teach49 said:

I have a question for any lawyers lurking: Did the judge's ruling about heirs last week end any speculation about possible children in the mix? I've been following this thread and skimmed the documents but it's all a bit confusing. Are the remaining two sealed filings P's niece and grandniece? If so, then it strikes me as odd that we know the ruling about them by name (or am I confusing articles about the ruling with the ruling itself)? Then, I've read in a few places -- I think on this site -- that possible offspring have until September to file. It strikes me that this is untrue, since it appears that the filing date has passed, but I don't trust my understanding of the situation.

Anyway, if the ruling of the court last week has truly narrowed the list of possible heirs, then we have our answer about possible children, right (except for any secret trusts I guess...but it seems that'd get out at some point)?

[Edited 8/1/16 11:01am]

The date to file has passed so I have no idea were Sept date came from. At this point I think and I am not sure but it appears that any children may be a part of some trust that we are not going to find out about until much later down the road. I know their is a rumor that his sibs turned in two names of children but for this court I think we are done with the children.

laurarichardson said:

teach49 said:

I have a question for any lawyers lurking: Did the judge's ruling about heirs last week end any speculation about possible children in the mix? I've been following this thread and skimmed the documents but it's all a bit confusing. Are the remaining two sealed filings P's niece and grandniece? If so, then it strikes me as odd that we know the ruling about them by name (or am I confusing articles about the ruling with the ruling itself)? Then, I've read in a few places -- I think on this site -- that possible offspring have until September to file. It strikes me that this is untrue, since it appears that the filing date has passed, but I don't trust my understanding of the situation.

Anyway, if the ruling of the court last week has truly narrowed the list of possible heirs, then we have our answer about possible children, right (except for any secret trusts I guess...but it seems that'd get out at some point)?

[Edited 8/1/16 11:01am]

The date to file has passed so I have no idea were Sept date came from. At this point I think and I am not sure but it appears that any children may be a part of some trust that we are not going to find out about until much later down the road. I know their is a rumor that his sibs turned in two names of children but for this court I think we are done with the children.

This is my thought as well, although I'm a little unclear about whether the niece and grandniece are under seal. I know they were, but I thought the judge lifted it so I don't see why they'd still be considered as one of the 7 under seal.

I don't know about the September date. I've lurked in a few places so it's probably one of those crazy people claiming to be his child (not the Estabon dude...I kinda feel sorry for him as an adoptee who's just trying to figure out where he came from...although he clearly can't inherit because of the adoption so i understand the ruling on that one).

[Edited 8/1/16 11:48am]

ISaidLifeIsJustAGame said:

tmo1965 said:

Fees for the 1st 3 months: http://www.mncourts.gov/mncourtsgov/media/CIOMediaLibrary/Documents/7-29-16_Proposed-Order-in-Re-Motion.pdf

And they are going to keep racking up those attorney fees with appeals. If only I could get paid this amount for 3 months of legal work.

At that rate, the attorneys will get at least 25% of the estate before it's over.

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I don't think TMZ was being *that* dramatic.

IF the estate is truly valued at $300 million, then the tax bill will total about half of that. The real estate (if debt-free) might bring $50 million, less real estate fees. Even with a will, the taxes wouldn't be much different.

I doubt there's a lot of cash on hand to pay those bills. P believed in real estate investments, obviously.

It'd be interesting to see a valid list of what he owned outside of Minnesota.

I doubt that one armored vehicle would have held the entire contents of the vault. Whatever is in the vault is actually safe there. I think we need to be watching for one or more auctions of some of the more valuable personal property. Guitars, jewelry, lots of shoes

.

Not having a will was a detriment. Wonder if he'd be happy with so much of his money going to lawyers instead of his family or charities?

endiadj said:

endiadj said:

selah said:

laurarichardson said:

Forgive my stupidity, but if someone leaves implicit instructions of what to do with his money/estate, how can anyone contest it? If he willed everything to one person or to a charity why is it possible to question it?

laytonian said:

.

I don't think TMZ was being *that* dramatic.

IF the estate is truly valued at $300 million, then the tax bill will total about half of that. The real estate (if debt-free) might bring $50 million, less real estate fees. Even with a will, the taxes wouldn't be much different.

I doubt there's a lot of cash on hand to pay those bills. P believed in real estate investments, obviously.

It'd be interesting to see a valid list of what he owned outside of Minnesota.

I doubt that one armored vehicle would have held the entire contents of the vault. Whatever is in the vault is actually safe there. I think we need to be watching for one or more auctions of some of the more valuable personal property. Guitars, jewelry, lots of shoes

.

Agree. It is what it is.

laytonian said:

.

I don't think TMZ was being *that* dramatic.

IF the estate is truly valued at $300 million, then the tax bill will total about half of that. The real estate (if debt-free) might bring $50 million, less real estate fees. Even with a will, the taxes wouldn't be much different.

I doubt there's a lot of cash on hand to pay those bills. P believed in real estate investments, obviously.

It'd be interesting to see a valid list of what he owned outside of Minnesota.

I doubt that one armored vehicle would have held the entire contents of the vault. Whatever is in the vault is actually safe there. I think we need to be watching for one or more auctions of some of the more valuable personal property. Guitars, jewelry, lots of shoes

.

I meant the part about his family liquidating his assets rather than being sentimental about his things. That's a dramatic judgement based on a request to sell some of his property, of which he had a lot and for which the family has no use. It's insinuating the family doesn't care about his things, which cannot be surmised by this move. If I were they, the FIRST thing I'd do is sell off far-flung property or homes he bought in MN to house visitors before I'd part with anything personal. And it implies that more personal items or even PP are not valued by the family. That's creating drama where there is none. There are bills to pay. You pick the low-hanging fruit first and that includes off-loading real estate that no one is using...not a big deal at all and perfectly reasonable.

Regarding the vault, I watched an interview recently where P said there is more than one vault so there may be more there then you think. It all depends on the size of the vaults, though, of course.

[Edited 8/1/16 12:53pm]

endiadj said:

endiadj said:

selah said:

endiadj said:

Not having a will was a detriment. Wonder if he'd be happy with so much of his money going to lawyers instead of his family or charities?

One would hope so. Exhibit A: " James Brown’s signature song was “I Feel Good,” but the ugly, eight-year legal battle being waged over his estate is all bad. When the Godfather of Soul died in 2006, it appeared he had left his affairs more or less in order. He had availed himself of legal and financial counsel. He had prepared a will. He had even recorded a videotape stating his desire to use the bulk of his multi-million dollar estate to fund a trust for needy children. But eight years later, not a penny has been distributed as intended, the Brown family has been torn apart and South Carolina courts are awash in litigation. " Rest of the article is here: http://www.lawyersmutualn...wns-estate Seems the best thing is to give it away while you're alive.

Maybe Prince did it this way to avoid what is happening to the James Brown estate. Compared to the way the article presents James' estate, the Prince estate is running pretty smoothly so far, I think.

endiadj said:

Forgive my stupidity, but if someone leaves implicit instructions of what to do with his money/estate, how can anyone contest it? If he willed everything to one person or to a charity why is it possible to question it?

Because family members have a right to contest the will. It does not mean that they have a case, but they can try. According to the article, James Brown had children that he did not acknowledge, which caused those children to contest. If South Carolina is a state where the law says that adult children have a right to their parents' estate, those unclaimed children can rightfully contest a will that leaves them out. So basically, a jacked up family situation is what's behind the James Brown situation.

tmo1965 said:

teach49 said:

YaThink said:

teach49 said:

I meant the part about his family liquidating his assets rather than being sentimental about his things. That's a dramatic judgement based on a request to sell some of his property, of which he had a lot and for which the family has no use. It's insinuating the family doesn't care about his things, which cannot be surmised by this move. If I were they, the FIRST thing I'd do is sell off far-flung property or homes he bought in MN to house visitors before I'd part with anything personal. And it implies that more personal items or even PP are not valued by the family. That's creating drama where there is none. There are bills to pay. You pick the low-hanging fruit first and that includes off-loading real estate that no one is using...not a big deal at all and perfectly reasonable.

Regarding the vault, I watched an interview recently where P said there is more than one vault so there may be more there then you think. It all depends on the size of the vaults, though, of course.

[Edited 8/1/16 12:53pm]

Well said. There is only 1 entity making decisions at this point, and it is not the family.

Don't they have to approve these decisions though? Just asking, don't know....

Mumio said:

selah said:

Mumio said:

Don't they have to approve these decisions though? Just asking, don't know....

Not at this point because they have not confirmed heirship.

Thank you.

teach49 said:

Mumio said:

rogifan said:

teach49 said:

I think the journalist is being overdramatic here. Prince owned a LOT of property around the world. It makes sense to sell some of them if there's a huge tax bill due at the end of the year. And, the family isn't going to be sentimental about all his properties but only the main ones...like Paisley Park, which I'm sure is not going to be sold at this point.

He has a huge piece of undeveloped land in Chanhassen near Paisley Park. Worth about $14M. If there are huge tax bills and other expenses that need to be paid property will have to be sold. I don't see anything sentimental about undeveloped land.

Exactly.

YaThink said:

teach49 said:

I meant the part about his family liquidating his assets rather than being sentimental about his things. That's a dramatic judgement based on a request to sell some of his property, of which he had a lot and for which the family has no use. It's insinuating the family doesn't care about his things, which cannot be surmised by this move. If I were they, the FIRST thing I'd do is sell off far-flung property or homes he bought in MN to house visitors before I'd part with anything personal. And it implies that more personal items or even PP are not valued by the family. That's creating drama where there is none. There are bills to pay. You pick the low-hanging fruit first and that includes off-loading real estate that no one is using...not a big deal at all and perfectly reasonable.

Regarding the vault, I watched an interview recently where P said there is more than one vault so there may be more there then you think. It all depends on the size of the vaults, though, of course.

[Edited 8/1/16 12:53pm]

Well said. There is only 1 entity making decisions at this point, and it is not the family.

True, so the family shouldn't have even been mentioned in the article.

endiadj said:

Not having a will was a detriment. Wonder if he'd be happy with so much of his money going to lawyers instead of his family or charities?

.

It really wouldn't be much different, actually.

Say he left everything to Tyka.

It would still be necessary to pay the estate taxes, which means a total inventory of properties and personal possessions (incl the vault).

There would still be a need to monetize everything to pay those taxes and deal with people coming out of the woodwork to challenge the will.

I think P knew what happened to Michael Jackson's and James Brown's estates, and realized that even having a will meant nothing in the grand scheme. Plus, he hated contracts AND I really doubt he needed to act quickly.

Letting the courts decide WHO the heirs are (under MN law) is probably easier than P having everyone take a DNA test. Like I said before, he found out when he settled Duane's estate that his family tree had too many branches.

.

rogifan said:

teach49 said:

I think the journalist is being overdramatic here. Prince owned a LOT of property around the world. It makes sense to sell some of them if there's a huge tax bill due at the end of the year. And, the family isn't going to be sentimental about all his properties but only the main ones...like Paisley Park, which I'm sure is not going to be sold at this point.

He has a huge piece of undeveloped land in Chanhassen near Paisley Park. Worth about $14M. If there are huge tax bills and other expenses that need to be paid property will have to be sold. I don't see anything sentimental about undeveloped land.

.

He held onto some property he'd owned for years (like the site of a rehearsal warehouse that was torn down years ago). The Lake Ann property (that 157 acre chunk) is surrounded by other lots that he'd bought up over the years.

Then there are the homes scattered around Minneapolis.

It's likely that the homes will be appraised and those which P's relatives are living in will be sold to them at that "90% of appraisal" rule. Larry and Kirk also live in P-owned homes. The one home that's been for sale since January is a mystery; maybe some of the 3rdEyeGirl folks or other band members lived in it periodically?

TMZ listed a Beverly Hills property, but I thought he'd sold that years ago. The Turks and Caicos property should sell easily.

I'd sure like to see a list.

.

teach49 said:

YaThink said:

teach49 said:

True, so the family shouldn't have even been mentioned in the article.

Correct.

The family is being consulted. The documents filed by Bremer Trust indicate the family was consulted and agreed with the licensing agreement with BET and the Estate for the use of P's image and music on the show.

Also, filings with the Court regarding business agreement protocols provide for notice to potential heirs and how and when the heirs must respond with objections as to any potential business agreements.

YaThink said: