Los Angeles residents with high-value estates may be interested in the latest court filing by the executors of the Lou Reed estate. This filing outlines the value of most of Reed's property, though some high-value assets have been left out.
On Oct. 27, 2013, former Velvet Underground singer Lou Reed passed away at age 71 from health issues related to a liver transplant. He was married to Laurie Anderson, a musician, but the two had no children. In his will, he left his estate to both his wife and his sister. In order to provide medical and other care for their mother, a separate gift of $500,000 was made to Reed's sister.
The executors of Reed's estate, including his former accountant and manager, have now filed papers with the court tallying up Reed's assets. These consist of the copyrights for his songs, including cult hits such as "Walk on the Wild Side" and "Pale Blue Eyes" as well as his interests in the music publishing business. However, reports indicate that some of Reed's property was not included in the amount. Reed owned a home in East Hampton, New York, as well as an apartment in Manhattan. The home was purchased for a reported $1.5 million just five years ago while comparable apartments have been sold for millions of dollars recently.
When making plans for high-asset estates, complex issues demand that the proper documents are drafted in order to protect those assets. An attorney with experience in estate planning may be able to help by assessing the person's financial situation and determining the proper vehicles. They may also be useful in acting as a trustee or executor in order to help ensure that the property is distributed as desired.
Source: USA Today, "Lou Reed's estate worth over $20M, executors say", July 01, 2014