A recent media article focusing upon the legendary and recently deceased pop entertainer Prince refers to the “Prince Syndrome.”
Given what seems readily known about the artist, many of our readers might reasonably venture a few educated guesses as to what that syndrome centrally entailed during Prince’s celebrated and high-profile life.
As an artist, Prince seemed to leave little to chance. He jealously guarded his creations and performed in a manner dictated by personal whim and not by any third-party directives. In Prince’s realm, there reigned one boss who seemed to tightly manage every aspect of the business , and there was certainly no mistaking who that was.
As noted by the commentator penning the above-cited article, “Few artists are as determined to control the rights to their creative work as Prince was.”
And yet, despite that hands-on-the-reins mentality of the global pop icon, his personal estate is now apparently mired in disarray and conflict in the wake of his death. The aforementioned writer calls it “astonishing” that Prince’s estate planning was so obviously deficient that numerous challenges and inconsistencies are still being sorted out, months after his passing.
It has been widely reported, for example, that the Purple One did not even execute a will to name heirs or outline instructions on how he wanted key estate details regarding real estate holdings, musical rights, investments and other assets handled.
Ideally, notes the above article, an artist such as Prince would have been greatly assisted by a joint team comprising an experienced estate administration attorney and an entertainment lawyer, respectively. Such a partnership could have helped ensure that all the pieces of the artist’s far-flung empire fit together in a logically integrated manner.
Moreover, and as is applicable to virtually any plan, sound strategy can avoid public scrutiny, promote the lawful avoidance of taxes, anticipate and dampen conflict, preserve assets, name individuals having power to act in health care and financial matters, and address a host of other important considerations.
A proven estate planning attorney can provide detailed information.