We lost one of the greatest singers and songwriters of any generation. David Bowie succumbed to his fight with cancer on January 10th. His voice and his lyrics resonate with millions of people. But his mastery of music is only one area he is a genius.
David Bowie has written over 700 songs, and sold 140 million albums, which makes it shocking to find out that he has ever encountered financial trouble. But in the ‘70s David Bowie was at the brink of bankruptcy. Though he was a masterful musician, the business side of the industry trapped him in “bad deals.”
This is not uncommon. When we are young, we are more prone to making bad decisions, regardless of our aptitudes and our gifts. But the key thing in the David Bowie story is that he did not let it keep him down, so when we lost him this week, he is said to have passed 135€ million to his wife Iman, and his two children.
What David Bowie did, we all can do. He realized what he wanted to do – he wanted to leave his loved ones a legacy. He got professional advice. Consulting with professionals, they developed a plan to be able to return the entire inventory of songs to his control and ownership. David Bowie did not know that he was going to die at such a young age. But he knew that if he did, he wanted his loved ones to be cared for.
Most of us will never know what it is like to have hundreds of millions of dollars (unless you were one of the three Powerball winners on Wednesday night). But we all can get professional help to formulate and implement a plan to help you achieve your goals.
Call us today to make an appointment with one of our estate planning attorneys so we can give you the advice and implement a plan designed for you.
Contributed by Morris Hall PLLC Albuquerque, Santa Fe and Las Cruces Estate Planning Attorney and Partner, James P. Plitz.
Why Choose Morris Hall, PLLC:
You have a number of options when it comes to estate planning, so why pick Morris Hall? First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters. Also, Morris Hall is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones. We are one of only three firms in Arizona that belong to the AAEPA and are the only firm in New Mexico that has been granted membership. If you have assets and loved ones that you want to protect, you are in good hands with Morris Hall. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.