Who knew a “Walk on the Wild Side” could pay off so handsomely? Late rock legend Lou Reed left behind a $30 million fortune, The Post has learned. $20 million-plus in “money and other property” doesn’t include the approximately $10 million in gifts Reed left to his wife, sister and mother in his will. It also doesn’t include life insurance or retirement accounts. The funds are likely from Reed’s copyright and publishing interests ...
By Stephen K Lehnardt
Everyone probably knows some of the late Lou Reed's songs, such as “Walk on the Wild Side” and “Sweet Jane.” Even though Lou Reed became a rock and roll legend during his lifetime, he never had a true number one hit. His songs were not even in the top 10 in the United States. This left Reed with approximately $10 million in assets at the time of his death.
Reed's manager recently filed papers in court that he had already garnered another $20 million in assets for Reed's estate. The New York Post recently reported on how the money was likely earned. The article is titled “Lou Reed left behind $30 million fortune.”
When Reed passed away, interest in his work suddenly spiked. Many TV producers and advertisers asked to use his songs. It is likely that many copies of his music were sold as well. This new income will be distributed between Reed's widow and his sister.
You do not necessarily have to be a celebrity for your estate to gain value after you pass away. Most estates will not see the same spike in assets celebrity estates do, but they can still grow. Careful estate planning and wise investment of estate assets can see the total value of the estate continue to grow. For example, if the assets of the estate are put in a trust and invested wisely by the trustee, the value of the trust can be much greater by the time the trust's term ends.
For more information in Liberty, MO and the Kansas City Area about effective planning and to access free information and tools to organize your estate, visit our elder law and estate planning website.
Reference:New York Post (June 30, 2014) “Lou Reed left behind $30 million fortune”