zenarose said:

morningsong said:

Okay zenarose you win, she's not a plant, she's just plan and utterly bonkers. But she's an orignal, I give her that.

LMAO!!! I thought you had read the file posted today. OMG I'm rollin' here. And she is free to be out

alone and unattended........

Claire also inserted herself into MJ Estate requesting guardianship of his children since she gave birth to them. Her and Michael had a baby which was adopted by Tom Cruise. She used the last name of Cruise in MJ's Estate.

ISaidLifeIsJustAGame said:

wavesofbliss said:

just a thank u for clarifying things for the layfolks. probate stuff is a nightmare labyrinth to me.

--

i did see anything conerning the divorce that would be danming to MT- she changed her birth year to 1978 but is that such a big deal?

Something I else I read yesterday.

I am not saying this Dummies book is the end all as I am sure Prince consulted with his lawyers and we still don't know who was the owner or shareholders of the LLC.

How Limited Liability Companies Can Help with Estate Planning

Related Book

Limited Liability Compani...rd Edition

By Jennifer Reuting

LLCs (limited liability companies) are the perfect tool for planning an estate. Planning your estate is sort of like shooting at a moving target — you can’t plan for a future that you are unsure of. Nothing is certain in estate taxes, and Congress may pass another tax act in the coming years that changes the estate tax structure. So who knows what the tax rates will be when you pass on?

You need to take control of your estate and not leave everything up to the fickle whims of the U.S. government. With LLCs, you maintain control of your assets as the ownership passes on to your heirs, all while avoiding probate. You can also rest assured that your estate is protected from the roving eye of creditors and lawyers who want to take it away.

LLCs avoid probate

One of the greatest benefits of using LLCs in your estate planning is that your heirs can avoid probate, a lengthy and expensive process in which the court settles your estate for you. The court resolves all creditors’ claims and distributes your assets according to law or your will (if you recorded one). Probate is managed by someone whom you designate in your will, called an executor.

Probate often undermines all the tax-saving steps that you take (such as gifting) because the legal fees and court costs can become so high that the taxes are nominal in comparison. And if someone contests the will or the executor, the courts can take many years to execute the will, and there may not be much of an estate left to divvy up after it’s all over.

When you set up your estate in an LLC, the LLC just transfers to your heirs, and all is said and done. This way, you can rest assured that your loved ones won’t be hit with any huge legal fees that eat up your estate before it’s ever delivered into their hands.

If you are married and live in one of the ten community property states (Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin), all your assets will be transferred to your spouse upon your death. In this case, no probate is necessary. If your spouse is no longer alive, then your estate will enter into probate. Note: if you don’t live in one of these community property states, then your estate will enter probate whether your spouse is alive or not. The best way to avoid probate is to create an LLC.

LLCs provide asset protection

The biggest problem with most estate planning techniques is that as you collect assets to pass on to your heirs, the assets aren’t protected from creditors and lawsuits. As long as you’re alive, without this protection, you’re a walking target. Although most trusts help ease the transfer of your assets upon your death, they don’t protect your assets from lawsuits or creditors like an LLC does.

When you work with your attorney on an asset protection plan, he will probably suggest using a trust. (A trust is a legal situation where someone gives financial control over certain assets to a person or institution for the benefit of another person, the beneficiary.) When structured properly, LLCs offer the same benefits as trusts when it comes to avoiding probate and reallocating income, but many attorneys prefer trusts because they’re the standard, age-old way of estate planning, and LLCs are newer entities. If you find this to be the case, you may want to have an open and frank discussion with your attorney as to why he doesn’t wish to incorporate an LLC into your estate plan. If he doesn’t have a concrete reason — such as the value of your estate is so small that it wouldn’t warrant the extra fees — then you may want to get a second opinion.

When you meet with your attorney to draw up an estate plan, make sure that your attorney incorporates asset protection strategies into the plan. Preventing your assets from being taxed after your death is pointless if your assets get seized by a creditor before your heirs can even get to them. An LLC, if used by itself, should do the trick because it offers many layers of asset protection.

If you want to use a special trust in your estate planning endeavors, you can use an LLC (or two or three) to hold the assets, thereby protecting them from creditors. The trust will be the majority owner of the LLC to help avoid probate and reduce estate taxes. This way, if you get sued personally, the creditor can break the trust, however, the assets (which are inside the LLC) are saved by the LLC’s charging order protection.

When you work with your estate planning attorney, he may not look at the situation from an asset protection perspective. Or, he may look at it only from an asset protection perspective and ignore the tax implications. Make sure that you have all of your bases covered and that whomever you work with looks at both of these important aspects when planning your estate.

LLCs give you control

An LLC is incredibly flexible. You can structure the ownership, the management, and the profit allocations pretty much however you want by specifying these things in the company’s operating agreement. Your LLC can be either member-managed, where all partners share equal control of the day-to-day affairs, or manager-managed, where one or a few people (who don’t make up 100 percent of the partners) make managerial decisions. LLCs for estate planning are commonly manager-managed LLCs, with the parents taking the role of managing partners and the kids as nonmanaging (silent) partners. This way, as the LLC is transferred to the children, the parents can still manage the assets even if they no longer own the LLC.

Basically anything goes, as long as you set up the LLC’s operating agreement accordingly. You can have different types (classes) of membership, where some partners have more voting rights than the others. You can restrict the transfer of ownership so your kids can’t sell their shares in the family estate. You can describe in detail how you want the succession to go after you pass away, and you can name the successor managers. You can even distribute the profits and losses however you want, meaning they don’t have to be distributed according to the membership percentages.

morningsong said:

Oh my Laura is seriously on a mission here.

More posted on the court site. Just checked. Going back to check it out.

morningsong said:

Oh my Laura is seriously on a mission here.

Check this out.

If you want to use a special trust in your estate planning endeavors, you can use an LLC (or two or three) to hold the assets, thereby protecting them from creditors. The trust will be the majority owner of the LLC to help avoid probate and reduce estate taxes. This way, if you get sued personally, the creditor can break the trust, however, the assets (which are inside the LLC) are saved by the LLC’s charging order protection.

Could Londell be a trustee? He appered out of nowhere the minute they announced Prince died.

An LLC is incredibly flexible. You can structure the ownership, the management, and the profit allocations pretty much however you want by specifying these things in the company’s operating agreement. Your LLC can be either member-managed, where all partners share equal control of the day-to-day affairs, or manager-managed, where one or a few people (who don’t make up 100 percent of the partners) make managerial decisions. LLCs for estate planning are commonly manager-managed LLCs, with the parents taking the role of managing partners and the kids as nonmanaging (silent) partners. This way, as the LLC is transferred to the children, the parents can still manage the assets even if they no longer own the LLC.

Could P and Phreda have been the managers and the family silent partners? I know the siblings are not his children but they are his heirs. I doubt they have the foggiest clue as to how to run the LLC so this would have made things easy for them and there is little they can do about it.

So it looks like B & V are not prepared so they have asked for a continuance. (?) Not sure I think that

includes the Corey also. Estibon's lawyers have withdrawn. I also noticed that VJ is listed to receive all

notices produced in this matter. That is something that I have overlooked.

laurarichardson said:

morningsong said:

Oh my Laura is seriously on a mission here.

Check this out.

If you want to use a special trust in your estate planning endeavors, you can use an LLC (or two or three) to hold the assets, thereby protecting them from creditors. The trust will be the majority owner of the LLC to help avoid probate and reduce estate taxes. This way, if you get sued personally, the creditor can break the trust, however, the assets (which are inside the LLC) are saved by the LLC’s charging order protection.

Could Londell be a trustee? He appered out of nowhere the minute they announced Prince died.

An LLC is incredibly flexible. You can structure the ownership, the management, and the profit allocations pretty much however you want by specifying these things in the company’s operating agreement. Your LLC can be either member-managed, where all partners share equal control of the day-to-day affairs, or manager-managed, where one or a few people (who don’t make up 100 percent of the partners) make managerial decisions. LLCs for estate planning are commonly manager-managed LLCs, with the parents taking the role of managing partners and the kids as nonmanaging (silent) partners. This way, as the LLC is transferred to the children, the parents can still manage the assets even if they no longer own the LLC.

Could P and Phreda have been the managers and the family silent partners? I know the siblings are not his children but they are his heirs. I doubt they have the foggiest clue as to how to run the LLC so this would have made things easy for them and there is little they can do about it.

Which makes it all the more interesting that a manager was cited (and that manager being the one who helped P get back his masters), rather an OWNER (ie Prince himself who seems to have taken on the status of 'employee' / song-writer).
.

I also think the timing of all of this is mighty 'coincidental' - he sets something up by way of estate planning at the point where his 'mission is completed'; the copyrights are transferred by Feb 2016; his sister says she had 'done her grieving' and was 'prepared' for his demise during those two years; his appearance changes and he drops hints left, right and centre during those two years - and then he dies in April 2016...And people are saying there was nothing going on with him during this period???
.
Okayyy...

[Edited 10/11/16 8:53am]

zenarose said:

So it looks like B & V are not prepared so they have asked for a continuance. (?) Not sure I think that

includes the Corey also. Estibon's lawyers have withdrawn. I also noticed that VJ is listed to receive all

notices produced in this matter. That is something that I have overlooked.

Who is VJ?

tmo1965 said:

zenarose said:

So it looks like B & V are not prepared so they have asked for a continuance. (?) Not sure I think that

includes the Corey also. Estibon's lawyers have withdrawn. I also noticed that VJ is listed to receive all

notices produced in this matter. That is something that I have overlooked.

Who is VJ?

Van Jones. The reason it struck me is because LM is not on the list, along with several others that I

would have thought would be interested parties. Not even PEL is listed.

zenarose said:

tmo1965 said:

Who is VJ?

Van Jones. The reason it struck me is because LM is not on the list, along with several others that I

would have thought would be interested parties. Not even PEL is listed.

Does it specifically say Van Jones?

laurarichardson said:

morningsong said:

Oh my Laura is seriously on a mission here.

Check this out.

If you want to use a special trust in your estate planning endeavors, you can use an LLC (or two or three) to hold the assets, thereby protecting them from creditors. The trust will be the majority owner of the LLC to help avoid probate and reduce estate taxes. This way, if you get sued personally, the creditor can break the trust, however, the assets (which are inside the LLC) are saved by the LLC’s charging order protection.

Could Londell be a trustee? He appered out of nowhere the minute they announced Prince died.

An LLC is incredibly flexible. You can structure the ownership, the management, and the profit allocations pretty much however you want by specifying these things in the company’s operating agreement. Your LLC can be either member-managed, where all partners share equal control of the day-to-day affairs, or manager-managed, where one or a few people (who don’t make up 100 percent of the partners) make managerial decisions. LLCs for estate planning are commonly manager-managed LLCs, with the parents taking the role of managing partners and the kids as nonmanaging (silent) partners. This way, as the LLC is transferred to the children, the parents can still manage the assets even if they no longer own the LLC.

Could P and Phreda have been the managers and the family silent partners? I know the siblings are not his children but they are his heirs. I doubt they have the foggiest clue as to how to run the LLC so this would have made things easy for them and there is little they can do about it.

NPG Music Publishing LLC bought the Purple Rain House

The Purple Rain House is in the Estate with an order to be put on the market.

ISaidLifeIsJustAGame said:

zenarose said:

Van Jones. The reason it struck me is because LM is not on the list, along with several others that I

would have thought would be interested parties. Not even PEL is listed.

Does it specifically say Van Jones?

Anthony Jones and gives his mailing addy.

The filing on 10/10, Affidavit Of Service : it's 33 pags. If you look at the bottom of pg. 1, his name is

3rd to the right going across.

ISaidLifeIsJustAGame said:

laurarichardson said:

Check this out.

If you want to use a special trust in your estate planning endeavors, you can use an LLC (or two or three) to hold the assets, thereby protecting them from creditors. The trust will be the majority owner of the LLC to help avoid probate and reduce estate taxes. This way, if you get sued personally, the creditor can break the trust, however, the assets (which are inside the LLC) are saved by the LLC’s charging order protection.

Could Londell be a trustee? He appered out of nowhere the minute they announced Prince died.

An LLC is incredibly flexible. You can structure the ownership, the management, and the profit allocations pretty much however you want by specifying these things in the company’s operating agreement. Your LLC can be either member-managed, where all partners share equal control of the day-to-day affairs, or manager-managed, where one or a few people (who don’t make up 100 percent of the partners) make managerial decisions. LLCs for estate planning are commonly manager-managed LLCs, with the parents taking the role of managing partners and the kids as nonmanaging (silent) partners. This way, as the LLC is transferred to the children, the parents can still manage the assets even if they no longer own the LLC.

Could P and Phreda have been the managers and the family silent partners? I know the siblings are not his children but they are his heirs. I doubt they have the foggiest clue as to how to run the LLC so this would have made things easy for them and there is little they can do about it.

NPG Music Publishing LLC bought the Purple Rain House

The Purple Rain House is in the Estate with an order to be put on the market.

No, they said that the Purple rain house was not going to be sold along with Paisly Park and some commerical properties and that this was a mistake in the inital filing.

http://minnesota.cbslocal.com/2016/08/06/paisley-park-wont-be-sold/

Can you answer these questions

special trust in your estate planning endeavors, you can use an LLC (or two or three) to hold the assets, thereby protecting them from creditors. The trust will be the majority owner of the LLC to help avoid probate and reduce estate taxes. This way, if you get sued personally, the creditor can break the trust, however, the assets (which are inside the LLC) are saved by the LLC’s charging order protection.

Could he have set up a special trust maybe even more than one?

Could the PR house, Paisley Park and his commercial properties not be up for sale because they are assets of the LLC. At first they were listed then they were pulled? We know that one of the pieces of land is listed under "Love For One Another and the church that the crazy lawyer from Florida stole was under "Love For One Another.

------

When you set up your estate in an LLC, the LLC just transfers to your heirs, and all is said and done. This way, you can rest assured that your loved ones won’t be hit with any huge legal fees that eat up your estate before it’s ever delivered into their hands.

Would this have made sense for Prince to do?

An LLC is incredibly flexible. You can structure the ownership, the management, and the profit allocations pretty much however you want by specifying these things in the company’s operating agreement. Your LLC can be either member-managed, where all partners share equal control of the day-to-day affairs, or manager-managed, where one or a few people (who don’t make up 100 percent of the partners) make managerial decisions. LLCs for estate planning are commonly manager-managed LLCs, with the parents taking the role of managing partners and the kids as nonmanaging (silent) partners. This way, as the LLC is transferred to the children, the parents can still manage the assets even if they no longer own the LLC.

Basically anything goes, as long as you set up the LLC’s operating agreement accordingly. You can have different types (classes) of membership, where some partners have more voting rights than the others. You can restrict the transfer of ownership so your kids can’t sell their shares in the family estate. You can describe in detail how you want the succession to go after you pass away, and you can name the successor managers. You can even distribute the profits and losses however you want, meaning they don’t have to be distributed according to the membership percentages.

Would this have made sense as Phreda is listed as a manager?

zenarose said:

The filing on 10/10, Affidavit Of Service : it's 33 pags. If you look at the bottom of pg. 1, his name is

3rd to the right going across.

At one point he was listed as Omarr lawyer. I also wonder if he is involved with the LLC?

[Edited 10/11/16 9:50am]

laurarichardson said:

zenarose said:

The filing on 10/10, Affidavit Of Service : it's 33 pags. If you look at the bottom of pg. 1, his name is

3rd to the right going across.

At one point he was listed a Omarr lawyer. I also wonder if he is involved with the LLC?

What questions do you want to ask Laura?

Im going to ask you a question so dont take it the wrong way...why does it matter if someone else is involved in the LLC?

ISaidLifeIsJustAGame said:

laurarichardson said:

At one point he was listed a Omarr lawyer. I also wonder if he is involved with the LLC?

What questions do you want to ask Laura?

Im going to ask you a question so dont take it the wrong way...why does it matter if someone else is involved in the LLC?

"NPG Music Publishing LLC bought the Purple Rain House"

The Purple Rain House is in the Estate with an order to be put on the market.

No, they said that the Purple rain house was not going to be sold along with Paisly Park and some commerical properties and that this was a mistake in the inital filing.

http://minnesota.cbslocal.com/2016/08/06/paisley-park-wont-be-sold/

Can you answer these questions?

special trust in your estate planning endeavors, you can use an LLC (or two or three) to hold the assets, thereby protecting them from creditors. The trust will be the majority owner of the LLC to help avoid probate and reduce estate taxes. This way, if you get sued personally, the creditor can break the trust, however, the assets (which are inside the LLC) are saved by the LLC’s charging order protection.

Could he have set up a special trust maybe even more than one?

Could the PR house, Paisley Park and his commercial properties not be up for sale because they are assets of the LLC?

At first they were listed then they were pulled We know that one of the pieces of land is listed under "Love For One Another and the church that the crazy lawyer from Florida stole was under "Love For One Another.

------

When you set up your estate in an LLC, the LLC just transfers to your heirs, and all is said and done. This way, you can rest assured that your loved ones won’t be hit with any huge legal fees that eat up your estate before it’s ever delivered into their hands.

Would this have made sense for Prince to do?

An LLC is incredibly flexible. You can structure the ownership, the management, and the profit allocations pretty much however you want by specifying these things in the company’s operating agreement. Your LLC can be either member-managed, where all partners share equal control of the day-to-day affairs, or manager-managed, where one or a few people (who don’t make up 100 percent of the partners) make managerial decisions. LLCs for estate planning are commonly manager-managed LLCs, with the parents taking the role of managing partners and the kids as nonmanaging (silent) partners. This way, as the LLC is transferred to the children, the parents can still manage the assets even if they no longer own the LLC.

Basically anything goes, as long as you set up the LLC’s operating agreement accordingly. You can have different types (classes) of membership, where some partners have more voting rights than the others. You can restrict the transfer of ownership so your kids can’t sell their shares in the family estate. You can describe in detail how you want the succession to go after you pass away, and you can name the successor managers. You can even distribute the profits and losses however you want, meaning they don’t have to be distributed according to the membership percentages.

Would this have made sense as Phreda is listed as a manager? I realize he did not have children but could other people be treated as a class of membership in the trust with less voting rights?

Why does it matter if someone else is involved in the LLC?

I think he would matter if he wanted the revenue from the royalties to be given to his family members or non-profits without the tax burden or legal fees eating up the money.

laurarichardson said:

ISaidLifeIsJustAGame said:

What questions do you want to ask Laura?

Im going to ask you a question so dont take it the wrong way...why does it matter if someone else is involved in the LLC?

"NPG Music Publishing LLC bought the Purple Rain House"

The Purple Rain House is in the Estate with an order to be put on the market.

No, they said that the Purple rain house was not going to be sold along with Paisly Park and some commerical properties and that this was a mistake in the inital filing.

http://minnesota.cbslocal.com/2016/08/06/paisley-park-wont-be-sold/

Can you answer these questions?

special trust in your estate planning endeavors, you can use an LLC (or two or three) to hold the assets, thereby protecting them from creditors. The trust will be the majority owner of the LLC to help avoid probate and reduce estate taxes. This way, if you get sued personally, the creditor can break the trust, however, the assets (which are inside the LLC) are saved by the LLC’s charging order protection.

Could he have set up a special trust maybe even more than one?

Could the PR house, Paisley Park and his commercial properties not be up for sale because they are assets of the LLC?

At first they were listed then they were pulled We know that one of the pieces of land is listed under "Love For One Another and the church that the crazy lawyer from Florida stole was under "Love For One Another.

------

When you set up your estate in an LLC, the LLC just transfers to your heirs, and all is said and done. This way, you can rest assured that your loved ones won’t be hit with any huge legal fees that eat up your estate before it’s ever delivered into their hands.

Would this have made sense for Prince to do?

An LLC is incredibly flexible. You can structure the ownership, the management, and the profit allocations pretty much however you want by specifying these things in the company’s operating agreement. Your LLC can be either member-managed, where all partners share equal control of the day-to-day affairs, or manager-managed, where one or a few people (who don’t make up 100 percent of the partners) make managerial decisions. LLCs for estate planning are commonly manager-managed LLCs, with the parents taking the role of managing partners and the kids as nonmanaging (silent) partners. This way, as the LLC is transferred to the children, the parents can still manage the assets even if they no longer own the LLC.

Basically anything goes, as long as you set up the LLC’s operating agreement accordingly. You can have different types (classes) of membership, where some partners have more voting rights than the others. You can restrict the transfer of ownership so your kids can’t sell their shares in the family estate. You can describe in detail how you want the succession to go after you pass away, and you can name the successor managers. You can even distribute the profits and losses however you want, meaning they don’t have to be distributed according to the membership percentages.

Would this have made sense as Phreda is listed as a manager? I realize he did not have children but could other people be treated as a class of membership in the trust with less voting rights?

Why does it matter if someone else is involved in the LLC?

I think he would matter if he wanted the revenue from the royalties to be given to his family members or non-profits without the tax burden or legal fees eating up the money.

There are no legal fees eating up money in an LLC.

If he gave money to his family it would still be taxable.

I dont understand why Prince would give family members that he hadnt seen in 15 years money when he had a huge payroll to take care of and huge operating costs for PP.

laurarichardson said:

zenarose said:

The filing on 10/10, Affidavit Of Service : it's 33 pags. If you look at the bottom of pg. 1, his name is

3rd to the right going across.

At one point he was listed as Omarr lawyer. I also wonder if he is involved with the LLC?

[Edited 10/11/16 9:50am]

On 5/2/16 the Certificate of Representation states that Sally Forbes Friedman is Omarr's Attorney.

I can't seem to locate another Certification for him. Hhmmm I will look further.

zenarose said:

laurarichardson said:

At one point he was listed as Omarr lawyer. I also wonder if he is involved with the LLC?

[Edited 10/11/16 9:50am]

On 5/2/16 the Certificate of Representation states that Sally Forbes Friedman is Omarr's Attorney.

I can't seem to locate another Certification for him. Hhmmm I will look further.

Omarr has changed attorneys at least three times. I saw where Friedman, Peterson, and Jones withdrew from representing Omarr. Its in my notes. I never realized Anthony Jones was Van Jones.

ISaidLifeIsJustAGame said:

zenarose said:

On 5/2/16 the Certificate of Representation states that Sally Forbes Friedman is Omarr's Attorney.

I can't seem to locate another Certification for him. Hhmmm I will look further.

Omarr has changed attorneys at least three times. I saw where Friedman, Peterson, and Jones withdrew from representing Omarr. Its in my notes. I never realized Anthony Jones was Van Jones.

Yes I went back and found several other Lawyers. It seems they change a lot. I assume it's due to a

particular specialty as to what is being heard at the time.

PRN & Mani's divorce (Star Tribune case attached.)

http://pa.courts.state.mn...fault.aspx

the case number (27-FA-06-3597)


PRNs Probate Case

http://www.mncourts.gov/I...elson.aspx

ISaidLifeIsJustAGame said:

laurarichardson said:

"NPG Music Publishing LLC bought the Purple Rain House"

The Purple Rain House is in the Estate with an order to be put on the market.

No, they said that the Purple rain house was not going to be sold along with Paisly Park and some commerical properties and that this was a mistake in the inital filing.

http://minnesota.cbslocal.com/2016/08/06/paisley-park-wont-be-sold/

Can you answer these questions?

special trust in your estate planning endeavors, you can use an LLC (or two or three) to hold the assets, thereby protecting them from creditors. The trust will be the majority owner of the LLC to help avoid probate and reduce estate taxes. This way, if you get sued personally, the creditor can break the trust, however, the assets (which are inside the LLC) are saved by the LLC’s charging order protection.

Could he have set up a special trust maybe even more than one?

Could the PR house, Paisley Park and his commercial properties not be up for sale because they are assets of the LLC?

At first they were listed then they were pulled We know that one of the pieces of land is listed under "Love For One Another and the church that the crazy lawyer from Florida stole was under "Love For One Another.

------

When you set up your estate in an LLC, the LLC just transfers to your heirs, and all is said and done. This way, you can rest assured that your loved ones won’t be hit with any huge legal fees that eat up your estate before it’s ever delivered into their hands.

Would this have made sense for Prince to do?

An LLC is incredibly flexible. You can structure the ownership, the management, and the profit allocations pretty much however you want by specifying these things in the company’s operating agreement. Your LLC can be either member-managed, where all partners share equal control of the day-to-day affairs, or manager-managed, where one or a few people (who don’t make up 100 percent of the partners) make managerial decisions. LLCs for estate planning are commonly manager-managed LLCs, with the parents taking the role of managing partners and the kids as nonmanaging (silent) partners. This way, as the LLC is transferred to the children, the parents can still manage the assets even if they no longer own the LLC.

Basically anything goes, as long as you set up the LLC’s operating agreement accordingly. You can have different types (classes) of membership, where some partners have more voting rights than the others. You can restrict the transfer of ownership so your kids can’t sell their shares in the family estate. You can describe in detail how you want the succession to go after you pass away, and you can name the successor managers. You can even distribute the profits and losses however you want, meaning they don’t have to be distributed according to the membership percentages.

Would this have made sense as Phreda is listed as a manager? I realize he did not have children but could other people be treated as a class of membership in the trust with less voting rights?

Why does it matter if someone else is involved in the LLC?

I think he would matter if he wanted the revenue from the royalties to be given to his family members or non-profits without the tax burden or legal fees eating up the money.

There are no legal fees eating up money in an LLC.

If he gave money to his family it would still be taxable.

I dont understand why Prince would give family members that he hadnt seen in 15 years money when he had a huge payroll to take care of and huge operating costs for PP.

Okay. Let me clarify my questions.

Legal fees are eating up money during the probate process. Bremer has already sent invoices for 2 million dollars. The longer the probate proceedings drag on the legal fees are going to continue to accrue. In addition, taxes will have to be paid on the assets in the estate during the probate process. Would it have been a good idea for Prince to place assets in the LLC to lessen the tax burden?

My question to you is If Prince put his songs and other assets in an LLC would this be a means for having those assets free from the probate process?

If he had shareholders in the LLC would they not receive dividends from the earnings of the songs and whatever other assets are in the LLC?

ISaidLifeIsJustAGame said:

laurarichardson said:

"NPG Music Publishing LLC bought the Purple Rain House"

The Purple Rain House is in the Estate with an order to be put on the market.

No, they said that the Purple rain house was not going to be sold along with Paisly Park and some commerical properties and that this was a mistake in the inital filing.

http://minnesota.cbslocal.com/2016/08/06/paisley-park-wont-be-sold/

Can you answer these questions?

special trust in your estate planning endeavors, you can use an LLC (or two or three) to hold the assets, thereby protecting them from creditors. The trust will be the majority owner of the LLC to help avoid probate and reduce estate taxes. This way, if you get sued personally, the creditor can break the trust, however, the assets (which are inside the LLC) are saved by the LLC’s charging order protection.

Could he have set up a special trust maybe even more than one?

Could the PR house, Paisley Park and his commercial properties not be up for sale because they are assets of the LLC?

At first they were listed then they were pulled We know that one of the pieces of land is listed under "Love For One Another and the church that the crazy lawyer from Florida stole was under "Love For One Another.

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When you set up your estate in an LLC, the LLC just transfers to your heirs, and all is said and done. This way, you can rest assured that your loved ones won’t be hit with any huge legal fees that eat up your estate before it’s ever delivered into their hands.

Would this have made sense for Prince to do?

An LLC is incredibly flexible. You can structure the ownership, the management, and the profit allocations pretty much however you want by specifying these things in the company’s operating agreement. Your LLC can be either member-managed, where all partners share equal control of the day-to-day affairs, or manager-managed, where one or a few people (who don’t make up 100 percent of the partners) make managerial decisions. LLCs for estate planning are commonly manager-managed LLCs, with the parents taking the role of managing partners and the kids as nonmanaging (silent) partners. This way, as the LLC is transferred to the children, the parents can still manage the assets even if they no longer own the LLC.

Basically anything goes, as long as you set up the LLC’s operating agreement accordingly. You can have different types (classes) of membership, where some partners have more voting rights than the others. You can restrict the transfer of ownership so your kids can’t sell their shares in the family estate. You can describe in detail how you want the succession to go after you pass away, and you can name the successor managers. You can even distribute the profits and losses however you want, meaning they don’t have to be distributed according to the membership percentages.

Would this have made sense as Phreda is listed as a manager? I realize he did not have children but could other people be treated as a class of membership in the trust with less voting rights?

Why does it matter if someone else is involved in the LLC?

I think he would matter if he wanted the revenue from the royalties to be given to his family members or non-profits without the tax burden or legal fees eating up the money.

There are no legal fees eating up money in an LLC.

If he gave money to his family it would still be taxable.

I dont understand why Prince would give family members that he hadnt seen in 15 years money when he had a huge payroll to take care of and huge operating costs for PP.

The only person he had not seen in 15 years was Albert and he did not have a hugh payroll at Paisley in fact he mentioned a skelaton crew in the Rolling Stone article. Do you not understand that share holders can be silent in a LLC? I never thought Albert had anything to do with anything.

Dibblekins said:

laurarichardson said:

Check this out.

If you want to use a special trust in your estate planning endeavors, you can use an LLC (or two or three) to hold the assets, thereby protecting them from creditors. The trust will be the majority owner of the LLC to help avoid probate and reduce estate taxes. This way, if you get sued personally, the creditor can break the trust, however, the assets (which are inside the LLC) are saved by the LLC’s charging order protection.

Could Londell be a trustee? He appered out of nowhere the minute they announced Prince died.

An LLC is incredibly flexible. You can structure the ownership, the management, and the profit allocations pretty much however you want by specifying these things in the company’s operating agreement. Your LLC can be either member-managed, where all partners share equal control of the day-to-day affairs, or manager-managed, where one or a few people (who don’t make up 100 percent of the partners) make managerial decisions. LLCs for estate planning are commonly manager-managed LLCs, with the parents taking the role of managing partners and the kids as nonmanaging (silent) partners. This way, as the LLC is transferred to the children, the parents can still manage the assets even if they no longer own the LLC.

Could P and Phreda have been the managers and the family silent partners? I know the siblings are not his children but they are his heirs. I doubt they have the foggiest clue as to how to run the LLC so this would have made things easy for them and there is little they can do about it.

Which makes it all the more interesting that a manager was cited (and that manager being the one who helped P get back his masters), rather an OWNER (ie Prince himself who seems to have taken on the status of 'employee' / song-writer).
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I also think the timing of all of this is mighty 'coincidental' - he sets something up by way of estate planning at the point where his 'mission is completed'; the copyrights are transferred by Feb 2016; his sister says she had 'done her grieving' and was 'prepared' for his demise during those two years; his appearance changes and he drops hints left, right and centre during those two years - and then he dies in April 2016...And people are saying there was nothing going on with him during this period???
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Okayyy...

[Edited 10/11/16 8:53am]

I don't get it either. I am waiting for some info from an attorney I know and I might have time later this week to do some reserch on the properties that Bremer is not selling . I suspect those are owned by the LLC and that is the reason they are not selling them. Certain assest are not going to be affected by Probate matters.

so why didn't put everything in the LLC. i would think the physical PP and surrounding property would have just as important to him. we will know.

A lot has happened lately, particularly the LLC topic. The application lists 1 manager, the lawyer who helped Prince get his masters back, Lamkins. It is interesting that the application has checked only 1 manager will manage the LLC. My question is, is the manager the owner of the LLC? I did not see any section of investors or owners.

After googling NPG Music Publishing LLC, I found a website:

http://www.npgmusicpublishing.com/

All it has is a contact request. I did notice a good bit of articles via the web from 2014 when Prince gained his masters and the articles addressed Prince's catalog being controlled by the LLC:

http://rollingout.com/2014/04/05/princes-entire-catalog-now-controlled-npg-music-publishing/

The LLC was a big press release from him. I am not sure what impact this has on his estate and Vault. I am curious as to how Dixon got copies, unless the application is public information.

I don't get the impression that the LLC was set up as a probate/estate item. I am under the vibe Prince was trying to control and maximize his work.

wavesofbliss said:

so why didn't put everything in the LLC. i would think the physical PP and surrounding property would have just as important to him. we will know.

We don't know what is in the LLC.

We know about the music and we know about the Purple Rain house.

Have we ever seen documents that say PP is wholly owned by Prince? All we know is that it is off the table to be sold.

If you just do a simple Goggle search you can find out a lot of information about LLCs being used to avoid probate proceedings but it appears to vary from state to state.

nelcp777 said:

A lot has happened lately, particularly the LLC topic. The application lists 1 manager, the lawyer who helped Prince get his masters back, Lamkins. It is interesting that the application has checked only 1 manager will manage the LLC. My question is, is the manager the owner of the LLC? I did not see any section of investors or owners.

After googling NPG Music Publishing LLC, I found a website:

http://www.npgmusicpublishing.com/

All it has is a contact request. I did notice a good bit of articles via the web from 2014 when Prince gained his masters and the articles addressed Prince's catalog being controlled by the LLC:

http://rollingout.com/2014/04/05/princes-entire-catalog-now-controlled-npg-music-publishing/

The LLC was a big press release from him. I am not sure what impact this has on his estate and Vault. I am curious as to how Dixon got copies, unless the application is public information.

I don't get the impression that the LLC was set up as a probate/estate item. I am under the vibe Prince was trying to control and maximize his work.

But it can have an impact on probate we don 't knowif that was his sole intent. The agreement may have been attached to the copyright information or Dixon knows someone on the inside of the P team. I hope I am wrong about the last part because he is a scam artist or a nut.