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Following David Bowie's lead

David Bowie, legend and rock star, might live on in more than just his music or his colorful performances. Bowie passed away from a bout with liver cancer just two days after turning 69. Well known across the world for being one of the great pop artists, he had just finished releasing "Blackstar," his latest album.

Bowie may be remembered by the world for his musical and artistic talent, but his family and others may also remember and appreciate his savvy when it came to planning for the future. Once close to bankruptcy in the 1970's and 1980's, Bowie bounced back by using his good sense and the advice of an investment banker to sell a "stake" in his music. This was a revolutionary idea at the time. He sold what is known as "Bowie Bonds" for a ten-year investment at a 7.9 percent rate of return — to the tune of $15 million dollars.

Bowie, according to the investment banker, said he had been interested in estate planning since his younger days and wanted to protect his wife and family. Bowie left a wife, Iman, a 15-year-old daughter the couple had together, and a son from his first marriage. While the public may never have full knowledge of what Bowie's current estate is worth, or what his heirs will receive, due to his insight and interest in financial planning, it is almost a sure thing that his heirs will be taken care of.

This is one good example of why early estate planning is essential. While doing your estate planning, you can also incorporate your investment goals for growing your net worth and ensuring your family's future is protected.

Source: Forbes, "A Peek Into The David Bowie Estate: His Legacy Extends Beyond Music," Danielle and Andy Mayoras, Jan. 14, 2016

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