Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Thursday, February 22, 2018

Prince's Heirs Worried Estate's Burning Cash Will Leave Them with Nothing

image from https://s3.amazonaws.com/feather-client-files-aviary-prod-us-east-1/2018-02-22/e5a4b142-e1e1-4737-8d92-bbda00d1b62d.pngPrince’s heirs are growing concerned that they will be left with nothing once the estate is finally settled. Comerica is currently handling the estate's disposition and charges $125,000 per month for their services. Comerica has also hired a law firm, Fredrikson & Byron, P.A., to advise on tax issues, coordinate with accountants, and to represent the estate in court. In the month of November alone, the law firm’s bill was in excess of $440,000 in expenses and fees. With these incredibly high costs, over $600,000 in some months, Prince’s heirs and beneficiaries are worried that the estate will be drained by the time any assets are distributed. Comerica has been diligent in their record-keeping though; the company has itemized the necessary expenses in a 600-page document that details how they are spending the money in Prince’s $250 million estate.

See Prince's Heirs Worried Estate's Burning Cash Will Leave Them with Nothing, TMZ, February 22, 2108.

Special thanks to Molly Neace for bringing this article to my attention.

https://lawprofessors.typepad.com/trusts_estates_prof/2018/02/princes-heirs-worried-estates-burning-cash-will-leave-them-with-nothing.html

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