KingSausage said:

suomynona said:

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.

The Org is a special place. Each minute spent here is a gift.

"Special" is right, sad to say. My favorite thing is when people post articles from a week ago's news cycle on the front page -- as if it wasn't already posted. Might as well remove the custom Google search. Or when there's a sticky and another ten threads are started right next to each other about the same damn thing. (Do that many people not know about Ctrl + F?) And the best part is no matter how many times princevault.com is linked to, you still have folks (that have many, MANY posts on this site) ask one-off questions -- not trying to start a conversation, mind you -- that could be answered on princevault.com. Actually, I take it back. My favorite are the the folks that can't mind their own fucking business. Leave his fomer partners alone. Prince is dead. Who in their right mind gives a fuck about whether or not Mayte tried to get back with Prince, or if she's posting too much about Prince. So disrespectful, to Prince and them -- and makes ALL of us look like scumbags. THAT is why fans NEVER see former female band members posting on sites like this. Folks can't just focus on the music. I guarantee if Wendy and Lisa came on here, some moron would ask them when was the last time Susannah was with Prince. It boggles the mind.

There really does need to be a "free for all" forum where people can just be ignorant amongst themselves. Make it a Private forum so the general public can't see the conversations. Change "Prince music and More" to just "Prince Music." Then we don't have to weed through all of the bullshit so that we can have fun talking about the music (good or bad). Anyways...

cindyt said:

derrick31 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?

He should be able to leave what he wants to his family. The money has already been taxed. Estate taxes are immoral.

It is truly fascinating that some folks are unable to grasp RodeoSchro's very clear and simple to understand replies. This is what I'm fucking talking about. Smh.


[Bait snip - luv4u]

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.

And they can split up the $125,000,000 amongst themselves. That's more money than every member of the org combined will ever make in their lifetime. If it was $125,000 to split up amongst themselves, that would be more than they deserve.

suomynona said:

Thanks, RodeoSchro, you made me feel alot better about all this.

TrevorAyer said:

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

[Name calling snip - luv4u]

another reason will should have been made to let charities make money off him

Se7en said:

suomynona said:

And they can split up the $125,000,000 amongst themselves. That's more money than every member of the org combined will ever make in their lifetime. If it was $125,000 to split up amongst themselves, that would be more than they deserve.

Love the sentiment, but the math seems off here. I'm sure most of us will make a million dollars in our lifetime. Your math would imply only 125 Org members?

Sorry, I just finished reading how someone lived on $2 a day for food. Excuses aside, my math was way off

The funny thing though is even though (if reported is true -- and they don't find a way around it) $125M will go to taxes -- it's not as if the heirs won't continue to make money.

There's 39 previous records that the trust/estate will own the masters of. On top of 2,000+ songs in the vault.

Anyone that feels sorry for the heirs is just silly. And if I was someone as wealthy as Jay Z -- I would offer to buy it all for another $100M. (Mostly so I could come on the ORG and laugh while people post about feeling sorry/ANGRY for millionaires that did nothing to earn that money -- having to pay taxes on THAT $100M.)

It's like feeling sorry for a Max Scherzer when he loses a baseball game. He's paid $210M guaranteed over 7 years. That's $185,185 per baseball game. And pitchers only pitch every 5 days -- so $925,110 per start. Hilarious!

Good times.

ChanGirl said:

Thanks, RodeoSchro, you made me feel alot better about all this.

RodeoSchro should create his own thread -- so it can be stickied/pointed to when some folks freak out.

suomynona said:

Possible reasons Prince did not execute a Will and/or Trust:
1) The "D" word. Some people just have a problem talking about death, especially when the talk is regarding their own.
2) Giving up control.
3) Don't want to deal with attorneys.
4) The cost of estate planning.
5) Family decisions need to be made.
6) A will/trust is like a contract. Prince said many times that he did not like contracts.

http://wills.about.com/od...e-Planning...

If there is no will at all, he only has himself to blame.

damn shame. the idea that it might all be up for grabs or essentially looted by attorneys et al make my heart sick. but it is prince's fault- he made it a point of being the captain of his own ship..... smh

rap said:

If there is no will at all, he only has himself to blame.

yes but...he's not here anymore and doesn't know,doesn't care. that's why I think he didn't bother doing it. I bet if his parents were alive, or he had children, it would be a different story. He left his music and his memories.

Se7en said:

suomynona said:

Sorry, I just finished reading how someone lived on $2 a day for food. Excuses aside, my math was way off

The funny thing though is even though (if reported is true -- and they don't find a way around it) $125M will go to taxes -- it's not as if the heirs won't continue to make money.

There's 39 previous records that the trust/estate will own the masters of. On top of 2,000+ songs in the vault.

Anyone that feels sorry for the heirs is just silly. And if I was someone as wealthy as Jay Z -- I would offer to buy it all for another $100M. (Mostly so I could come on the ORG and laugh while people post about feeling sorry/ANGRY for millionaires that did nothing to earn that money -- having to pay taxes on THAT $100M.)

It's like feeling sorry for a Max Scherzer when he loses a baseball game. He's paid $210M guaranteed over 7 years. That's $185,185 per baseball game. And pitchers only pitch every 5 days -- so $925,110 per start. Hilarious!

Good times.

Understood! If the family gets to split $125 million between them, they and their families will be more than set for life. Side note: I wonder if Paisley Park might qualify for one of those "Historical" designations so it's safe from foreclosure (if it ever came to that). Those markers might have building/site age requirements though…

The heirs could live on the interest alone.

Paisley Park opened in 1987 -- so 29 years old. 30 years if you count when construction began.

Criteria for a National Historic Landmark -- "Places where prominent persons lived or worked"

Graceland is on the National Register of Historic Places -- but that occurred 14 years after Elvis died. Was declared a National Historic Landmark 29 years after he died.

My hope is that someone that will be respectful of the property will step in and buy it, and then we can worry about the other later.

Paisley cost $10M to build in 1986, and there have been upgrades since then -- and then you have to factor the property it sits on.

Would love for someone like Paul Allen to buy PP and turn it into a non-profit museum. He built (with his own money) a $200 million non-profit museum for Jimi Hendrix in Seattle. It's where Prince had his afterparty after his ONA show in Seattle in 2002 -- or after the Musicology stop in 2004 -- I can't remember. I remember Prince walking around and hoping he would perform there, but he didn't. He did the next night in Portland though -- performing at Paul Allen's Rose Garden -- I think some of those songs appeared on the ONA Live boxset. They showed free screenings of Purple Rain at the Hendrix museum the Friday after Prince passed. Best concert venue I have ever been to. I'd rather it go to someone with deep pockets -- NOT in the music industry. Someone that would hire the right people to make sure the place was respected as is. Just my two cents. Surely there's someone in Minnesota that can do that...

suomynona said:

TrevorAyer said:

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

Well, sorry to say but Hillary isn't going to be the next POTUS. That will be Drumpf, thanks to this country's fascination with reality TV. And we will all be lucky to survive his nightmare of a presidency. My only hope is that something is released from the vault before he destroys the planet via nuclear holocaust.

isn't the worry that the family will need to surrender all sorts of control over Prince's stuff (like the contents of the Vault) in order to meet the tax burden ?

ETHERSPIN said:

suomynona said:

Well, sorry to say but Hillary isn't going to be the next POTUS. That will be Drumpf, thanks to this country's fascination with reality TV. And we will all be lucky to survive his nightmare of a presidency. My only hope is that something is released from the vault before he destroys the planet via nuclear holocaust.

isn't the worry that the family will need to surrender all sorts of control over Prince's stuff (like the contents of the Vault) in order to meet the tax burden ?

No.

ETHERSPIN said:

suomynona said:

Well, sorry to say but Hillary isn't going to be the next POTUS. That will be Drumpf, thanks to this country's fascination with reality TV. And we will all be lucky to survive his nightmare of a presidency. My only hope is that something is released from the vault before he destroys the planet via nuclear holocaust.

isn't the worry that the family will need to surrender all sorts of control over Prince's stuff (like the contents of the Vault) in order to meet the tax burden ?

my worry is that they are so inexperienced and out of their depth that things get royally fucked up. Priscilla Presley had a lot of haters but she did a pretty darn good job businesswise with Elvis' estate, so good that people thought she was exploitive. I can't see anyone in Prince's family as being business smart enough to do anything like that.

today, i read about how opioid addiction can change a normal person into a raving lunatic, one woman wrote that she was a normal housewife until she got hooked on oxycodone for minor arthritis and she intimated that she did illegal shit to get heroin in the end. From her account, it was easy to see that maybe an addicted Prince was really in no state to contemplate his affairs wisely. I don't know though. It's still a mystery.

suomynona said:

ETHERSPIN said:

isn't the worry that the family will need to surrender all sorts of control over Prince's stuff (like the contents of the Vault) in order to meet the tax burden ?

No.

is the death duty stuff on funds he had or physical assets ? if so I don't see how the extended Nelson family could keep Paisley going in the short term, maybe selling the mansion on the island would do it

jcurley said:

What I don't understand by this logic it says if the funds aren't available they'll have to sell assets. But the assets and the cash surely ate the estate. So if 50% of that's asset was available wouldn't that mean the estate would technically have to be bigger. Maybe I don't understand what they define as estate

estate = everything he owns + cash on hand. The easy part is the physical buildings, land holdings, homes etc. The hard part is placing a value on his published and unpublished works. That is where the IRS can come in and place any figure they want to on it, the higher the better for them in terms of taxes. so if, the IRS places a value of 500 million on his library then the estate taxes would be levied on that amount. The short is the estate will have to come up with millions to pay the death taxes. And then there is probably state taxes as well as federal.

[Edited 6/9/16 2:34am]

jcurley said:

What I don't understand by this logic it says if the funds aren't available they'll have to sell assets. But the assets and the cash surely ate the estate. So if 50% of that's asset was available wouldn't that mean the estate would technically have to be bigger. Maybe I don't understand what they define as estate

Estate is everything he owns including future earnings. MJ died in debt whilst prince was cash rich. The 1st 5million is tax free the rest is 50% tax and 13 % estate Tax. Future tax earnings is also included roughly 70% would be taxed leaving 30% to be shared among his heirs. He couldve avoided most of the tax if he placed it in a Trust. The WILL acts on his wishes however that woulvde been subject to tax.

At the end its his money his problem and his family .

All prince fans make sure you have a WILL. Another lesson Prince has taught us 0+> RIP.

Another good thing the Web Sherriff will be not getting paid soon, Free his music and videos keep his legacy alive.

So let me get this straight, it is being reported that Prince's estate is worth $250m? If that is remotely true (I personally think that is a number plucked out of thin air), then surely the music catalogue and vault material makes up way more than half of that valuation. Prince spent money and gave it away like it had no value to him. He may have demanded huge fees, but that was so he could spend huge amounts being Prince. I mean, he flew to his last gig in a rented private jet! How on earth did he make any money out of those shows? I just dont think Prince's brain worked like a shrewd businessman's brain does.

Money was always a means to an end so he could bring his music to life and give money away to the needy. He bought a few properties, sure, but he also gave properties away and flattened others. I dont think his property portfolio was vast, and who knows how much debt, mortgages and bank overdrafts he left behind. No, I dont think Prince hoarded his wealth and planned for a rainy day. It was all there to be used to create his vision and serve his art. His music was the real wealth and thats how he would have wanted it to be when he died. He would be happy knowing he gave his all to his music, including his his heart, his mind, his health and his wealth. He sunk it all into being Prince. And if thats the case, the heirs have nothing to worry about. They can sell the music and spend the rest of their lives living in ways they are entirely unaccustomed to, and have several millions worth of property, including PP, to earn a return on.

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.

Great post!

You're absolutely right!!

What in the heck type of services did Londell provide???

KingSausage said:

suomynona said:

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.

The Org is a special place. Each minute spent here is a gift.

Prince once said in a concert, "We don't know how much time we have left."

This is what I wonder about the org and it's existence now that Prince has passed.

I hope the org is here forever, but who knows if it will still be here in a few years.

The org is special despite all the naysayers.

ComeHereLetMeCutYourHair 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.

Great post!

You're absolutely right!!

What in the heck type of services did Londell provide???

McMillan: "Prince, you gotta write a will".

Prince: "No"

Blackwell: "Prince dude, you really need a will".

Prince: "No"

Graham: "Baby Bro, please sort out your will... Praise Jehova".

Prince: "No"

End of story...

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.

Before 1913 NOBODY had money taken from their wages for tax.

Taxes are THEFT. They are there to pay interest on money created by private banks. FACT.

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.

People like you are the reason the police state is coming in. TAXES ARE THEFT.

This tax talk is making me sick all over again. Last night I read that if things aren't settled by Jan. 21, the government will step in and start selling off his assets for the taxes. The government will then own his name, symbols, vault to start selling them. Even Paisley Park, his guitars anything they can get their sticky fingers on. THEY WILL OWN PRINCE, everything he worked so hard to protect. Sorry for mispells, I can't for the tears.