As Whitney Houston is laid to rest, fans in Connecticut and beyond will pay tribute to the woman with the golden voice who inspired a generation of singers and songwriters. After family and friends say their final goodbyes, a legal battle over her estate may soon begin.
Her estate is not likely to be as valuable as Michael Jackson's. After all, she was most known for her singing talent, not her songwriting. Her most notable hits were written by other people. "I Will Always Love You" was originally written and recorded in 1974 by Dolly Parton. "I Wanna Dance With Somebody" was written by George Merrill and Shannon Rubicam in 1987, and "Didn't We Almost Have It All" was written by Michael Masser and Will Jennings. Since she did not have writing credits, she is not entitled to the royalties.
Houston also had to fulfill a $100 million recording deal she signed in 2001. At the time, she was reported to have owed Arista, now part of Sony Music Entertainment, six new albums and two greatest hits compilations. Since then, only four have come out with the last being released in 2009. Another greatest hits collection was not released in the United States.
However, she did have a number of acting credits. Most notably, "The Bodyguard" with Kevin Costner and "Waiting to Exhale," the film adaptation of the best-selling book by Terry McMillan. She had also completed filming a remake of the movie "Sparkle" where she plays a mother concerned about how her daughters, who form a singing group, handle fame and fortune.
Reports have not surfaced about her debts, but she was rumored to have lost homes in New Jersey and Georgia to foreclosure. It is also unclear whether she had a will or an estate succession plan, but it is likely that future revenues would be received by her only daughter, Bobbi Kristina.
Whatever news emerges about her estate, it is bound to reveal some tax and estate planning lessons for all of us.
Source: The Washington Post, "Whitney Houston's death sparks outpouring that will benefit estate though questins remain," Feb. 14, 2012













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