LongTermGuy
04-30-2016, 12:41 AM
http://dailysignal.com/wp-content/uploads/160429_Prince_RK-385x200.jpg
`It appears that the pop star Prince may have died without a will, leaving behind a multi-million dollar and growing estate. Although Prince has one full sister and five half-siblings, Prince’s family members will not be his biggest heirs.
Both the federal government and Minnesota’s state government will assess so-called “death taxes” or estate taxes on Prince’s assets, taking away more than half his estate. Between his physical assets—cash, investments, home, etc.—and his future royalties, Prince’s estate has been estimated (http://www.forbes.com/sites/trialandheirs/2016/04/27/if-prince-truly-died-without-a-will-expect-trouble-for-his-estate/#4b11bafe762f) to be between $300 and $500 million.`
If Prince were married, he could have passed on the entirety of his estate to his spouse tax free. However, without a spouse, only $1.6 million of Prince’s estate will be free from Minnesota’s death tax (http://www.house.leg.state.mn.us/hrd/pubs/ss/ssesttx.pdf) and only $5.45 million will escape the federal death tax.
The combination of Minnesota’s top death tax rate of 16 percent, plus the federal government’s 40 percent rate, means that over 50 percent of Prince’s estate will go to the government.
Had Prince known ahead of time that he would die at such a young age, he may have been able to reduce the government’s reach into his estate through tax planning, but with a fortune as large as his, the government’s claim to his estate was inevitable.`
More
http://dailysignal.com/2016/04/29/why-over-half-of-princes-estate-will-go-to-the-government/
`It appears that the pop star Prince may have died without a will, leaving behind a multi-million dollar and growing estate. Although Prince has one full sister and five half-siblings, Prince’s family members will not be his biggest heirs.
Both the federal government and Minnesota’s state government will assess so-called “death taxes” or estate taxes on Prince’s assets, taking away more than half his estate. Between his physical assets—cash, investments, home, etc.—and his future royalties, Prince’s estate has been estimated (http://www.forbes.com/sites/trialandheirs/2016/04/27/if-prince-truly-died-without-a-will-expect-trouble-for-his-estate/#4b11bafe762f) to be between $300 and $500 million.`
If Prince were married, he could have passed on the entirety of his estate to his spouse tax free. However, without a spouse, only $1.6 million of Prince’s estate will be free from Minnesota’s death tax (http://www.house.leg.state.mn.us/hrd/pubs/ss/ssesttx.pdf) and only $5.45 million will escape the federal death tax.
The combination of Minnesota’s top death tax rate of 16 percent, plus the federal government’s 40 percent rate, means that over 50 percent of Prince’s estate will go to the government.
Had Prince known ahead of time that he would die at such a young age, he may have been able to reduce the government’s reach into his estate through tax planning, but with a fortune as large as his, the government’s claim to his estate was inevitable.`
More
http://dailysignal.com/2016/04/29/why-over-half-of-princes-estate-will-go-to-the-government/