Although DMX was successful in music and movies, the rap icon experienced serious legal and financial problems. His story proves that regardless of your financial status, planning for your potential incapacity and eventual death is something you should take care of, especially if you have children. The saddest part of this whole situation is that all the conflict, expense, and trauma that DMX’s loved ones are likely to endure could have been prevented with comprehensive estate planning.
Summer is coming, young people across the country are about to reach a key milestone: high school graduation. If you have a child claiming their diploma, now is the time to prepare them for life after leaving the nest, but make sure they've got the proper planning in place. By doing so, you're modeling good financial stewardship and setting them up right from the start. Financial and legal illiteracy is an epidemic that you can quickly address, starting with yourself and your own family.
Planning for your potential incapacity and eventual death, regardless of your financial status, is something that you should take care of immediately, especially when you have children. While Aretha lived a relatively long life, you'll never know when tragedy may strike, and through diligent estate planning, you can save your family from the needless disputes, expense, and embarrassing public exposure the late singer's loved ones are currently enduring.