Posted on 04/29/2016 11:51:58 AM PDT by OddLane
It appears that the pop star Prince may have died without a will, leaving behind a multi-million dollar and growing estate. Although Prince has one full sister and five half-siblings, Prince’s family members will not be his biggest heirs.
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. Between his physical assets— cash, investments, home, etc.—and his future royalties, Prince’s estate has been estimated to be between $300 and $500 million.
If Prince were married, he could have passed on the entirety of his estate to his spouse tax free. However, without a spouse, only $1.6 million of Prince’s estate will be free from Minnesota’s death tax and only $5.45 million will escape the federal death tax.
(Excerpt) Read more at dailysignal.com ...
. . . and be spent by the government in about 30 seconds.
The revenge of Tipper Gore?
Feeding the gaping maw of the Federal Behemoth.
Purchasing votes from the Indigent is expensive.
I think this is misleading. The spousal deduction would shield another 5.4 million, and delay the tax collection until the second death. But, there’d be no escaping the tax man in the end with an estate of 300 to 500 million. The Feds would take roughly 40%, and I don’t know about Minnesota. It would just be a matter of time.
“But, there’d be no escaping the tax man in the end with an estate of 300 to 500 million.”
Sure there is, just set up a trust.
I am always surprised when these geezers who haven’t had a hit in decades turn out to be worth north of 300 million.
We don’t know that....There may be trusts, contracts or whatever. A will is not everything.
You are correct. Typical blogger fact-checking.
Prince was not the first, nor will he be the last, totally stupid person not to invest a few grand, a few hundred grand, in an estates/trusts lawyer who’d have protected $millions of his estate, and helped his heirs avoid the massive government intrusion into that estate.
I’m sure Prince and his entire family voted for the party of wealth confiscation.
And this is why government is the problem.
$6.85 million per minute...so his fortune will last almost an hour :(
Yep.
Sorry folks, but I do not see in Congress’s constitutional Article I, Section 8-limited powers any clause that would give the feds the power to appropriate estate taxes.
“Congress is not empowered to tax for those purposes which are within the exclusive province of the States.” —Justice John Marshall, Gibbons v. Ogden, 1824.
What am I overlooking?
Remember in November !
When patriots elect Trump, Cruz, or whatever conservative they elect, they need to also elect a new, state sovereignty-respecting Congress that will not only work within its constitutional Article I, Section 8-limited powers to support the new president, but also protect the states from unconstitutional federal government overreach, putting a stop to unconstitutional federal taxes for example.
Also, consider that such a Congress would probably be willing to fire state sovereignty-ignoring activist justices.
And are still too stupid to draw up a will.
Even this guy, who it seems had some sort of chronic disease that he knew would kill him.
For whatever reason if he didn’t leave a will he probably didn’t care what happened to his money once he was gone. This is a non problem to me or anyone else not directly affected by his dying intestate.
Co-sign.
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