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 ...
That, I have a huge problem with, a la Adam Carolla
Don’t be so sure. He was a JW.
The fact that he lived in Minnesota is a big part of it.
Those DFL types are voracious money-grabbers.
It's not as easy as that. If it's a charitable trust, there are ways to collect income during your lifetime, but you lose control over the principal. In other words, you have to really give it away to some degree. If I'm wrong, PM me with the technique you think works--I'm happy to learn!
Prinse’s family should go on TV and start swearing up and down at the Democrats for the government tax confiscation they are about to endure
Perfect timing for that
AND Prince (who was a Republican) would enjoy it
Yes, of course you give up control of it, that’s the nature of a trust.
However, you do avoid the tax man. You can’t have it both ways, you either want to be able to freely spend the money while you’re alive (in which case you’ll get hit with the death tax), or you put it in a trust and just pay yourself a salary as “manager” of the trust to cover your expected needs. You will have to pay income taxes on that manager’s salary though, which is essentially double income taxes, because you already were taxed when you first made the money that you put in the trust.
Whether that double income taxation ends up being less than the death tax is going to depend on a lot of factors, like how big the salary is, what other income you have coming in, how long you live, etc.
Definitely, those that don’t have a will (especially with that kind of $$$!) are just stupid.
Worked with a guy that had a chronic disease that was going to kill him sooner rather than later (COPD, elderly, etc). His wife passed away years ago, and he left his family with no will whatsoever. It was a nightmare, even though he only had one child, it still had to go through probate.. and it took well over a year.
I used to play for a country star. He’s been washed up since the late ‘80’s.
He told me recently that he made some “good money” from music, but his “real” money came from investing that “good” money in real estate.
My dad had everything laid out, in a binder with multiple copies.
We read through it. One of my brothers and I spent a day going through papers and cleaned up some junk his wife wanted disposed of and went on our way. My brother was the executor and it was clean and easy.
My mom and M-I-L are about the same so when their time comes, it should be pretty clean.
I can’t imagine someone with millions and tons of obligations. Some lawyers are gonna get rich.
“I am always surprised when these geezers who haven’t had a hit in decades turn out to be worth north of 300 million.”
You never heard of publishing rights. Your ‘hits’ can be decades old and still making millions for you.
Prince paid all his taxes.
The government should have no claim whatsoever on his property.
It is his property. It is his nearest relatives property.
The government swoops in like buzzards, and absconds with this property. It’s outright theft in broad daylight.
And the government wonders why people don’t respect it.
Well, this is one reason why. It engages in robbery.
Yeah, then Obama can import more muzzies and take better care of them than any of us get.
Sad if he was a Republican not to set up Estate Plans to avoid Estate Taxes
Greedy government.
Yeh..sad that bunch of vultures get a penny. Should have donated it all to Cancer research or something.
Especially with a full sibling and half siblings, two ex-wives who might claim something, mistresses likely to pop up ...
A simple will that said X to my full sister, X to my half siblings, rest to the church is better than a massive legal fight.
Government should not be able to consider itself as if it were an heir, ever.
Inheritance taxes are immoral.
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