After more than a year since the passing of Prince, his estate may finally be seeing some closure.
Because Prince left no will, his estate was a mess.
A big mess.
The probate courts had to sort through his affairs, his assets and his family ties.
Not a simple task.
It seems the eligible beneficiaries have now been identified.
According to the recent Trust Advisor article titled “Prince Heirs Named, $300M Estate Now Free To Chase Every Dollar,” the estate can now turn its focus to the inheritance.
To get his music business in order, the Bremer Trust hired a team of individuals from the entertainment industry.
This move saved the recording rights from being seized by the IRS to pay the inheritance tax.
Now the heirs can focus on getting the most out of the late musician’s estate.
This step could have come a lot sooner had Prince worked with an experienced estate planning attorney to begin with.
Do not be like Prince.
So, how do you find an "experienced" estate planning attorney?
First, ask around. Friends, family and other professional advisors are trustworthy sources.
Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").
Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.
In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Trust Advisor (May 22, 2017) “Prince Heirs Named, $300M Estate Now Free To Chase Every Dollar”