On Behalf of the Firm
The importance of estate planning and wills is fairly common knowledge, but recently, the family of a famous musician learned that lesson the hard way.
Johnny Thunders, well-known guitarist for the New York Dolls, died of mysterious circumstances in Louisiana in 1991. As he did not have a large amount of assets (totaling roughly $4,000 at the time of his death), he did not think that any form of estate planning was necessary, and did not leave a will.
At the time of his death in ’91, the New York Surrogate Court put the estate and assets in the hands of his sister, Mariann Bracken. Over time, the estate grew to be valued in excess of $250,000.
Thunders’ sister passed away back in 2009, and since then, the estate has lied dormant. It passed on to Thunders’ daughter, Jamie Michelle Susanne Genzale, but she was not able to afford the $75,000 bond in order to be allowed to manage the estate, so it has been unmanaged.
Further complicating matters, Dino and Vito Genzale, Thunders’ sons, are now attempting to sue Jamie Michelle in order to stop her from being able to manage the estate. According to police records, both Dino and Vito have a history of drug abuse problems and other illegal activities.
All of this trouble could have been avoided if Thunders had set up a will or an irrevocable trust for an LLC, both of which are fairly simple matters.
His family has had to learn the hard way, but you and yours do not. Get started on estate planning today, and get the peace of mind you deserve.