The fight over B.B. King’s legacy is providing estate planners with the same kind of marketing boost Anna Nicole Smith did nine years ago.
The recent death of B.B. King has sparked a huge fight over the late guitarist’s estate – a spectacle not seen in entertainment circles since Anna Nicole Smith – providing advisors with a perfect example why estate plans are so essential.
“The most important lesson to learn from King is the need to have a durable power of attorney in place. A durable power of attorney can allow someone else to legally manage ones financial and business affairs in case one is disabled or incapacitated,” says Charleston lawyer Evan Guthrie on his law firm website. “If one does not have a durable POA then in most jurisdictions the local probate court will appoint someone that they choose to manage one’s affairs under court supervision and in a time consuming and asset consuming matter.”
Given the sad situation surrounding Anna Nicole Smith’s estate which was still up in the air seven years after she died in 2007, the legal problems currently surrounding B.B. King’s estate provides an obvious lesson as to why proper estate planning is essential to the expeditious passing of wealth to surviving loved ones.
Four of King’s children believe that the long-time business manager should not become the executor of the late music legend’s estate alleging that Ms. Toney has been highly involved in King’s affairs to the point of changing the locks on his Las Vegas home, denying the blues musician the care he so needed late in life, and moving as much as $1 million out of various bank accounts.
“We’re asking the probate commissioner to approve [Laverne Toney, B.B. King’s business manager] as executor and personal representative of the estate,” attorney Brent Bryson said June 8. “The spurious and unjustified allegations made against Ms. Toney by Patty King, Karen Williams and Larissa Drohobyczer will be dealt with at a later time.”
Estimates vary on the value of King’s estimate but Washington is on record suggesting there’s plenty of money in her father’s estate and furthermore, he has provided financially for his business manager.
“He knew someone would disagree with his wishes. What he didn’t count on was … LaVerne Toney attempting to mislead his family on his finances,” says daughter Rita Washington. “I hope and pray that the judge will grant us a third, noninterested party to handle my father’s estate.”
In the early stages of court proceedings that could get pretty ugly it’s hard to know how this one will turn out.
“While the history of the music industry is littered with the cautionary tales of recording artists that gave their business managers POA powers and were taken advantage of or flat out stolen from,” says Guthrie, “it appears that King and Toney had a great relationship and there was no evidence to support the children’s allegations.”
“The most important lesson to learn from King is the need to have a durable power of attorney in place. A durable power of attorney can allow someone else to legally manage ones financial and business affairs in case one is disabled or incapacitated,” says Charleston lawyer Evan Guthrie on his law firm website. “If one does not have a durable POA then in most jurisdictions the local probate court will appoint someone that they choose to manage one’s affairs under court supervision and in a time consuming and asset consuming matter.”
Given the sad situation surrounding Anna Nicole Smith’s estate which was still up in the air seven years after she died in 2007, the legal problems currently surrounding B.B. King’s estate provides an obvious lesson as to why proper estate planning is essential to the expeditious passing of wealth to surviving loved ones.
Four of King’s children believe that the long-time business manager should not become the executor of the late music legend’s estate alleging that Ms. Toney has been highly involved in King’s affairs to the point of changing the locks on his Las Vegas home, denying the blues musician the care he so needed late in life, and moving as much as $1 million out of various bank accounts.
“We’re asking the probate commissioner to approve [Laverne Toney, B.B. King’s business manager] as executor and personal representative of the estate,” attorney Brent Bryson said June 8. “The spurious and unjustified allegations made against Ms. Toney by Patty King, Karen Williams and Larissa Drohobyczer will be dealt with at a later time.”
Estimates vary on the value of King’s estimate but Washington is on record suggesting there’s plenty of money in her father’s estate and furthermore, he has provided financially for his business manager.
“He knew someone would disagree with his wishes. What he didn’t count on was … LaVerne Toney attempting to mislead his family on his finances,” says daughter Rita Washington. “I hope and pray that the judge will grant us a third, noninterested party to handle my father’s estate.”
In the early stages of court proceedings that could get pretty ugly it’s hard to know how this one will turn out.
“While the history of the music industry is littered with the cautionary tales of recording artists that gave their business managers POA powers and were taken advantage of or flat out stolen from,” says Guthrie, “it appears that King and Toney had a great relationship and there was no evidence to support the children’s allegations.”
