Before performing on Saturday Night Live Kanye West sent out a tweet admitting that he had a personal debt of $53 million dollars. It appears that his debt has grown larger since his behind-the-scenes interview during the 2015 BET Honors awards where he said that he was $16 million in debt. It is very common for high profile celebrities to encounter money problems. There are many celebrities making large amounts of money who have very little experience with estate planning. This is an issue that also frequently impacts lottery winners or people who get a large inheritance and don’t have good money management skills. It is always a good idea to get assistance from a competent estate planning professional. These types of common situations can be avoided with careful and prudent planning.
See Shenequa Golding, Kanye West Admits To Being $53 Million In Debt, Vibe, February 14, 2016.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
