Aretha Franklin Estate Satisfies $7.8 Million Bill Owed The Internal Revenue Service
Aretha Franklin Estate Satisfies $7.8 Million Bill Owed The Internal Revenue Service
When R&B royalty Aretha Franklin passed away four years ago in 2018, she left a massive hole in the hearts of music lovers worldwide. But her death and the long-standing debt the singer owed to the Internal Revenue Service left her estate stifled with the nearly $8 million debt owed to the IRS.
According to the Detroit Free Press, that obligation has finally been resolved as that debt has been paid in full. Based on a court filing by the Queen of Soul’s estate, the $7.8 million she owed has been satisfied. With the latest news, it could potentially lead her four sons to benefit from the revenue that the estate still generates almost four years after she died.
Although the Franklin estate still makes money through various sources such as movies, music and other entertainment projects, the family was not able to gain any of those proceeds because of the massive debt Franklin incurred prior to her death.
The IRS won’t comment publicly on personal tax matters as it would go against federal privacy laws. But, based on a new court petition filed by attorney Reginald Turner, who represents the Franklin estate, the remaining tax liability was paid off last month on June 17. The check was delivered to the IRS via a cashier’s check.
Now that this is purportedly resolved, the next issue that needs to be handled is the multiple wills allegedly left by the Respect singer. There were reportedly three handwritten documents found in her home in 2019. Yet, a fourth will draft also turned up last year. This one wasn’t signed by Franklin but it was allegedly prepared by a Troy law firm in 2017.
Those various documents discovered, caused issues between the four sons, Clarence, Edward, Teddy and Kecalf. As there are conflicting instructions from the documents, the tension between the sons has resulted in the courts having to solve the matter. A trial was initially planned for 2020 but it was delayed because of the pandemic.
Aretha Franklin Estate Satisfies $7.8 Million Bill Owed The Internal Revenue Service
