Prince died without a will, leaving a mess still being unraveled.
It has been a year since Prince died.
His death came suddenly.
However, his estate administration has been far less swift.
According to a recent Time article titled “What We Know About Prince's Estate One Year After His Death,” the investigation into his death and the settling of his estate are both ongoing.
Although time is costly, the Prince estate lost more than just efficient settlement.
With no trust or will, the estate will face a higher taxation.
About half of the value of the estate.
The first tax payment was about $100 million.
The federal tax rate is 40 percent and the Minnesota tax rate is 16 percent.
What will happen with the estimated $100 million remaining?
It will be divided amongst the six Prince siblings.
The fate of his catalog of music and unreleased songs has yet to be decided.
In fact, it is said up to 70 percent of his music was never released.
All of these issues could have been addressed ... if Prince had taken the time to create an estate plan.
Do not be like Prince, work with an experienced estate planning attorney to devise the best plan for your needs.
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: Time (April 19, 2017) “What We Know About Prince's Estate One Year After His Death”