LBW would like to thank Laura Skilton Verhoff at Stafford Rosenbaum, LLP for collaborating with us on this piece. Her insight was invaluable.
On April 21st, 2016 the music world was stunned—Prince Rodgers Nelson (Prince) passed away at his home in Chanhassen, Minnesota. Prince, an American singer, songwriter, multi-instrumentalist, record producer and actor, was known as a musical innovator. He challenged the industry throughout the years with his extravagant dress and style of music. His innovative style and impact on the music industry allowed him to amass a sizeable fortune. At LBW we respect and appreciate what Prince had accomplished in the musical world; however, what truly amazes us is that Prince did not have an estate plan.
How LBW See’s It
Every quarter it seems we start our commentary with a new “OMG” (yes, LBW used “OMG” as an acronym for “OH MY GOSH”) event and Q2 of 2016 did not disappoint. Headlines were flooded with the BREXIT (a hype word for the United Kingdom exiting the European Union) event to our very own reality TV show, that is the United States (“U.S.”) presidential race. All joking aside, it seems that the U.S. as well as the world has become even more unpredictable, from slow anemic growth across the world to central banks’ monetary policies that seem to be changing every other month. This erratic environment has assisted in the creation of volatility we have seen in the markets year-to-date. Combine the impulsive nature of the world today with the U.S.’ almost seven-plus-year bull market, your result: “The tides have raised all ships, now the storm is causing choppy waters”.