I hope I don't sound too much into any hocus pocus, but I have a feeling that if anything like such is to happen, music industry veterans will take care of it in honor of Prince.

I actually have a feeling that Beyonce and Jay-Z would take on the responsiblility. I shouldn't be saying things without fact to back it up, but Prince is too loved and respected amongst artists and business traders of all kinds, even Dr.Dre I think would step in.

He did a lot for us, and if his belongings/estate had to be sold? I know someone with a good heart in the industry, who is capable, would take action.

babynoz said:

PeteSilas said:

I don't think it really matters. Prince had no one really worth getting any of his money. By that i mean, his family are just regular folks and they weren't even that close, the govt. doesn't deserve it either but it's got to go somewhere.

Wft?

Who the heck are any of you to judge who is or is not worthy to inherit somebody else's wealth?

Because we live here, work, and pay taxes! That's why.

And Prince and his family weren't that close - why should they get it all NOW?!?

briant said:

Let's say I go out and work my entire life. Along the way I pay a huge amount of tax on my income (about 50%):

- 15% Fica (social security)

- 25% Federal

- 10% State/Local

- Plus sales tax

So HALF of the time you work you are working for someone else.

BUT... Let's say I manage to amass $5 Million dollars. This is great! I want to give all of this to my son when I die. But I can't. Some guys in Washington DC get to take some of it away from me (or my son) when I die.

Why?

Yes, I know this is the law. But why on earth should the government get to take some of my money just because I die? I earned it. I worked for it. Why should it not stay in my family? It is mine. It does not belong to someone in Washington DC.

I already worked half my life to pay into the government. Why do they get more when I die? It's obscene.

OK, I understand your frustration. But you have to understand a very basic point - when you give money to anyone other than your spouse, that is a transfer of wealth. That transfer is income to whomever you give it. If I gifted you $5,000,000 today, that's income to you, right? And you would owe an income tax on it, right? Of course. It's the same concept with the estate tax.

When you die, all your money can go to your spouse with NO taxes due. But if you give anyone ELSE money when you die, they have to pay tax on it because it's income to them.

But good news! If you DO amass $5 million, and you want to pass it on to your son, he doesn't have to pay taxes on it! Why?

Because the government allows the first $5.45 million of an estate to be passed on to anyone with no tax. Your estate doesn't start paying tax until dollar number $5,450,001.

And more good news! The estate tax rate maxes out at 40%. Not the 50% number, or "half his estate!" stuff that people have been posting. Sure, 40% is high but look at it this way:

Let's assume your estate is worth $10,000,000. Let's compare what the tax your son would owe on that, as opposed to if he made $10,000,000 on his own this year (and let's give him $1,000,000 in itemized deductions):

IF HE MADE $10,000,000 ON HIS OWN:
Income = $10,000,000
Deductions = $1,000,000
Taxable Income = $9,000,000
Total Taxes Due (don't forget, we have a sliding tax scale) = $3,595,730
Net Tax Rate = 35.96%

IF YOU DIED AND PASSED ON $10,000,000 TO HIM:
Net estate = $10,000,000
Exempt amount = $5,450,000
Net Taxable Estate = $4,550,000
Tax Rate on Net Taxable Estate = 40% (this actually is also a sliding scale but it doesn't slide much)
Total Taxes Due = $1,820,000
Net Tax Rate = 18.20%

Look at that! Your son is almost twice as better off inheriting money from you than he is earning it.

we don't know about his finances, the taxman has royally screwed over many people, particularly black icons like Joe Louis who was actually taxed on exhibitions where he gave all the money to the military. Prince was known not to pay bills, i wouldn't be fully confident that he's free and clear. ya know, rumors of michael dying broke were rife when he died and i'm sure he had financial troubles, elvis died with less than a mill in the bank. you just never know, all that high living and spending is always gonna cause problems.

cindyt said:

PeteSilas said:

I don't think it really matters. Prince had no one really worth getting any of his money. By that i mean, his family are just regular folks and they weren't even that close, the govt. doesn't deserve it either but it's got to go somewhere.

To God, every member of his family was worth as much as him. So sorry you don't see life that way.

I'm not a believer myself, however from a universe perspective find this a lovely and appropriate message. Thank you.

mimi1956 said:

Se7en said:

This is partially true. The taxes are due on January 21st. If those taxes are paid in full, then the government have no interest in how long it takes to sort out the estate. And, it won't be the government selling off Prince's stuff - it will be Bremer Trust.

Bremer Trust is working nonstop to get this stuff sorted out. They're the experts at this stuff. From what I have read, I have a lot of faith in them that they're doing everything right.

Them wanting to hire "industry experts" to help make music-based decisions is also a promising sign. I'm wondering who that might be?

If you read the StarTribune article, it sounds like Bremer Trust would also like to be kept on as estate managers even after the Nov. 2nd cutoff.

The USA Today article said if this doesn't straighten out when taxes come due it will be the government moving and taking it over. They listed everything that will become the property of the tax man. The man in prison wants the trust to explore every avenue, where it said Tyka wants it all sped up. I know he doesn't care now, but just thinking of how hard he fught for what he had, this all just seems so obscene.

What actually happened was that the Bremer attorney made the most extreme possible argument to the judge, as attorneys do, so that they would win the order they were arguing for in court. The press is reporting on the argument. That in no way creates additional facts in itself. It's likely that nothing would automatically "become the property of the tax man." It would just kick off more legal proceedings.

There have been numerous celeb estates left in rough shape not unlike this one and youtube isn't chock full of news reports showing shadowy IRS agents pulling up vans into driveways and carting off decades of memorabilia, furnishings, 35 mm film canisters and master recordings.

Where we do tend to hear about major things being sold under duress for the IRS, it is most often celebs who are still alive who refused to negotiate with the IRS or whose negotiations failed for whatever reason or who owed an overwhelming amount due to fraud of some sort and there were no other options.

This estate has a lot of options and there would be negotiations with the IRS as needed.

[Edited 6/9/16 16:13pm]

nelcp777 said:

mailaccount63 said:

I respectfully disagree. Taxes pay for: roads, hospitals, schools that your kids go to, libraries, public health, airports, military branches, etc, etc. None of this is free!

Agreed. Many opportunities than most countries due to taxes.

Half of Prince's $300 Million Estate Could Be Taxed. That's a Good Thing.

http://prospect.org/artic...good-thing

Consider the help that Prince, a lifelong Minnesotan, received from the country’s public intellectual property laws, which protected his music from exploitation. Or the public judicial system that famously (or infamously) adjudicated his numerous contract disputes. Or how about the public telecommunications network that enabled millions of listeners to hear his music on the radio, on television, and later online?

Indeed, not many people would argue that Prince would've been more successful if he'd been born in Mogadishu instead of Minneapolis.

Prince didn't engage in the tax dodging chicanery now commonplace among the wealthy. He didn't use elaborate trusts and offshore tax havens to hoard his assets.

Yet he still managed to generate a large fortune to pass down to his heirs, who will receive plenty enough to keep them comfortable. This arrangement—giving some to maintain the system that helped you succeed and the rest to your heirs—is exactly how the estate tax system was designed to work.

mailaccount63 said:

babynoz said:

Wft?

Who the heck are any of you to judge who is or is not worthy to inherit somebody else's wealth?

Because we live here, work, and pay taxes! That's why.

And Prince and his family weren't that close - why should they get it all NOW?!?

1. Is it YOUR money?

2. Would you pass judgement on Bill Gates or Donald Trumps' family the same way? Are you going to make assumptions and do an investigation of their family dynamic to determine how close they are before you judge them worthy of inheritance, wft gives you that right?

3. Some of y'all need to log the fuck off.

[Edited 6/9/16 16:34pm]

BTW, Elvis Presley didn't engage in tax dodging and asset hiding either. During his lifetime, when the top tax rate was 90%, he reportedly had the IRS do his taxes for him and just paid the bill.

While I wouldn't recommend that other extreme either, it was what it was, and yet I haven't noticed Lisa Marie having to slink around in rags and an old Dodge Dart.

RodeoSchro said:

briant said:

Let's say I go out and work my entire life. Along the way I pay a huge amount of tax on my income (about 50%):

- 15% Fica (social security)

- 25% Federal

- 10% State/Local

- Plus sales tax

So HALF of the time you work you are working for someone else.

BUT... Let's say I manage to amass $5 Million dollars. This is great! I want to give all of this to my son when I die. But I can't. Some guys in Washington DC get to take some of it away from me (or my son) when I die.

Why?

Yes, I know this is the law. But why on earth should the government get to take some of my money just because I die? I earned it. I worked for it. Why should it not stay in my family? It is mine. It does not belong to someone in Washington DC.

I already worked half my life to pay into the government. Why do they get more when I die? It's obscene.

OK, I understand your frustration. But you have to understand a very basic point - when you give money to anyone other than your spouse, that is a transfer of wealth. That transfer is income to whomever you give it. If I gifted you $5,000,000 today, that's income to you, right? And you would owe an income tax on it, right? Of course. It's the same concept with the estate tax.

When you die, all your money can go to your spouse with NO taxes due. But if you give anyone ELSE money when you die, they have to pay tax on it because it's income to them.

But good news! If you DO amass $5 million, and you want to pass it on to your son, he doesn't have to pay taxes on it! Why?

Because the government allows the first $5.45 million of an estate to be passed on to anyone with no tax. Your estate doesn't start paying tax until dollar number $5,450,001.

And more good news! The estate tax rate maxes out at 40%. Not the 50% number, or "half his estate!" stuff that people have been posting. Sure, 40% is high but look at it this way:

Let's assume your estate is worth $10,000,000. Let's compare what the tax your son would owe on that, as opposed to if he made $10,000,000 on his own this year (and let's give him $1,000,000 in itemized deductions):

IF HE MADE $10,000,000 ON HIS OWN:
Income = $10,000,000
Deductions = $1,000,000
Taxable Income = $9,000,000
Total Taxes Due (don't forget, we have a sliding tax scale) = $3,595,730
Net Tax Rate = 35.96%

IF YOU DIED AND PASSED ON $10,000,000 TO HIM:
Net estate = $10,000,000
Exempt amount = $5,450,000
Net Taxable Estate = $4,550,000
Tax Rate on Net Taxable Estate = 40% (this actually is also a sliding scale but it doesn't slide much)
Total Taxes Due = $1,820,000
Net Tax Rate = 18.20%

Look at that! Your son is almost twice as better off inheriting money from you than he is earning it.

Bless you for trying dude but you'd have better luck talking to your shoe. People actually think its their business to decide who gets Prince's money....smdh.

babynoz said:

RodeoSchro said:

briant said:

Let's say I go out and work my entire life. Along the way I pay a huge amount of tax on my income (about 50%):

- 15% Fica (social security)

- 25% Federal

- 10% State/Local

- Plus sales tax

So HALF of the time you work you are working for someone else.

BUT... Let's say I manage to amass $5 Million dollars. This is great! I want to give all of this to my son when I die. But I can't. Some guys in Washington DC get to take some of it away from me (or my son) when I die.

Why?

Yes, I know this is the law. But why on earth should the government get to take some of my money just because I die? I earned it. I worked for it. Why should it not stay in my family? It is mine. It does not belong to someone in Washington DC.

I already worked half my life to pay into the government. Why do they get more when I die? It's obscene.

OK, I understand your frustration. But you have to understand a very basic point - when you give money to anyone other than your spouse, that is a transfer of wealth. That transfer is income to whomever you give it. If I gifted you $5,000,000 today, that's income to you, right? And you would owe an income tax on it, right? Of course. It's the same concept with the estate tax.

When you die, all your money can go to your spouse with NO taxes due. But if you give anyone ELSE money when you die, they have to pay tax on it because it's income to them.

But good news! If you DO amass $5 million, and you want to pass it on to your son, he doesn't have to pay taxes on it! Why?

Because the government allows the first $5.45 million of an estate to be passed on to anyone with no tax. Your estate doesn't start paying tax until dollar number $5,450,001.

And more good news! The estate tax rate maxes out at 40%. Not the 50% number, or "half his estate!" stuff that people have been posting. Sure, 40% is high but look at it this way:

Let's assume your estate is worth $10,000,000. Let's compare what the tax your son would owe on that, as opposed to if he made $10,000,000 on his own this year (and let's give him $1,000,000 in itemized deductions):

IF HE MADE $10,000,000 ON HIS OWN:
Income = $10,000,000
Deductions = $1,000,000
Taxable Income = $9,000,000
Total Taxes Due (don't forget, we have a sliding tax scale) = $3,595,730
Net Tax Rate = 35.96%

IF YOU DIED AND PASSED ON $10,000,000 TO HIM:
Net estate = $10,000,000
Exempt amount = $5,450,000
Net Taxable Estate = $4,550,000
Tax Rate on Net Taxable Estate = 40% (this actually is also a sliding scale but it doesn't slide much)
Total Taxes Due = $1,820,000
Net Tax Rate = 18.20%

Look at that! Your son is almost twice as better off inheriting money from you than he is earning it.

Not too mention, parents can give $15,000 each a year to their dependents and that is not taxable if I remember. It is an incentive to reduce the estate that is transfered upon death.

PeteSilas said:

babynoz said:

1. Is it YOUR money?

2. Would you pass judgement on Bill Gates or Donald Trumps' family the same way? Are you going to make assumptions and do an investigation of their family dynamic to determine how close they are before you judge them worthy of inheritance, wft gives you that right?

3. Some of y'all need to log the fuck off.

[Edited 6/9/16 16:34pm]

Dude you are taking this shit too serious why don't you go for a walk.

Unlike you and your ilk, I'm not the one all up in other people's business, counting money that doesn't belong to me and judging who is worthy to have it, so you need to check yourself.

None of you have the right to judge or disrespect the man's family and I'm not going to allow it, period.

remember in the unreleased song "Prince and The Band"...quick buy land ..but dont build on it..before the tax man comes

[Edited 6/10/16 12:33pm]

KingSausage said:

Oh my god this might be the most informative but also MOST FUCKING BORING thread ever. Am I on Prince.org or Taxfoundation.org?!?

chill king ..go listen to the new sessions...

luvsexy4all said:

mailaccount63 said:

luvsexy4all said:

chill king ..go listen to the new sessions...

This thread is about: taxes. What did you expect?

I was wondering why no one had mentioned Lady Cab Driver yet. I thought it was about taxis...

mailaccount63 said:

RodeoSchro said:

Taxation is theft

suomynona said:

Who cares? It's still $125 million and more than any member of his family will ever be able to spend. It's not like they did anything to earn it.

Such small mindedness

Thizz said:

Taxation is theft

Taxation without representation is theft.

RodeoSchro said:

KingSausage said:

mailaccount63 said:

This thread is about: taxes. What did you expect?

I was just being flippant. No reason to get pissy. Also, what new sessions?

If you don't like this thread, then don't click on it.

KingSausage said:

RodeoSchro said:

Taxation without representation is theft.

As a DC resident, I support that fully.

I disagree.

jcurley 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........

Definitely, inheritance tax is crucial to balance society. Also I would argue particularly here in the UK your assets have grown in value n you won't have paid tax on that. To then hand over all that to someone who had not generate is too imbalanced. Look at aristocracy, you could get a complete in bred getting all this cash and avgenius from the ghetto soul not be able to compete. It's a misuse of resources

Unless you want the rich to continue to get grossly richer, while the less-advantaged continue to get poorer.

Do you use: hospitals, roads, bridges, libraries, post offices, public health, send your kids to schools, ETC, ETC?!? Then we need taxes!

To return to the OP's subject, if Prince didn't want his estate taxed so heavily, he would have done some estate planning. He did not do so. Now WHY didn't he? This subject is already being discussed on other threads.

mailaccount63 said:

mailaccount63 said: