Aretha Franklin’s Tax Debts Will Cut Into Her Net Worth By 2022
Aretha Franklin is a Grammy Award winning singer, and her net worth is estimated to reach $850 million by 2022. She is currently married to Clarence Franklin. This is their second marriage, and their net worth is estimated to increase even more. However, Aretha Franklin still owes tax debts, and these taxes will cut into her overall net worth.
Clarence Franklin’s net worth
When Aretha Franklin passed away last year, she left an estate worth $80 million. Franklin was the highest-selling musical artist of all time, with 75 million albums sold worldwide. The deceased also won 18 Grammy Awards and numerous other accolades. Despite her wealth and fame, her estate is a mess. Her assets will be divided between her four adult sons.
Aretha Franklin was also a popular singer and activist. The singer was inducted into the Rock and Roll Hall of Fame and the National Women’s Hall of Fame. Clarence Franklin had a net worth of $11 million at his death, but his wife, ARETHA, was estimated to be worth $80 million.
Aretha Franklin’s net worth
Aretha Franklin has been a household name for over five decades, and her net worth is expected to reach more than $90 million by the year 2022. As one of the greatest musical artists of all time, her music has sold more than 75 million copies in Canada alone, making her one of the most successful artists of all time.
While she grew up in Detroit, the Queen of Soul spent a great deal of her adult life in New York and Los Angeles. However, she relocated permanently to Detroit in the early 1980s to care for her ailing father. After a series of health setbacks, Franklin struggled to lose weight and was frequently forced to cancel concerts. In 2010, she underwent a brain tumor removal and announced that she would not be able to perform at concerts for some time.
Clarence Franklin’s second marriage
Aretha Franklin’s marriage to Ted White was an unhappy and troubled union. The couple’s relationship triggered heavy drinking, and the marriage ended in divorce. According to David Ritz, the unofficial biography of Aretha Franklin, Ted White was “possessive” and “never satisfied,” as stated by Aretha’s sister Erma Franklin. Clyde Otis, the record producer, also described Ted as possessive.
Franklin was a private person who rarely talked about her family. She never publicly announced her son’s identity. But her brother Cecil told the magazine Ritz that his father was a school friend. However, Aretha never seemed interested in revealing the identity of the father. She also claimed that the pregnancy was easy, and her father was not particularly furious. However, after the birth of Clarence, his father gathered the children and made them aware of the consequences of promiscuity.
Aretha Franklin’s tax debt
The singer Aretha Franklin has a large tax debt with the IRS. The singer died in August, leaving behind a huge tax bill. Her estate is owed more than $6 million in back taxes and nearly $1.5 million in penalties, according to the IRS. According to her former lawyer, the massive tax lien is the result of several audits that took place over the last six years. The year in question was 2018, but the tax year hadn’t yet ended.
As of October, the estate owed the IRS more than $54,000 in back taxes for the past six years. Franklin’s estate attorney David Bennett said at least $3 million of the debt was paid in 2018.
Aretha Franklin’s estate
The estate of Aretha Franklin has suffered through legal troubles since the singer died in 2018. While there was no will in place, the IRS was able to stake its claim on the singer’s estate. The estate entered into a deal with the IRS that allowed it to pay off a portion of its debt while still allowing the heirs to benefit from the estate. The settlement included limited payments to Franklin’s sons. The remaining debt, however, would have to remain unpaid.
The family’s fight over the estate has been ongoing for months. The surviving sons of the late singer have argued over who should be named the personal representative of the estate. Kecalf, the youngest son, requested to be appointed the personal representative. However, his older brother, Clarence, has objected, stating that Kecalf doesn’t have the financial knowledge to be the personal representative. Also, Kecalf’s share of the estate was greater than Clarence’s in the previous wills. In the end, the estate was divided among the sons, and an attorney was appointed by the state as the personal representative.