PeteSilas 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?

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?

mimi1956 said:

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.

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.

Maybe they can charge admission for the summer celebration at PP talked about in the court hearing yesterday. Also talked about was 'lucrative incoming offers'

CROWNS1 said:

Maybe they can charge admission for the summer celebration at PP talked about in the court hearing yesterday. Also talked about was 'lucrative incoming offers'

I'd love to know what those lucrative offers were!

There's a lot of money to be made off Prince's death, that's for sure. Albums for years, licensing, property sales. So, we'll see what happens!

mimi1956 said:

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.

And what awesome news source did you read this at? Let me guess...

Half of the time in these stories it is "a source". TMZ. People. Some fucking site where when you click through, the other stories that are linked to on the supposed news story are the kind of bullshit you see in tabloid magazines while waiting for your groceries to be checked out.

People need to take a chill pill. Read what RodeoSchro said in this thread, and stop getting worked up over things we know nothing about -- and can't control even if we actually do know something.

keenly said:

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.

LOL. People like me.

injuredpinky said:

BillieBalloon said:

suomynona said: Yes the family should benefit but it's a shame the people who did work hard to earn it (band members etc) wont see a penny of it.

The real shame is if Prince didn't set up a will.

I agree. Two wives and one child and he wouldn't put his affairs in order, including a will or trust? These women didn't ask? If pre-nups were in place, no reference was made to final arrangements? I simply don't get this, no matter how much he hated contracts and similar documents.

Se7en said:

mimi1956 said:

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.

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.

suomynona said:

mimi1956 said:

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.

And what awesome news source did you read this at? Let me guess...

Half of the time in these stories it is "a source". TMZ. People. Some fucking site where when you click through, the other stories that are linked to on the supposed news story are the kind of bullshit you see in tabloid magazines while waiting for your groceries to be checked out.

People need to take a chill pill. Read what RodeoSchro said in this thread, and stop getting worked up over things we know nothing about -- and can't control even if we actually do know something.

USA Today. I don't think they use TMZ as a source.

[Edited 6/9/16 7:22am]

mimi1956 said:

suomynona said:

And what awesome news source did you read this at? Let me guess...

Half of the time in these stories it is "a source". TMZ. People. Some fucking site where when you click through, the other stories that are linked to on the supposed news story are the kind of bullshit you see in tabloid magazines while waiting for your groceries to be checked out.

People need to take a chill pill. Read what RodeoSchro said in this thread, and stop getting worked up over things we know nothing about -- and can't control even if we actually do know something.

USA Today. I don't think they use TMZ as a source.

Only at least 1,025 times. http://www.usatoday.com/search/TMZ/

Tried to find the link on my phone from last night, couldn't find the USA Today one but here is the NBC News one.

https://www.google.com/am...nt=safari#

1Sasha said:

injuredpinky said:

The real shame is if Prince didn't set up a will.

I agree. Two wives and one child and he wouldn't put his affairs in order, including a will or trust? These women didn't ask? If pre-nups were in place, no reference was made to final arrangements? I simply don't get this, no matter how much he hated contracts and similar documents.

Considering the age of his wives, I'm not surprised they weren't business savvy...Maybe the 2nd one since I think she did at least finish college before he met her.

Bremer has a lot on their hands and I think they are on the right track and doing a good job. Once the heirs are determined, I hope things will get better. That process could take some time. Bremer seems to be looking both long and short term.

I do not envy their headaches. I am sure there is alot going on behind closed doors that we do not know. They are trying to resolve the heir issue, inventory his assets, look down road on tax liability and preserve Prince's legacy. I truly believe Bremer has Prince's legacy as the best intentions and is trying to find a middle ground to appease all those involved in the estate.

friend2001 said:

It's potentially good news for the fans. the vault's contents get sold to pay the taxes. there really won't be a choice for the heirs.

My mind is on the same track. Tax man you rule!!!

derrick31 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.

This is immoral. I should be able to give my already taxed money to whomever I want. It's not the government's business who I give my money to.....People with a different perspective are not wrong in their belief. What you are stating is what the law is and you are correct, but it doesn't make it right.

You're not talking specifically about estate taxes, are you? Is your position that you should be able to give your money to anyone you want - whether you are alive or dead - and that transfer of wealth should not be taxed?

And remember - YOU do not pay the tax when you give money to someone. THE PERSON WHO RECEIVES IT pays the tax. If you gave me $10,000,000 right now, then it would be ME that owes the tax. Not you.

Similarly, it will be Prince's HEIRS that owe the tax. Prince himself (or his estate) does not owe anyone anything.

One last thing - you CAN give all your money to your spouse upon your death, and your spouse owes NO tax at all. It's only upon the death of the last spouse that any tax is due.

GoldiesParade said:

friend2001 said:

It's potentially good news for the fans. the vault's contents get sold to pay the taxes. there really won't be a choice for the heirs.

My mind is on the same track. Tax man you rule!!!

It doesn't bother you that his name and everything he worked so hard to protect will be sold? I know he isn't here anymore but....

ChanGirl said:

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

My pleasure! I can only HOPE that he did this stuff. No guarantee he did, but I am absolutely, positively certain that at some point this was explained to him and he was advised to do it. I know he was a client of ours in 2006-07, so I'm certain this wasn't something introduced to him recently.

Fingers crossed!

RodeoSchro said:

derrick31 said:

RodeoSchro said: This is immoral. I should be able to give my already taxed money to whomever I want. It's not the government's business who I give my money to.....People with a different perspective are not wrong in their belief. What you are stating is what the law is and you are correct, but it doesn't make it right.

You're not talking specifically about estate taxes, are you? Is your position that you should be able to give your money to anyone you want - whether you are alive or dead - and that transfer of wealth should not be taxed?

And remember - YOU do not pay the tax when you give money to someone. THE PERSON WHO RECEIVES IT pays the tax. If you gave me $10,000,000 right now, then it would be ME that owes the tax. Not you.

Similarly, it will be Prince's HEIRS that owe the tax. Prince himself (or his estate) does not owe anyone anything.

One last thing - you CAN give all your money to your spouse upon your death, and your spouse owes NO tax at all. It's only upon the death of the last spouse that any tax is due.

yes it does.

inheritance tax - bequeathed owes

estate tax - estate owes

The money gets the hell taxed out of it. I can see what some are saying. P paid his income taxes, he paid his property taxes (and still will) and then he dies and has to pay a death tax on top of it. It sucks but it's what the folks we elect into office choose to do.

CROWNS1 said:

RodeoSchro said:

You're not talking specifically about estate taxes, are you? Is your position that you should be able to give your money to anyone you want - whether you are alive or dead - and that transfer of wealth should not be taxed?

And remember - YOU do not pay the tax when you give money to someone. THE PERSON WHO RECEIVES IT pays the tax. If you gave me $10,000,000 right now, then it would be ME that owes the tax. Not you.

Similarly, it will be Prince's HEIRS that owe the tax. Prince himself (or his estate) does not owe anyone anything.

One last thing - you CAN give all your money to your spouse upon your death, and your spouse owes NO tax at all. It's only upon the death of the last spouse that any tax is due.

yes it does.

inheritance tax - bequeathed owes

estate tax - estate owes

The money gets the hell taxed out of it. I can see what some are saying. P paid his income taxes, he paid his property taxes (and still will) and then he dies and has to pay a death tax on top of it. It sucks but it's what the folks we elect into office choose to do.

There is no such thing as a death tax. The IRS only goes against the estate IF there is no will and probate has not concluded dispersing assets to the heirs. What this means is that if the IRS goes against the estate for taxes, then whatever the heirs receive will not be taxed. Therefore, it is not Prince that is paying the tax twice. The heirs are paying the tax in advance of receipt of the assets.

The date upon which the estate must be valued and taxes paid is set regardless of whether the decedent had a will or not. It's the same for everyone, regardless of estate size or number of heirs or will/no will.

RodeoSchro said:

CROWNS1 said:

yes it does.

inheritance tax - bequeathed owes

estate tax - estate owes

The money gets the hell taxed out of it. I can see what some are saying. P paid his income taxes, he paid his property taxes (and still will) and then he dies and has to pay a death tax on top of it. It sucks but it's what the folks we elect into office choose to do.

There is no such thing as a death tax. The IRS only goes against the estate IF there is no will and probate has not concluded dispersing assets to the heirs. What this means is that if the IRS goes against the estate for taxes, then whatever the heirs receive will not be taxed. Therefore, it is not Prince that is paying the tax twice. The heirs are paying the tax in advance of receipt of the assets.

The date upon which the estate must be valued and taxes paid is set regardless of whether the decedent had a will or not. It's the same for everyone, regardless of estate size or number of heirs or will/no will.

I call it a death tax because someone has to DIE in order for there to be a tax. The Estate Tax is paid from the ESTATE, not from the heirs. Guess it's how you look at it..it's paid before heirs get their money. So the amount of that tax can cause the sell off of property etc before it ever gets to an heir. The way you are explaining it is that the assets are divided amongst the heirs and then THEY have to cut the government a check but it doesn't work that way. That is an inheritance tax. I think we are saying pretty much the same thing, but the estate tax is just that...a tax on the estate paid by the estate.

[Edited 6/9/16 12:06pm]

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?

hold up you misconstrueing the hole sititation baby. I like to think prince worked hard for everything he had, now what little I know of his family, they haven't showed anything resembling that or the responsibility to handle an estate. It's not like his kids are getting it, that's all. I don't want to speak on his family dynamics because that's disrespectful, but from what we know, they weren't always on good terms. Now, honestly, does anyone deserve to just live off of someone else's sweat? Not really, people leave money to their kids but often those kids are pieces of shit. at any rate, I just hope it's handled somewhat responsibly by someone. the slicksters will be coming from all angles, and hopefully, for us, the fans, the music in the vault doesn't get fucked up and overproduced before it gets to us, (unlikely).

also, i just remembered that we can't let the tax man get everything, that just would be the ultimate tragedy. sammy davis Jr. is largely forgotten because his entire state was taken by the taxman and the IRS does not lift a finger to endorse or anything else on his image or likeness. If that happens to Prince it would be a tragedy. that means nothing, we'd get absolutely nothing, I don't even know if anyone could even do a proper documentary on him and his music if that happens.

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.

CROWNS1 said:

RodeoSchro said:

There is no such thing as a death tax. The IRS only goes against the estate IF there is no will and probate has not concluded dispersing assets to the heirs. What this means is that if the IRS goes against the estate for taxes, then whatever the heirs receive will not be taxed. Therefore, it is not Prince that is paying the tax twice. The heirs are paying the tax in advance of receipt of the assets.

The date upon which the estate must be valued and taxes paid is set regardless of whether the decedent had a will or not. It's the same for everyone, regardless of estate size or number of heirs or will/no will.

I call it a death tax because someone has to DIE in order for there to be a tax. The Estate Tax is paid from the ESTATE, not from the heirs. Guess it's how you look at it..it's paid before heirs get their money. So the amount of that tax can cause the sell off of property etc before it ever gets to an heir. The way you are explaining it is that the assets are divided amongst the heirs and then THEY have to cut the government a check but it doesn't work that way. That is an inheritance tax. I think we are saying pretty much the same thing, but the estate tax is just that...a tax on the estate paid by the estate.

[Edited 6/9/16 12:06pm]

I get you. I think we are describing the same thing.

What we all don't want to have happen is the IRS take control of the assets. Somehow, I just can't see them doing a very good job at liquidating the contents of the Vault.

mimi1956 said:

keenly said:

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

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!

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.

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.

I thought we were ALREADY doing this.....
(sarcasm at its finest)

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.

Exactly! Thank yiou nelcp777!