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On February 11, 2012, Whitney Houston passed away, but thankfully her legacy lives on forever. The world knows Houston as the legendary voice that sang the sweetest gospel, pop, and R&B. But as AfroTech previously reported, Houston’s sudden passing left her estate in a bit of turmoil. Most of the troubles stemmed from the nature of her $100 million artist contract — the last she signed with Sony/Arista. Celebrity Net Worth reveals that, ultimately, Houston only earned $40 million out of the total $100 million that her record company owed her. It’s important to note that record companies don’t pay out the full value of the contract upon signing — and in Houston’s case, she was in debt to Sony/Arista at the time of her $100 million signing, which made the accounting even more complicated. “An artist is paid in stages, and each payment is essentially a loan based on the success of future albums,” reports the outlet. “Whitney only ever earned $40 million of her $100 million contract but...
James Brown was a musical legend — but his failure to engage in estate planning prior to his passing away left his family in financial turmoil. As AfroTech previously reported, the “Mother Popcorn” singer had an estate that was estimated to be worth more than $100 million. But when he died in 2006, his will was nothing if not vague. According to Smithsonian Magazine, the Godfather of Soul merely made provisions for the value of his estate to be designated for scholarships for children in need. Given how James Brown grew up — in a small wood cabin in the rural town of Elko, SC — it would make sense that he’d want nothing but the best for those who may be like him. But needless to say, his will was contested almost immediately after his passing thanks to his complicated legacy. And, after a costly 15-year battle, his heirs finally sold the value of his estate for $90 million to Primary Wave Music. This settlement, however, is not without its issues. “For the past 15 years, several...
In 2018, Marvel’s “Black Panther” had the world in a proverbial chokehold. Black children and adults everywhere were crossing their arms proudly, exclaiming, “Wakanda, forever!” A significant part of this cinematic magic and influence was the performance of Oscar-nominated actor Chadwick Boseman. Sadly succumbing to colon cancer, Boseman passed away in August 2020. But without a living will, his estate was left in limbo. Almost two years later, Boseman’s estate has been settled.
Black Americans are losing out on a $68 trillion wealth transfer. But what can fix the problem? Planning ahead. “According to an analysis of high net worth and ultra-high net worth markets by consulting group Cerulli Associates, by 2047, trillions will have been passed down to future generations, and due to a lag in estate planning in Black America, Blacks might not actively transfer wealth to their descendants,” reads a new report in the Atlanta Black Star. Put simply, white Americans remain wealthier than other ethnic groups because they keep the money in the family. The Brookings Institute reports that on average, the typical net worth of a white family was $171,000 in 2016, which is nearly ten times the value of the typical net worth of a Black family (which only held a little over $17,000 in assets in 2016). And while the numbers haven’t jumped significantly in the past few years, Black Americans are missing out on whatever wealth they may be entitled to because of the lack of...