Genesia said:

emesem said:

100% Princes fault. He could have had an insurance policy that would have covered the taxes or made sure he had enough in cash on hand. I'm sure there are other types of planning that would have helped this.

There are. He could have had a trust, for example. But you think the government should get it. And so it will.

He must have some sort of Trust set up already for all the philanthropy he has been doing.

thedoorkeeper said:

TrevorAyer said:

i guess that is so he can pay for crooked hillarys wars ... taxes smh ..

No those taxes will go to building Dirty Donald's wall at the Mexican border.

That shit isn't getting built. Drumpf and his followers are fucking morons.

The selling of prince's automobiles could pay those taxes along with items inside his compound once auctioned off wouldn't you think.Hell his artwork could grant the estate a mint.

For fuck sake. Paisley Park is not going to be tore down. Good grief.

RiotPaisley said:

That would really be tragic if Paisley Park gets tore down. I'd hope they keep it open for a bit with tours for those of us too stupid and or broke to get there before he left us. I think the fate of the music and the studio has me more upset and anxious then his actual passing.

thedoorkeeper said:

TrevorAyer said:

i guess that is so he can pay for crooked hillarys wars ... taxes smh ..

No those taxes will go to building Dirty Donald's wall at the Mexican border. [Edited 6/8/16 12:18pm]

The Pope has walls on around the Vatican !!! If its good enough for the ALL MIGHTY HOLY ONE !

I think we should have one to !!

I am glad his music and anything else gets out there !!!

I damn sure wont buy it ... dont have to THANK THE INTERNET !!

It will be all over yourtube and No Prince Sheriff !!

I hate that hes gone ... but it !!!

[Edited 6/8/16 13:13pm]

endiadj said:

I found this comment interesting:

"Peterson said Bremer also needs to negotiate terms with a group of individuals who have expressed interest and could produce what he called “a significant investment in Paisley Park.” They will want a long-term commitment, he said."

This was from Minneapolis Star Tribune:

http://www.startribune.co...382108581/

Will or no will, the legalities in the music business seem to be a nightmare. I get the impression Bremer Trust is seeing this.

Once the heir claims are resolved, maybe things will move forward a little faster.

RiotPaisley said:

endiadj said:

if this is true, prince absolutely had zero business sense. it's crazy that he was so ill equipped concerning his estate. It's like he lived his entire life by the seat seat of his pants, now it all might be destroyed. don't get it.

Considering he rarely had a seat in his pants, that was a pretty reckless idea. Dude is a national treasure- I'm ashamed the government wouldn't be willing to wait for the cash. If done correctly he could be a gold mine for Minnesota.

Thats how Minnesota can afford the "PRINCE DAY" and they will make money off of that ... Purple Beer ... wEAR pURPLE ECT ECT

First of all, those of you who are saying that taxes have already been paid by Prince on the money and should therefore not be subject to the estate tax are wrong. Inheritances are a transfer of wealth from one person to another. That is a taxable event.

If I gave you $100 million, you'd owe a tax on that and I bet that's something you understand. You wouldn't say "I don't owe a tax because RodeoSchro already paid a tax on that money when he earned it". Well, this is the same thing. It's absolutely no different than if Prince had given Tyka $100 million while he was alive. She'd owe taxes on that, so why would she not owe taxes on it if Prince gives it to her (through estate settlement) after he passes away?

We can argue about what the estate tax rate should be, but if your position is that heirs should not pay an income tax because that money has "already been taxed" then you don't know what you're talking about.

If folks want to get upset, write to Londell McMillan, Jerry Blackwell, Larry Graham, and so on. These folks didn't push him to write a will. The lawyers spent their time billing hours to Prince by sueing fans for doing what people have been doing since the days of blank cassette tapes. Larry spent plenty of time praying with Prince, but not insisting baby brother get a will? GTFOOHWTBS.

Surely there are other dumbshits/yes men, but that's just the way it is.

68% of African-American adults do not have a will. Chances are, you know someone that should have a will.

RodeoSchro said:

First of all, those of you who are saying that taxes have already been paid by Prince on the money and should therefore not be subject to the estate tax are wrong. Inheritances are a transfer of wealth from one person to another. That is a taxable event.

If I gave you $100 million, you'd owe a tax on that and I bet that's something you understand. You wouldn't say "I don't owe a tax because RodeoSchro already paid a tax on that money when he earned it". Well, this is the same thing. It's absolutely no different than if Prince had given Tyka $100 million while he was alive. She'd owe taxes on that, so why would she not owe taxes on it if Prince gives it to her (through estate settlement) after he passes away?

We can argue about what the estate tax rate should be, but if your position is that heirs should not pay an income tax because that money has "already been taxed" then you don't know what you're talking about.

Explained very well.

RodeoSchro said:

First of all, those of you who are saying that taxes have already been paid by Prince on the money and should therefore not be subject to the estate tax are wrong. Inheritances are a transfer of wealth from one person to another. That is a taxable event.

If I gave you $100 million, you'd owe a tax on that and I bet that's something you understand. You wouldn't say "I don't owe a tax because RodeoSchro already paid a tax on that money when he earned it". Well, this is the same thing. It's absolutely no different than if Prince had given Tyka $100 million while he was alive. She'd owe taxes on that, so why would she not owe taxes on it if Prince gives it to her (through estate settlement) after he passes away?

We can argue about what the estate tax rate should be, but if your position is that heirs should not pay an income tax because that money has "already been taxed" then you don't know what you're talking about.

nelcp777 said:

Who would have that kind of money?The nfl,WB

It's time to open that vault and start releasing music NOW! Get those albums out there while the public is so eager to purchase Prince music.Milk that vault for all it's worth!!

destinyc1 said:

Who would have that kind of money?The nfl,WB

It's almost as if you post, but don't read the replies.

Also, just for shits and giggles: the NFL didn't pay taxes until 2015, believe it or not. 70 years.

Secondly, as I've explained on other posts and as I've seen a few people allude to on this thread, Prince may have a life insurance trust. Understand this:

You don't have to have a will to set up a life insurance trust. Got that? Even if Prince had no will, he still may have set up a life insurance trust. Here is how that works:

Prince sets up a trust, and contributes enough money to it so that the trust can buy a life insurance policy. The policy is on Prince's life, and the beneficiary is the trust. So when Prince died, the life insurance company paid the policy proceeds to the trust.

When setting up the trust, Prince would name the trustee, which is the person in charge of managing the trust after Prince dies. Prince would name someone he wanted to have control of his legacy. Maybe Sheila E, or maybe Questlove, or maybe both of them (you can have more than one trustee).

The trust now has the life insurance proceeds. How much is that? It depends on how big a policy was purchased. Let's assume that Prince bought a life insurance policy with a $100 million death benefit.

The $100 million is paid to the life insurance trust and that money is NOT taxable, so the trust has it all. The trust then buys assets from Prince's estate (his heirs). Maybe it buys Prince's publishing rights; maybe it buys all his real estate including Paisley Park; maybe it buys the contents of the vault. All the purchase money goes to Prince's estate.

Now, Prince's estate has cash that it can use to pay the inheritance taxes. And the life insurance trust, headed by a trustee of Prince's choosing, owns whatever assets it purchased from the estate.

This would put Prince's musical assets in the hands of someone he choose himself, while giving his estate the money to pay their taxes (and have either some cash, or unsold assets still in their name and now owned tax-free).

As I've mentioned before, I used to work in the wealth management department of a very large bank, and Prince was a client of our Minneapolis branch. I have never seen anything pertaining to Prince's financial condition; I just know he was a client. And I know that ALL wealthy clients like him were advised from the very outset to establish a life insurance trust.

That was always the first piece of advice we gave wealthy clients, because no one wants their heirs to have to sell the family business in order to pay the inheritance tax.

We don't know what estate planning Prince did, but I have a good degree of confidence that he at least set up a life insurance trust. I sure hope so, anyway.

Genesia said:

emesem said:

No sure I understand why people get all worked up about this. Do we think that the siblings should be able to gain all this wealth tax-free, while we all work hard and pay up our share all our lives and make only a fraction of this over a lifetime?

Yes. Yes, we do. Because Prince paid taxes on that money when he earned it. I repeat: the taxes were already paid.

Prince worked incredibly hard his whole life and earned that money. It was his - not the government's.

He paid income tax, but the beneficiaries pay inheritance taxes.

suomynona said:

If folks want to get upset, write to Londell McMillan, Jerry Blackwell, Larry Graham, and so on. These folks didn't push him to write a will. The lawyers spent their time billing hours to Prince by sueing fans for doing what people have been doing since the days of blank cassette tapes. Larry spent plenty of time praying with Prince, but not insisting baby brother get a will? GTFOOHWTBS.

Surely there are other dumbshits/yes men, but that's just the way it is.

68% of African-American adults do not have a will. Chances are, you know someone that should have a will.

WTF DOES THAT LAST PART HAVE TO DO WITH ANYTHING?

nelcp777 said:

RodeoSchro said:

First of all, those of you who are saying that taxes have already been paid by Prince on the money and should therefore not be subject to the estate tax are wrong. Inheritances are a transfer of wealth from one person to another. That is a taxable event.

If I gave you $100 million, you'd owe a tax on that and I bet that's something you understand. You wouldn't say "I don't owe a tax because RodeoSchro already paid a tax on that money when he earned it". Well, this is the same thing. It's absolutely no different than if Prince had given Tyka $100 million while he was alive. She'd owe taxes on that, so why would she not owe taxes on it if Prince gives it to her (through estate settlement) after he passes away?

We can argue about what the estate tax rate should be, but if your position is that heirs should not pay an income tax because that money has "already been taxed" then you don't know what you're talking about.

Explained very well.

Thank you!

RodeoSchro said:

Lots of words.

OMG TOO MUCH READING INSTEAD OF READING I WILL JUST FREAK OUT MORE AND PROBABLY START NEW THREADS IN FREAK OUT MODE.

destinyc1 said:

suomynona said:

If folks want to get upset, write to Londell McMillan, Jerry Blackwell, Larry Graham, and so on. These folks didn't push him to write a will. The lawyers spent their time billing hours to Prince by sueing fans for doing what people have been doing since the days of blank cassette tapes. Larry spent plenty of time praying with Prince, but not insisting baby brother get a will? GTFOOHWTBS.

Surely there are other dumbshits/yes men, but that's just the way it is.

68% of African-American adults do not have a will. Chances are, you know someone that should have a will.

WTF DOES THAT LAST PART HAVE TO DO WITH ANYTHING?

Lord have mercy.

suomynona said:

RodeoSchro said:

Lots of words.

OMG TOO MUCH READING INSTEAD OF READING I WILL JUST FREAK OUT MORE AND PROBABLY START NEW THREADS IN FREAK OUT MODE.

Here's the short version:

Don't worry, Prince probably set up a trust that will be run by someone like Sheila E, and that trust will own all of Prince's music.

RodeoSchro said:

Secondly, as I've explained on other posts and as I've seen a few people allude to on this thread, Prince may have a life insurance trust. Understand this:

You don't have to have a will to set up a life insurance trust. Got that? Even if Prince had no will, he still may have set up a life insurance trust. Here is how that works:

Prince sets up a trust, and contributes enough money to it so that the trust can buy a life insurance policy. The policy is on Prince's life, and the beneficiary is the trust. So when Prince died, the life insurance company paid the policy proceeds to the trust.

When setting up the trust, Prince would name the trustee, which is the person in charge of managing the trust after Prince dies. Prince would name someone he wanted to have control of his legacy. Maybe Sheila E, or maybe Questlove, or maybe both of them (you can have more than one trustee).

The trust now has the life insurance proceeds. How much is that? It depends on how big a policy was purchased. Let's assume that Prince bought a life insurance policy with a $100 million death benefit.

The $100 million is paid to the life insurance trust and that money is NOT taxable, so the trust has it all. The trust then buys assets from Prince's estate (his heirs). Maybe it buys Prince's publishing rights; maybe it buys all his real estate including Paisley Park; maybe it buys the contents of the vault. All the purchase money goes to Prince's estate.

Now, Prince's estate has cash that it can use to pay the inheritance taxes. And the life insurance trust, headed by a trustee of Prince's choosing, owns whatever assets it purchased from the estate.

This would put Prince's musical assets in the hands of someone he choose himself, while giving his estate the money to pay their taxes (and have either some cash, or unsold assets still in their name and now owned tax-free).

As I've mentioned before, I used to work in the wealth management department of a very large bank, and Prince was a client of our Minneapolis branch. I have never seen anything pertaining to Prince's financial condition; I just know he was a client. And I know that ALL wealthy clients like him were advised from the very outset to establish a life insurance trust.

That was always the first piece of advice we gave wealthy clients, because no one wants their heirs to have to sell the family business in order to pay the inheritance tax.

We don't know what estate planning Prince did, but I have a good degree of confidence that he at least set up a life insurance trust. I sure hope so, anyway.

.

Thanks for the well written detail. So how would we/they know if he set up a life insurance trust? Wouldn't that have come out by now? I thought Bremer Trust was Prince's bank in Minnesota.

ok maybe you need to go take pictures and relax.I dont appreciate your words to me.Others may allow you to act like a little b to them on here i wont suomynona

[Edited 6/8/16 13:36pm]

RodeoSchro said:

suomynona said:

OMG TOO MUCH READING INSTEAD OF READING I WILL JUST FREAK OUT MORE AND PROBABLY START NEW THREADS IN FREAK OUT MODE.

Here's the short version:

Don't worry, Prince probably set up a trust that will be run by someone like Sheila E, and that trust will own all of Prince's music.

I'm glad to see that I didn't need to send you an ORGnote explaining my reply. I'm constantly amazed (to say the least) at all of the constant nonsensical freaking out on this site about things that literally don't affect ANYONE.