emesem said:

Given that the Prince estate will be worth far more than the 5 million dollar exemption, they are going to have to come up with cash to pay the 40% tax on anything above that. I doubt there's enough in the non music assets to pay the bill. Unless some billionaire decides to step in, look for one of the big three music companies to buy in and exert significant if not all the control. This is exactly what prince didnt want but unless theres a $100m sittinf in cash somewhere, the family likely has little choice

Taxes are theft.

trump to the trescue

Truly sad.

lwr001 said:

trump to the trescue

I'll take mine "Black Version".

There are a few options that would keep the music rights in the family. First, the family could borrow against them for the estate tax. I doubt that would be a hard loan to get, although they'd have to put up all the music rights as collateral, so they'd better not miss a payment.

Second, it's possible Prince set up a life insurance trust. The trust would own a policy on Prince, which would pay upon Prince's death. The trust would use the life insurance proceeds to buy the music rights from the estate, and the estate would use that payment to pay the estate tax. Then, the trust would be the owner of the music rights, and the trustee would be someone from the family.

Estate taxes are due fairly soon after the estate is valued, and that probably won't be all that long from now. I imagine there's going to be an intense discussion with the government about how much unreleased music is worth. I'd expect the government to use examples from the Hendrix and Presley estates, and say, "Prince has 100 times more music than those guys, so let's mulitply whatever Jimi Hendrix's estate has made by 100 and call it the value". Or something like that.

keenly said:

What is shocking is George Michael is worth more than him.

Taxes are theft. haha

Keenly, property is theft.

The bank drilled the vault open. wow. Please, fam, don't fuck with the glory.

2freaky4church1 said:

What is shocking is George Michael is worth more than him.

well, prince lived a pretty extravagant lifestyle at some points in his life,
all that costs a lot of money, plus running paisley park, plus having all
these sessions with musicians and outsourcing orchestral work just to
name a few.

what does george need? some reefer and a public toilet?

i'm sorry, i couldn't resits. i know it's in poor taste

Disagree. Why should I subsidize Tyka and her sibling's windfall?

kano said:

keenly said:

Taxes are theft.

Some taxes certainly are and this is one of them.