GOVERNMENT MAY GET HALF THE ESTIMATE’S $200 MILLION DOLLAR VALUE!
Prince’s estate has to file taxes worth about $100 million dollars. An estate law expert says Prince could have prevented all this. Prince didn’t leave a will when he died back in April from an accidental painkiller overdose and didn’t do anything to protect his assets from the taxman. The value of his estate is subject to a 40 percent federal tax and a 16 percent Minnesota tax. After exclusions and deductions the total bite will be about 50 percent. The estate can get an extension from filing the return but can’t delay the first payment. Experts say it would have been smart for Prince to set up an estate plan with trusts to benefit any relatives and charities of his chose which would have left little to none to be taxed!
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