I just wish there was a legal manuever to put an end to these clowns making financial claims against Prince's estate once and for all. Isn't there a time limit for these opportunistic vultures to make these ridiculous assertions? It kills me that any of these claims by these people to be heirs of Prince are entertained at all. Every single of these deserve nothing and nothing but bad karma.

On the BBC website they are reporting the estate is worth $27 million, which seems really low to me for all the years he's been touring/selling albums, he would have earned this on some of the tours alone, never mind royalties/sales etc, I know Paisley Park would have cost allot to run, but even so....

'The star left no will, leaving the court to decide how to divide his estate, which is estimated to be worth more than $27m (£18.5m), plus future royalties and licensing deals.'

http://www.bbc.co.uk/news/entertainment-arts-36467321

[Edited 6/7/16 3:53am]

bashraka said:

bashraka said:

ecnirp98 said:

bashraka said:

jcurley said:

RachB65 said:

RachB65 said:

http://www.nbcnews.com And theres yet another guy making a claim against his estate saying he was Prince's son and was told he was to b given $7 mil. "And so has a man named Norman Yates Carthens of Barnwell, South Carolina, according to The Associated Press, which quoted Carthens as saying in court documents: "My dad was giving me 7,000,000 [sic]. So I'm putting a $7,000,000 claim on the estate because I'm a heir and I have proof."

I would imagine the $7M payments would be easy for Bremer to verify. Glad to see that the Judge is trying to expedite the estate.

Prince spent a lot of money being Prince. And more power to him! But his estate will be worth more than $27 million.

The $27 million is just the physical assets. The future cash flows of his royalties has to be calculated. For reference, back in the 90's David Bowie monetized the cash flows from his future royalties and was paid something like $55 million up front. Prince's will be at least that much, and probably much more IMO.

Now, licensing deals are trickier. The estate could say, "Prince never licensed anything, and we don't intend to either. Therefore the value of future licensing deals is zero or close to it". I'm not sure the IRS would buy that, but how do you settle on how much you may or may not license something?

While it's good the judge is fast-tracking the settlement of the estate, I think the real issue is where the IRS comes down on the value of licensing deals.

The best-case scenario in any event is that Prince had set up a life insurance trust. This means that Prince organized a trust, and funded it with enough money to buy a life insurance policy on him. The policy would hopefully be big enough to cover the estate taxes. So what happens is that upon Prince's death, the life insurance company pays the proceeds to the trust. The trust then takes that money and buys assets from Prince's estate (Paisley Park, his catalogue and royalties, the stuff in the vault, etc.).

Prince's estate uses the money paid by the trust to pay the IRS. So now trust owns some or all of Prince's assets, and whoever Prince had designated as the trustee (the person that controls the trust) would be in charge of dealing with the assets.

It would be awesome if Prince had done that, and selected someone like Shiela E or ?uestlove to be the trustee. Fingers crossed!

^And by the way, you don't need a will to do any of the stuff listed above. But you are hoping that whoever inherits your estate sells assets to the trust. The heirs wouldn't have to do that if they aren't directed to do so by a will. But the IRS will have to be paid pretty quick (within a year at the most, I believe) so the estate will have to raise cash in some way. The life insurance trust would be the best way to do it, IMO.

RachB65 said:

http://www.nbcnews.com And theres yet another guy making a claim against his estate saying he was Prince's son and was told he was to b given $7 mil. "And so has a man named Norman Yates Carthens of Barnwell, South Carolina, according to The Associated Press, which quoted Carthens as saying in court documents: "My dad was giving me 7,000,000 [sic]. So I'm putting a $7,000,000 claim on the estate because I'm a heir and I have proof."

Not "yet another guy". Threads about the inmate in question have been posted and rightfully locked.