Law Offices of Connie Yi, PC - estate planning
Tell Us About Your Case

For the safety of our community, clients and staff, we have suspended all in-person meeting effective March 17, 2020. All consultation meetings will be via Phone or Zoom Video Conferencing. Please contact us at 925-484-0888 or email us directly at [email protected] to schedule the consultation.

Bay Area Estate And Tax Planning Law Firm
Estate Planning
Trust Administration and probate

March toward court averted with settlement in Houston estate case

| Jan 11, 2018 | Uncategorized |

In reference to today’s above blog headline, we’re addressing the singer, not the city.

You’ve heard of her, of course. It didn’t take her untimely death in 2012 to catapult Whitney Houston into rarefied air as an enduring and iconic pop star with an outsized and widely acclaimed talent. Prior to her tragic passing in a home drowning accident, Houston was already one of the biggest names in the entertainment industry

That repute understandably came with an estate of sizable dimensions. Houston sold scores of millions of records during her storied career and was, additionally, a movie star. For obvious reasons, her estate principals jealously guard the many enduring sources of wealth accruing from her talent and fame.

Even — and arguably especially — against attempts by federal tax authorities to stake a claim against it.

As noted in a recent Accounting Today article, that is exactly what the IRS has been doing in the wake of Houston’s passing. The agency claimed after the singer’s death that her estate was purposefully undervalued and that millions in unpaid taxes was owed upon it.

Unsurprisingly, the estate fought back, claiming that nearly $12 million in cited arrears by the IRS was a woefully misconstrued accounting. The parties have been fighting over the matter for years, with a trial slated for next month being on tap to finally settle the dispute.

That court date is now off the table. The two sides reportedly reached a legal settlement late last month, with the estate agreeing to pay the IRS an approximate total of $2.3 million.


FindLaw Network

Recent Blog Post

Is estate planning necessary for young people?

Misconceptions exist about the relationship between age and estate planning. Yes, older people may prioritize estate planning for reasons related to advancing age and health concerns. That does not mean only older California residents benefit from the process. Young...

What are the responsibilities of a fiduciary?

Residents of California may want to learn more about the role of the fiduciary and their responsibilities. Because fiduciary duty may be a requirement among certain professions, clients and professionals should know more about what this is. The meaning of fiduciary...

5 factors to consider when choosing a guardian

For parents, one of the biggest reasons they decide to create an estate plan is to ensure their child will be cared for no matter what. It isn’t easy to think about a tragedy where a child may lose both their parents before they turn 18, but parents have to plan for...

View More Blog Posts