Saturday, April 30, 2016
As I have previously mentioned the late legendary Prince passed away without a will. This article discusses how over half of his estate may likely go to the government. “Both the federal government and Minnesota’s state government will assess so-called “death taxes” or estate taxes on Prince’s assets, taking away more than half his estate.” With more estate planning Prince might have been able to take steps to reduce the amount of taxes that would have been taken from his estate. As this article mentions, he leaves behind a massive estate that could be worth anywhere between $300 and $500 million. Because there was no will the Prince estate will be distributed in accordance with Minnesota intestacy laws.
See Rachel Grezler, Why Over Half of Prince’s Estate Will Go to the Government, The Daily Signal, April 29, 2016.