Published May 2, 2016 by Dan Ruttenberg
A court confirmed that music superstar Prince died without a will, which leaves complicated questions about who inherits his vast fortune. There are at least six siblings, including half siblings, who may inherit, and the confusion is just starting. In an interview on ABC 7, SmolenPlevy Principal Daniel Ruttenberg explained the problems that may occur when you die without a will, and why it’s vital to make sure that doesn’t happen to you.
Ruttenberg explained that without a will, Prince could not direct where his assets should go. “I think that’s a travesty,” said Ruttenberg. Often, people avoid estate planning because they don’t think they have enough assets. But Ruttenberg said you don’t need to own much to learn from Prince’s mistake — plan now and prevent the heartache and need for the court’s intervention after you’re gone.
A will can dictate to whom your money goes, protect your children’s interests in their inheritance and help avoid taxation. News reports predict Prince’s siblings will split the multi-million dollar estate, but Ruttenberg indicates that someone who claims to be Prince’s child could trump all of that.
Ruttenberg told ABC 7’s Kimberly Suiter that whoever does inherit Prince’s estate isn’t necessarily going to be better for it. Sudden wealth has its own set of problems, and many people who inherit a fortune overnight end up blowing it all quickly. They can end up broke, homeless, and in a worse position than they were before getting the money.
Daniel H. Ruttenberg
Daniel H. Ruttenberg is a principal with the firm. He is a member of the Bar in Virginia, Maryland and the District of Columbia, and is licensed as a Certified Public Accountant in the State of Maryland. Mr. Ruttenberg received his Bachelor of Science degree with a double major in Accounting and Finance from the University of Maryland. He earned his Juris Doctor with Honors from George Mason University School of Law and his Master of Laws in Taxation with Distinction from Georgetown University Law Center. Mr. Ruttenberg is the author of “The Tax Court’s Execution of the Family Entity: The Tax Court’s Application of Internal Revenue Code Section 2036(a) to Family Entities,” North Dakota Law Review Vol. 80:41 (2004). For the past six years, he has served as Vice President of Devotion To Children, a charity which provides access to high-quality educational and childcare programs for children from low-income families, aged six and under. Mr. Ruttenberg served as the Director of the Fairfax Bar Association (FBA) for seven years. During this period, he was also elected president – the youngest in FBA history. He also served as a member of the Board of Directors for the Fairfax Law Foundation. Mr. Ruttenberg received a SmartCEO Magazine Power Player award in 2013 and 2014, and was named a Top Lawyer by Northern Virginia Magazine in 2015, 2013, 2010 and 2009. Most recently, he was selected as one of the 2015, 2016, 2017, 2018 and 2019 “Best Lawyers in America” by Best Lawyers.
