Prince’s Estate Planning Issues

The legendary rivalry between superstars Prince and Michael Jackson apparently extends beyond the grave in terms of whose estate is more difficult to navigate.  While Michael Jackson had a valid will when he died, controversy surrounded the appointment of an executor, and there remains an ongoing battle between the Jackson family and government agencies regarding the actual value of the estate.  Meanwhile, Prince, notoriously shrewd in business and control of his art and image, didn’t even leave a will.  Having died unmarried with no children (despite the numerous claims of a variety of pretenders to his throne), his statutory heirs comprise of siblings and half-siblings, and up to half of his estate will be paid to state and federal tax agencies.  Of course, the federal government and state of Minnesota are claiming the Purple One’s holdings are worth much more than the heirs claim, meaning his tax bill will be greater as well.  Moreover, the famous vault of unreleased material might double the value of his estate.  Had Prince done some basic estate planning, he could have selected specific beneficiaries and avoid probate altogether.   Continue reading