As recording artist, actress, producer, and model
Ms. Whitney Houston leaves not only a legacy of extraordinary talent to the
world, but also a financial legacy of great wealth to the possible sole heir of
her great fortune, her daughter Bobbi-Kristina. The media may run headlines
that highlight her personal troubles, but at least some of her accomplishments
are worthy of recognition to possibly highlight the type of fortune that she
has left behind. The Recording Industry Association of America
(RIAA)
ranks Whitney Houston as the 20th top selling
artist of all time with over 55 million albums sold. Ms. Houston was the only artist to chart seven consecutive No. Billboard 100 hits. The release of her 1985 debut album, Whitney Houston became the best-selling debut album by a female act at the time of its release. Houston would go on to act in her first feature film The Bodyguard released in 1992). The lead single on the Grammy Award winning soundtrack “I Will Always Love You” gained the title of the best – selling single of all time by a female artist in music history. Ms. Houston starred in yet, more movies that included Waiting to Exhale (1995) and The Preacher’s Wife (1996). It is reported that Ms. Houston was contracted to make millions, and possibly $10 million for her final film. Another fortuitous contract deal would be entered in to by Ms. Houston and Arista Records in 2001, signing a $100 million for at least 6 albums to include her greatest hits and her final comeback album, “I Look to You” in 2009 There is a debate as to whether she left a will, and early reports are that she did. Zach Greenburg, Forbes writer, said Whitney Houston will not match Jackson's postmortem earnings, but if her music sells even half as well as Jackson's did, her artist royalties alone could bring the estate more than $10 million in the coming year. As her personal life may have had some complications it would have been wise for her to receive the type of legal advice needed to avoid a contest of her last will and testament that might have included; 1. Changing her estate planning documents after going through a life-changing event including her marriage to artist, Bobby Brown in 1992; the birth of her only daughter Bobbi-Kristina in 1993; the 2001 $100 million contract renewal with ARISTA/BMG, on which she would also earn royalties; and her divorce to Bobby Brown in 2007. 2. Having a revocable trust to keep some of her estate plans private. Unlike probate records that are public, trusts are private. This would also allow for specific control of wealth distribution over time to Bobbi-Kristina who will only turn 19 on March 4, 2012. 3. In addition, a trustee for the beneficiary of her life insurance which would at least delay the whole sum going to a young Bobbi-Kristina. The heart of the matter would have to be that she updated her will, post – divorce as, in her life time Bobby Brown her ex-husband did seek joint custody and spousal support from Whitney after their expedited divorce in 2007. A full picture must be presented of the Whitney Houston legacy. It can’t be done in one article, but there is enough substance for it not to pertain to only the substances that challenged, but could not, and cannot defeat her legacy of talent and fortune.
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