Goodbye to Prince—and a Chunk of His Estate

Goodbye to Prince—and a Chunk of His Estate|Michael Fliegelman

{3:06 minutes to read} On April 21, Prince (Rogers Nelson) died, leaving a $250 million estate. Because there was no will and no proactive estate plan, within 9 months Prince’s estate will have to come up with about $100,000,000 in estate taxes. A couple of years ago, actor James Gandolfini passed away, leaving an estate of $90 million to his daughter. Gandolfini’s daughter was also on the hook for a huge chunk of her father’s estate to pay the estate taxes. Whether James Gandolfini or Prince, there is a pattern here. It seems that many people just don’t take advantage of all the ways at their disposal for eliminating estate taxes. Many times when this happens, the estate doesn’t have adequate liquidity to pay the tax, so not only is the tax a huge amount, but often it is necessary to liquidate assets, such as real estate, businesses, royalties, etc., which can cause an additional onslaught of problems.

Click here to read Michael Fliegelman's full article...