FunkOnTheOne said:

1Sasha said:

There may have been assets, but the way his affairs were structured, tens if not hundreds of millions of dollars will be due the taxman when there was no need for such payment. It was not the smartest move, and whoever advised him to do this should have his or her license revoked. (I understand Prince may have said this was what he wanted, but they shouldn't have done it.) Also, if he had had enough money in the bank (actual cash and/or easily converted stocks, etc.), the Estate would not have needed an infusion of money from a partner to operate PP. When you are playing at his level, what has to be accomplished legally is much different than what "regular" people must plan for. And I repeat my previous comment that he did not have the cash to live as he had in the past.

Are you genuinely saying that his advisers should have ignored their instructions and simply do what they feel like? An adviser doing that may even be acting illegally. Lawyers, advisers etc are instructed to carry out a persons wishes.

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I agree with you, FunkOnTheOne (good name, btw).

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I respectfully disagree with what 1Sahsa said: (he did not have the cash as he had in the past). I sincerely do not believe that Prince was strapped for cash. Like Laurarichardson has stated here, Prince owned a lot of real estate and had many assets, and could have plenty of cash overseas or in the Caribbean. I don't think Prince was foolish with his money; he actually lived very modestly. You didn't see him spending money like MJ did and/or like Mariah Carey (apparently she is).

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cloveringold85 said:

He was living in an upstairs apartment at Paisley Park. Not exactly living in mansion.

laurarichardson said:

cloveringold85 said:

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I agree with you, FunkOnTheOne (good name, btw).

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I respectfully disagree with what 1Sahsa said: (he did not have the cash as he had in the past). I sincerely do not believe that Prince was strapped for cash. Like Laurarichardson has stated here, Prince owned a lot of real estate and had many assets, and could have plenty of cash overseas or in the Caribbean. I don't think Prince was foolish with his money; he actually lived very modestly. You didn't see him spending money like MJ did and/or like Mariah Carey (apparently she is).

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He was living in an upstairs apartment at Paisley Park. Not exactly living in mansion.

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As you know, PP was just Prince's recording studio and sound stage, with private living quarters on the second floor. Prince owned several properties around Chanhassen, and had a home where he could stay, but spent the majority of his time at PP. Prince did not start staying there full-time until recently. I think it was around 2006 (?), after his divorce from Manuela, that he returned to PP.

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[Edited 11/9/16 10:31am]

cloveringold85 said:

--2006 is not recent and his associates are saying family members were living in the other homes in Minnesota. He was living in Paisley Park.

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http://prince.org/msg/7/425094?&pg=1

Prince had already protected his registered music and that in the vault along with some property with setting up the LLC and management in place with copyrights for 120 years. A will is not required as beneficiaries would already be named within the setting up of the LLC.In fact his estate has nothing to do with the LLC as the LLC operates within itself and stands alone. Paisley Park being designated as a Museum somehow protects that property and Prince had already activated the plans in the making for that project. Having protected what was important to him, perhaps he did not worry to will anything to anyone. All future income concerning his music will be attracted to the LLC and need never be made public. The LLC does not have to inform anyone who the beneficiaries are. They may be charities or JW or family.He was a very astute business man and managed to pull a business coup
that will have the music industry following closely. Owning his Masters was paramount to his plan to secure future income for his philanthropy I believe. Through setting up the LLC he extended income from his copyright to 120 years.

margi said:

Prince had already protected his registered music and that in the vault along with some property with setting up the LLC and management in place with copyrights for 120 years. A will is not required as beneficiaries would already be named within the setting up of the LLC.In fact his estate has nothing to do with the LLC as the LLC operates within itself and stands alone. Paisley Park being designated as a Museum somehow protects that property and Prince had already activated the plans in the making for that project. Having protected what was important to him, perhaps he did not worry to will anything to anyone. All future income concerning his music will be attracted to the LLC and need never be made public. The LLC does not have to inform anyone who the beneficiaries are. They may be charities or JW or family.He was a very astute business man and managed to pull a business coup that will have the music industry following closely. Owning his Masters was paramount to his plan to secure future income for his philanthropy I believe. Through setting up the LLC he extended income from his copyright to 120 years.

Thanks for explaining that - so very interesting.

margi said:

Prince had already protected his registered music and that in the vault along with some property with setting up the LLC and management in place with copyrights for 120 years. A will is not required as beneficiaries would already be named within the setting up of the LLC.In fact his estate has nothing to do with the LLC as the LLC operates within itself and stands alone. Paisley Park being designated as a Museum somehow protects that property and Prince had already activated the plans in the making for that project. Having protected what was important to him, perhaps he did not worry to will anything to anyone. All future income concerning his music will be attracted to the LLC and need never be made public. The LLC does not have to inform anyone who the beneficiaries are. They may be charities or JW or family.He was a very astute business man and managed to pull a business coup that will have the music industry following closely. Owning his Masters was paramount to his plan to secure future income for his philanthropy I believe. Through setting up the LLC he extended income from his copyright to 120 years.

Pure speculation.

ISaidLifeIsJustAGame said:

margi said:

Prince had already protected his registered music and that in the vault along with some property with setting up the LLC and management in place with copyrights for 120 years. A will is not required as beneficiaries would already be named within the setting up of the LLC.In fact his estate has nothing to do with the LLC as the LLC operates within itself and stands alone. Paisley Park being designated as a Museum somehow protects that property and Prince had already activated the plans in the making for that project. Having protected what was important to him, perhaps he did not worry to will anything to anyone. All future income concerning his music will be attracted to the LLC and need never be made public. The LLC does not have to inform anyone who the beneficiaries are. They may be charities or JW or family.He was a very astute business man and managed to pull a business coup that will have the music industry following closely. Owning his Masters was paramount to his plan to secure future income for his philanthropy I believe. Through setting up the LLC he extended income from his copyright to 120 years.

Pure speculation.

No one has every said it was not speculation. We just do not know everything that is going on and on the real side it really is not anyone's business anyway. I mean if the LLC is a part of the estate the family will have control when the probate is done and they can continue to administer the publishing, put out new records and stay on Tidal if they wish. Prince did take the time to set up an LLC for his songs so the family will inherit a business that was already functioning. In my mind that is Prince doing some sort of thinking about the future he was on going to be 57 but in another decade he would have been pushing 70 so I think he aware of that planning for his controlling the use of his music was neccesary.

In the future the Nelson clan can structure the LLC insure that media vultures, courts, jailbirds, fake relatives and greeding ass attorneys keep their hands off of the music.