One of the reasons why it is important to consult with a good South Carolina estate planning lawyer when you are making preparations for the future is because each case is unique. Depending on your line of work and your specific financial situation any number of approaches may be appropriate, and as a layperson you are probably going to need professional guidance if you are serious about making the right choices.
Consider the case of the entertainer and composer Ray Charles. As a songwriter he knew that there would be ongoing income earned after he passed away via publishing and recording royalties. So, he created the Ray Charles Foundation to support charities that he was passionate about before he passed away.
Charles did have 12 children, and he provided for them by giving each a $500,000 trust fund. When he was doing this he required them to make no further claims against the estate in return for the inheritances, and they apparently agreed.
Now, according to an article that is appearing at CNN, seven of these 12 children are being sued by the foundation. It appears as though they attempted to renegotiate copyrights to 51 of their father’s songs. These compositions have been the property of the foundation and the foundation contends that it does indeed own these copyrights into perpetuity.
Starting a charitable foundation can be a great way to enhance your legacy, but of course it has to be done correctly because people can and do step forward in the future challenging your wishes. If you are interested in discussing your charitable intentions with an expert, simply take a moment to arrange for a consultation with a licensed and experienced South Carolina estate planning attorney.
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