Tuesday, September 2, 2014
As I have previously discussed, the estate of Velvet Underground singer Lou Reed has increased to $20 million since his death last year and is now worth $30 million. Compared to executors of other famous estates, Reed’s executors will be paid a small sum for fees, as they are requesting a total of $220,000. In contrast, the executors for Michael Jackson’s estate are being paid 10 percent, which results in a huge sum considering just one business deal of the estate with Sony was for $250 million.
See Bonnie Kraham, Trusts Can Keep an Estate Private, Times-Herald-Record, Aug. 28. 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.