Aretha Franklin's Son Teddy Richards is an American singer, songwriter, guitarist, and producer. The star gave her final performance last November at a gala in New York held in aid of the Elton John Aids Foundation. When Franklin was three years old, her whole family moved to Buffalo, New York, before permanently relocating to Detroit, Michigan. She was one more in a long line of celebrities that are very successful but that neglect how important estate planning can be . However, the singer's longtime attorney David Bennett stated that she owed $8 million in taxes at the time of her death. Aretha Franklin has died at her home in Detroit, according to the Associated Press, following reports she was gravely ill. She was 76 years old. The heirs that have come forth to insist upon ownership of his estate include five half-siblings, one of whom hadnt seen Prince for 15 years. Aretha Franklin, 76, passed away in Detroit, Michigan, on August 16 of advanced pancreatic cancer. In the business of estate management, everybody in a family has to be on board and move together in a supportive, cooperative manner, said Jeff Jampol, who manages the estates of Janis Joplin, Otis Redding and the Doors, or they will tear the fabric of the legacy asunder.. It has 2,200 square feet on the main floors and another 1,154 in the basement.Tax assessors list its valueat $270,000. Yet the producers of both projects said they were moving ahead, and had secured all necessary rights. In March 2021, lawyers for two of Aretha Franklin's sons revealed a draft of a will from 2018 had been found in the office of a lawyer who had been working with Franklin on estate planning (via The New York Times). She was best known for her songs "Respect", "Think", "Chain of Fools", [1] and " (You Make Me Feel Like) A Natural Woman". Aretha Franklin is reportedly one of the latest celebrities to die without a will. Her height was 1.65 m. tall, and weight was 79 kg. The Queen of Soul didn't have a will. Aretha Franklin was born on March 25, 1942, and she was 76 years old at the time of her demise on August 16, 2018. His is superb. Parks had no children and her husband, Raymond, died before she did. In court papers, her lawyers said that Owens had transferred the title of the car to have it insured, not to own or use it, and in a pointed note, added that Kecalf had asked permission for his son to drive the vehicle. No one other than Ms. Franklin is to be given payment in any form on her behalf unless prior written authorization is received from our office." ", "It is understood that this money shall be presented by the promoter or the designated person, directly to Ms. Franklin," states a contract published by The Smoking Gun in 2010. Quick Facts About Aretha Franklin Celebrated Name Aretha Franklin Age 80 years old Nick Name Aretha Franklin Birth Name Aretha Louise Franklin Birth Date. At the age of 10, Aretha Franklin started performing solos in New Bethel. TMZ reports she had no will. We've seen it with other celebrities.. But the 2014 will does not even list him as a beneficiary, except to the extent that the other sons follow their mothers written dictate to take care of him. However, she passed away after suffering a heart attack in 1952. Sir Elton John said he "adored and worshipped" the star, and wrote: "the loss of Aretha Franklin is a blow for everybody who loves real music. Legendary singer Aretha Franklin, often called the Queen of Soul, died on August 16, 2018, at her home in Detroit, Michigan (via Rolling Stone ). Franklin has released a total of 41 studio albums and has sold more than 75 million copies worldwide. Aretha Franklin, whose gospel-rooted singing and bluesy yet expansive delivery earned her the title "the Queen of Soul," has died, a family statement said Thursday. Three of her sons Clarence, the oldest, along with Kecalf and Edward were raised together in the Detroit area, and for years formed a tight-knit unit, according to Rev. By Emily Zauzmer. According to The New York Times, Franklin's "commercial fortunes were uneven, as her recordings moved in and out of sync with the tastes of the pop market.". Aretha Franklin Net Worth 2022 @ $60 Million Aretha Louise Franklin, commonly known as Aretha Franklin, is a famous American musician, actress, singer, as well as a songwriter, who has a net worth of $60 milliondollars How Much Aretha Franklin Earns A Year? Woman shot dead after pulling into wrong driveway, Man charged with shooting boy who knocked wrong door, US accuses Brazil's Lula of parroting war propaganda, DeSantis floats idea of state prison near Disney park, US diplomatic convoy attacked in Sudan - Blinken, FBI makes arrests over US Chinese 'police stations', Award-winning photo turns out to be AI creation. Dean Paul Martin, who died in a plane crash on March 21, 1987, had a career as a pop singer and actor in film and . She has received 18 Grammy Awards in multiple musical genres, as well as two Honorary Grammys. Aretha Franklin's voice made her the Queen of Soul with riches to match. "It would have expeditedthings and kept them out of probate, and kept things private," he said. "She just doesn't have time for it and she doesn't realize the kind of bad press she gets from not dealing with things like that. With that understanding, the sons approved. About 15 nieces and nephews contested the will in a court battle that lasted for years before being settled. In 2014, a foundation created by Howard Buffett, son ofbillionaire investment guru Warren Buffett, purchased the items for $4.5 million. The Queen of Soul has lit up headlines in recent days as National Geographic will soon debut an eight-episode biopic on Aretha Franklin. But if any will is accepted by the probate judge overseeing the estate, that formula for the distribution of assets would be upended, with far-reaching consequences for Franklins sons, whose earnings could change some drastically, depending on which will is declared legitimate. Aretha Franklins Estate Is Worth $80 Million. Among those who claimed she didnt pay were dentists, accountants, lawyers, limo drivers, and tax collectors as well as a songwriter,a dressmaker, a music arranger, a moving company, a landscaper, a home inspector and even the guardian for her mentally ill son. If other celebrity estates are any guide, shirttail relatives and long-lost friends could appear looking for a payout. Franklin bought that 6,200-square-foot, five-bedroom housein August 1993 for an undisclosed amount. Aretha Franklin's Net Worth: How Much Was The Singer Worth When She Died. Initially, it looked like this mother of four hadn't written a will. With that understanding, the sons approved the appointment of a cousin, Sabrina Owens, as the estates personal representative, or executor. She grew up in a religious and musical family, with her talents noted from a very young age. As a subscriber, you have 10 gift articles to give each month. In the 1970s, she again moved to Los Angeles. The 2016 death of pop star Prince, who left no will, touched off a legal battle for his fortune, including rights to recordingsthat the singer kept in a vault without publishing. TMZ reports she had no will. Franklin's niece, Sabrina Owens, was named the estate's executor (via The New York Times). (adsbygoogle = window.adsbygoogle || []).push({}); You have entered an incorrect email address! Aretha Franklin passed away in Detroit, Michigan, on August 16. Franklin began singing at an early age in her father's church, and he began managing her when she was twelve years old. All rights reserved. As of April 2023, Aretha Franklin has an estimated net worth of more than $90 million. Former President Barack Obama, whose inauguration she performed at, released an emotive statement with his wife Michelle saying Franklin's music "helped define the American Experience". Aretha Franklin is a well-known singer from America who is also a songwriter and started her career as a child. In 2005, she was conferred with the Presidential Medal of Freedom. Franklin's iconic status, as well as her musical success, has led many to wonder how much money she made. Aretha Franklin funeral and tribute: Key details, locations and more, Lawmakers want Congressional Gold Medal for Aretha Franklin, Aretha Franklin didn't have a will, but you should: How to get one, Your California Privacy Rights/Privacy Policy. Nearly three years have passed since Aretha Franklin, known as the "Queen of Soul," died from pancreatic cancer at age 76. Sign up for notifications from Insider! Franklin's real estate holdings alone make her a multimillionaire, but it's hard to gauge her net worth without knowing her debts and the value of the rights she retained to the music recordings that made her famous. 'A legend in her own right': Carolyn Franklin, Aretha's forgotten sister She was a genius songwriter and singer but could never escape her sibling's shadow - and died at just 43. Like their mother, Franklins sons for decades have largely kept family matters private. Her. But what happens to your money and assets without one? Aretha Franklin had a net worth of $80 million dollars at the time of her death in 2018. In the second half, she served as the accompanist as Franklin sang "I Say A Little Prayer" and "America (My Country 'Tis Of Thee).". Many of her songs have reached the "Top 40" on the Billboard charts. She said that she was an assistant to Franklin for more than 20 years, and that she has continued to work with Ms. Owens and the estate. The love she had for her children, grandchildren, nieces, nephews and cousins knew no bounds.". Aretha Louise Franklin (March 25, 1942 - August 16, 2018) was an American soul and R&B singer. Hopefully they can put their financial beef behind them in the name of her legacy. Does that enhance the validity of that version of the will? Contact John Wisely: 313-222-6825 or jwisely@freepress.com. Death date: August 16, 2018 (age 76) Zodiac Sign: Aries. To some extent, the seeds of the estates problems were planted by Franklin herself. According to the Detroit News, Franklin's estate was hit with a very big bill by the Internal Revenue Service a whopping $7.8 million for unpaid taxes from 2000 to 2007. A trial in August 2021 will ultimately determine the validity of the various documents and potential control of the estate and it assets. and the George Michael duet I Knew You Were Waiting (For Me). Althoughshe was worth $80 million at the time of her death, she also reportedly owed around $8 million in taxes, per Celebrity Net Worth,so there is a lot to be worked out regarding her estate and who gets what and how much they will have to help contribute. Any time they don't leave a trust or will, there always ends up being a fight.". If Franklin is found to have died without a will, Clarence would receive a one-fourth share, like the other sons. Twenty of her songs have gone to #1 on Billboard's R&B singles chart. Attorney David Bennett of Bingham Farms is providing legal services to the estate at a rate of $350 per hour, according to a fee agreement filed in court. She was the first female inducted into the Rock and Roll Hall of Fame. But soon a series of handwritten documents surfaced, including one found under a sofa cushion in her home (via The New York Times). Ms. Owens, the daughter of Arethas sister Erma, denied any wrongdoing. 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