Ozzy Osbourne‘s family is grappling with his death, as well as their finances, according to a source.
“The whole family is in a state of disbelief that Ozzy is really, truly gone,” a source tells the National Enquirer. “They’re struggling to hold it together without their leader, their patriarch.”
The source notes that Ozzy’s widow, Sharon Osbourne, is “exhausted” and is “not in the right space to handle all the particulars dealing with the estate, mentally or physically.”
The source alleges that “the inheritance tax is bleeding the estate dry” and “the debt is awful.”
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“The lavish funeral they staged in Ozzy’s honor [as much as $1.3m US dollars, according to some estimates] didn’t help their financial situation,” adds the source.
At the time of his death, the Black Sabbath frontman owned two homes, a mansion in Beverly Hills, California, and an estate in Birmingham, England, which could both be heavily taxed, according to Hello!
“In the U.S., estates worth more than $14 million face federal estate tax,” estate planning attorney Gideon Alper told the publication. “In the UK, inheritance tax can hit 40 per cent once you’re above £375,000. Without airtight planning, that’s tens of millions gone before the family sees a penny.”
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However, Gideon told the outlet, “If Ozzy’s assets were left in trust, his family could inherit faster and privately.”
Additionally, a source told the Enquirer in August that the legendary musician had acquired “serious debt” prior to his passing.
The Rock’ n’ Roll Hall of Famer died on July 22 at 76 years old following a lengthy battle with Parkinson’s disease.
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source www.yahoo.com ’
