Nipsey Husslepassed awayinMarch2019unexpectedlyat the age of 34.
He wasshot and killed outsideof The MarathonStore by Eric Holder(allegedly), who was indicted by a grand jury in May 2019.Holder’strial has been postponed due to the COVID-19 pandemic, and he is set to have his next hearing on January 2021 according to New York DailyNews.Nipsey was a two-timeGrammy rapperand wason the rise before he wasmurdered.Nipsey was buried at Forest Lawn Memorial Park. His celebration of Life held at LA’s Staples Center was attended by over 21,000 fans and mourners.
It was only recently that we learned the final amount of Nipsey’s estate. His total estate was deemed worth $4,169,088.57 according to TMZ. According to legal documents, it has beenreportedthat most of his estate net worth comes from his trademark portfolio and some personal jewelry items. His estate net worth was also deemed high thanks to his trademark portfoliowhichincludeshis name, signature,voice, and likeness on or in products or goods. This portfolio alone is worth $913,000 according to TMZ. It is also reported that his portfolio will only increase in value as Nipsey’s legacy lives on.
Nipsey also owneda25% share of stock in The Marathon Clothing Brand which is now valuedabove $270,000. Hehada100% interest in“All MoneyInNo Money Out, Inc.”which is worth over $2 million today.With all these assets, it has been reported that Nipsey did not own any real estate or property of his own.There is a possibility that heowned buildings and assets throughsome of his ventures, but that still remains unclear.
As some of you may already know, Nipsey was a father oftwo.Nipsey was granted full guardianship over his daughter, EmaniAsghedomwho was 12,following a custody disputeandhehad joint custody with Lauren London for his son,KrossErmaisAsghedom, who was 4.
Since Nipsey’s death was unexpected, he did not have the right documents prepared. He failed to named guardians for his two children andhe also did not have a Will. As a result, a judge had to pick who would have legal guardianship over both of his children.Whileguardianship ofKrosswas not an issue and went to his mother LaurenLondon, the guardian of his daughter was a harder decision.His daughter, Emani, had been living with Nipsey’s sister Samantha Smith after his passing. Samantha filed forguardianship, but so did the child’s mother TanishaFoster. This led to an extensive battle over custodythat went on for over 6 months - the legal bills must have been astronomical.In the end, Nipsey’s sister won the battle and she along with Nipsey’s mother are the legal guardians of Emani. All of this could have been avoided if Nipsey had a Last Will that designated his preferred guardians.
The lack of hisLastWillwith guardianship provisionscreated the issue of wondering where his estate would end up. According to California Law,it states that in the absence of a Will, that money must be split equally betweenthe children. Since Nipsey had no Will, his estate will be split between his two children, butsincehis children are minors, they are ineligible to access theirinheritanceuntiltheyreach the age of majority. During that time, the guardians will have access to the funds, and it is up to the court to decide how much oversightif any, they will have in monitoring the money's use. There is very little to guarantee that the money will actually be used on orfor the kids.
Since there was no Will,Lauren,the mother ofKross,had to petition the court for approvalto be the guardian ofKross’sshareand manage his inheritance. She was granted permission and nowwill control his half of the finances. The other half of his financesthatgo to his daughter EmaniAsghedomwill be controlled by his family, who also had to petition to be the legalguardians of her estate.Both children are expected to receive just over $2 million each, as well as future earnings of the estate.
A little bit of estate planning could have saved a ton of money for the children.
The key is to plan now and avoid the fight and expense of what comes later when there is no plan.
To avoid a situation like Nipsey's, make sure you are prepared for the unexpected. Set up your Strategic Planning Session with us today to begin your estate planning. You can schedule your session by giving us a call at 978-657-7437 or by booking an appointment online at BookMyPlanningSession.com!
FAQs
Unexpected death is death that occurs suddenly and earlier than anticipated.
Who will inherit Nipsey Hussle's estate? ›
The significance of Nipsey Hussle's estate cannot be understated, with assets valued at approximately $11 million. As a result of the recent ruling, his children are poised to inherit a substantial portion, with Emani and Kross expected to receive around $5 million, alongside ongoing annual payments from the estate.
Who did Nipsey Hussle leave his money to? ›
Nipsey Hussle's kids are the primary beneficiaries of his estate. Lauren London with her sons, King and Kross. Nipsey had two kids at the time of his death — his daughter Emani Asghedom, whom he shared with ex-Tanisha Foster, and his son with Lauren London.
How much money did Nipsey Hussle have when he died? ›
At the time of his death, Nipsey Hussle's estimated net worth was around $8 million. However, it is unclear who inherited his money. The rapper was survived by his two children, Emani and Kross, his brother Samiel Asghedom, and his parents, Angelique Smith and Dawit Asghedom.
What happens if someone dies unexpectedly? ›
If someone dies at home unexpectedly
The coroner may call for a post-mortem examination to determine the cause of death. This may take some time, so the funeral may need to be delayed. You cannot refuse the examination, but you can tell them if you need to arrange the funeral quickly for faith reasons.
What is it called when someone dies for no reason? ›
It is not a formal condition or diagnosis and does not necessarily indicate a specific medical condition. Sudden death syndrome (SDS) is an umbrella term for many biological scenarios leading to quick-onset and unforeseen mortality. The person involved often has little to no warning signs of illness.
How much did Nipsey sell mailbox money for? ›
The Guardian profiled Hussle this week and he finally opened up about the entire process of selling an album for $1000. “It surprises me,” he says. “As much as I believe in it. Every time I get a transaction, I get a text on my phone, and I've been hitting them back.
What nationality is Ermias asghedom? ›
Ermias Joseph Asghedom (born Airmiess Joseph Asghedom; August 15, 1985 – March 31, 2019), known professionally as Nipsey Hussle, was an American rapper, entrepreneur, and activist.
What part of Africa is Nipsey Hussle family from? ›
At the age of 19, Nipsey Hussle took the money he earned hustling on the streets of South Los Angeles and bought a plane ticket to his father's homeland — a tiny country in eastern Africa that fought a brutal war to secure its place in the world as Eritrea.
Did Nipsey have a daughter? ›
“When I say we own it, it's in Hussle's kids' names,” Sam said to hosts Rashad Bilal and Troy Millings. “This is something their father worked for, and that they own, and that's important to me. Also, just having a brick-and-mortar once again reinforced what Hussle told us and taught us.”
Who was Nipsey Hussle married to when he died? ›
The late rapper died from gunshot wounds on March 31, 2019. Lauren London is remembering her late partner Nipsey Hussle on the 5th anniversary of his death. In an Instagram post on Sunday, the actress penned a tribute to the late rapper and posted a photo of Hussle to reflect on her loss.
How much life insurance did Nipsey Hussle have? ›
💡 Top Voice | Goldman Sachs OMBW | Vital Voices… Although Nipsey Hussle was on the right track in protecting his family with a million-dollar life insurance policy...it was not enough.
Where is Nipsey buried? ›
Countless murals were created to memorialize Nipsey upon his death. His gravesite is located inside the Court of Liberty section of Los Angeles' Forest Lawn Memorial Park.
Did Lauren London inherit anything from Nipsey Hussle? ›
Lauren London has been granted an ownership stake in late rapper Nipsey Hussle's business assets. London received the ownership from the rapper's elder brother, Blacc Sam, who recently filed a report of Nipsey's estate's holdings, which is valued at $11 million in total.
What is considered accidental death? ›
An accidental death is an unnatural death caused by an unintentional and/or unforeseen event, such as a slip and fall, traffic collision, or accidental overdose prescription medication or poisoning. Accidental deaths are distinguished from death by natural causes and from intentional homicides and suicide.
What is the most common cause of sudden death? ›
The most common cause of sudden cardiac death is ventricular fibrillation, which is a kind of arrhythmia that causes the heart muscle to be unable to contract as usual. This situation makes regular heartbeats impossible, consequently preventing the pumping of blood throughout the body.
What are the three types of death? ›
Clinical death occurs when the heart stops pumping blood and brain activity has ceased. Cortical death occurs when all electrical activity in the brain ceases, but the heart continues to pump blood. Psychic death occurs when a person's personality has completely disintegrated due to some kind of trauma or disease.
What is unintentional death called? ›
What is the definition of an accidental death? The term accidental death is defined as any death that occurs as the result of an accident. These types of death are only deemed accidental if it was not intended (suicide), expected, or foreseeable (illness).
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