rap said:

So, eventually the entire estate will be controlled by Primary Wave!

.

That would be stupid.

They could have started by disbursing part of the inheritance, right?

Or are there any (tax?) reasons in the USA to not do that?

I can also interpret that non-disbursement as: screw the heirs, we can burn this cash on fees and declarations.

udo said:

rap said:

So, eventually the entire estate will be controlled by Primary Wave!

.

That would be stupid.

They could have started by disbursing part of the inheritance, right?

Or are there any (tax?) reasons in the USA to not do that?

I can also interpret that non-disbursement as: screw the heirs, we can burn this cash on fees and declarations.

No, they couldn't and can not disburse any part of the inheritance until the Estate is settled. They have to make sure all debts are paid first, then they can disburse it, the tax debt isn't paid yet.

PennyPurple said:

udo said:

.

That would be stupid.

They could have started by disbursing part of the inheritance, right?

Or are there any (tax?) reasons in the USA to not do that?

I can also interpret that non-disbursement as: screw the heirs, we can burn this cash on fees and declarations.

No, they couldn't and can not disburse any part of the inheritance until the Estate is settled. They have to make sure all debts are paid first, then they can disburse it, the tax debt isn't paid yet.

.

Is it that difficult in teh USA to make a list of his debts?

Or do we have a list already and not yet enough money?

Do they also think that by burning through cash this way the possibilities of paying the debt will rise?

Or is the valuation of his music still up in the air?

udo said:

PennyPurple said:

No, they couldn't and can not disburse any part of the inheritance until the Estate is settled. They have to make sure all debts are paid first, then they can disburse it, the tax debt isn't paid yet.

.

Is it that difficult in teh USA to make a list of his debts?

Or do we have a list already and not yet enough money?

Do they also think that by burning through cash this way the possibilities of paying the debt will rise?

Or is the valuation of his music still up in the air?

From what I understand there is a dispute between the Estate and the IRS as to what the Estate is actually worth, therefore there is a dispute as to what the tax burden is. I have read this is a common

situation. Courts?

Of course the IRS thinks the Estate is worth twice as much. (more taxes)

Also, I think large tax bills can be paid incrementally once the final amount is established.

Perhaps this needs to be sorted out before the monies can be disbursed to the heirs.

[Edited 12/26/20 7:43am]

Margot said:

Of course the IRS thinks the Estate is worth twice as much. (more taxes)

Also, I think large tax bills can be paid incrementally once the final amount is established.

Perhaps this needs to be sorted out before the monies can be disbursed to the heirs.

.

Aren't sales of the SDE sets an indication of the earnings potential of the music?

(assuming sets of the other records are mor or less constant)

Then what amount of 'proof' is needed in a situation as this to convince the IRS on the potential earnings of the rest of the Estate?

Is a sale of the Estate needed? (that would set a market value...)

udo said:

Margot said:

Of course the IRS thinks the Estate is worth twice as much. (more taxes)

Also, I think large tax bills can be paid incrementally once the final amount is established.

Perhaps this needs to be sorted out before the monies can be disbursed to the heirs.

.

Aren't sales of the SDE sets an indication of the earnings potential of the music?

(assuming sets of the other records are mor or less constant)

Then what amount of 'proof' is needed in a situation as this to convince the IRS on the potential earnings of the rest of the Estate?

Is a sale of the Estate needed? (that would set a market value...)

I would imagine experts from both the IRS and Estate will need to prove to the Court what the Estate's approx value and tax accordingly.

I am not an atty, though.

Margot said:

udo said:

.

Aren't sales of the SDE sets an indication of the earnings potential of the music?

(assuming sets of the other records are mor or less constant)

Then what amount of 'proof' is needed in a situation as this to convince the IRS on the potential earnings of the rest of the Estate?

Is a sale of the Estate needed? (that would set a market value...)

I would imagine experts from both the IRS and Estate will need to prove to the Court what the Estate's approx value and tax accordingly.

I am not an atty, though.

A lot off [Snip - luv4u] on this site ever heard off A CRT TRUST

Heavenispeace said:

A lot off [Snip - luv4u] on this site ever heard off A CRT TRUST

.

The charitable remainder trust to reduce tax things was not yet discussed?

I'd say the heirs have a say in that was they will suffer in the money they receive.

Or do they?

Is this just an idea or do we have hints from the Estate about this?

What about the Lonnie & Charly case?

I think the point is that the Estate is not ready to disburse funds to the heirs, too many loose ends/bill to pay yet.

My primary concern is that, when things are settled, the Estate, as we know it may be gone. Along with Troy Carter, Michael Howe and Alan Seiffert, et al.

rap said:

My primary concern is that, when things are settled, the Estate, as we know it may be gone. Along with Troy Carter, Michael Howe and Alan Seiffert, et al.

Looks like Primary Wave is going to own almost all of it.

PennyPurple said:

rap said:

My primary concern is that, when things are settled, the Estate, as we know it may be gone. Along with Troy Carter, Michael Howe and Alan Seiffert, et al.

Looks like Primary Wave is going to own almost all of it.

"Big Yellow Taxi"

Margot said:

rap said:

So, eventually the entire estate will be controlled by Primary Wave! I don't believe any of the heirs care about Prince let alone his legacy, etc., and that's clear with the money grab, and I do not understand how they can sell something they don't have.

No wonder Prince kept them at arms length!...Fuckin vultures!!!

[Edited 12/22/20 14:16pm]

It would be very difficult for his siblings to manage his Estate as it is so large and complicated, but they could have hired reputable people to guide them, IMO.

However, Prince must have known his sibs would be the heirs and was familiar with their traits. I just wish he had protected his music/publishing beforehand. There must be a way of doing that.

This is what baffles the hell out of me, no one explained to that man what a TRUST is and how his control freak ass could have made a trust that dictated his every wish for his money, music, property, etc. in exact detail??? Everyone that can say they ever represented him, needs their credentials revoked.

udo said:

Heavenispeace said:

A lot off [Snip - luv4u] on this site ever heard off A CRT TRUST

.

The charitable remainder trust to reduce tax things was not yet discussed?

I'd say the heirs have a say in that was they will suffer in the money they receive.

Or do they?

Is this just an idea or do we have hints from the Estate about this?

If you listen 2 his music the whole story is told about his obsession about someone. My heart is all about giving and dividing 2 the ones that deserve O I like 2 dictate like Prince amplify his legacy working with the fams and coamerica. My niece is Suzanne hoogwater. But hey the elite know.

He choose wisely, I explained a many times 5 year wait and trust me all his past music collaboraters are hurting financially. Remember I know my role Witness 2 the Lord and divide his treasure.

I wish you all Heaven & Peace, 4give that he died 4 me so I can please many illusional Moi or not ?

I now like 2 wish everyone a very special amazing year, cuz the best '21 is coming after the worst

IRS says Prince's estate undervalued by 50%, triggering another dispute in settlement

In 2007, Prince performed during the halftime show at the Super Bowl XLI.

The big gap primarily involves Prince's music publishing and recording interests.

.

So the SDE's sales do not convince the IRS?

Or would the IRS imply the Estate should release more from the vault (as I suggested)?

laytonian said:

The taxable estate is valued based on the date of his death, not income since then.

.

Oh, that simplifies stuff even more.

They know what deals were in play back then, they know what teh amount of tax was he paid, so they know the value....

The article at https://www.nu.nl/achterk...talen.html says they lied about the estate...

I think it is fairly common for Estate's to under-value assets to reduce tax burden.

I think it is fairly common for Estate's to under-value assets to reduce tax burden.

Minnesota will want their share, too.

[Edited 1/5/21 9:02am]

rap said:

My primary concern is that, when things are settled, the Estate, as we know it may be gone. Along with Troy Carter, Michael Howe and Alan Seiffert, et al.

This is my concern as well. Would re-masters of Parade, D&P etc. stop?

It would seem to me that his music would be used strictly for profit.

Right now we have entities who wish to properly remaster his best works.

[Edited 1/11/21 9:28am]

Margot said:

This is my concern as well. Would re-masters of Parade, D&P etc. stop?

.

Is greed out of style?

https://www.youtube.com/watch?v=qAmVE6IvgpM&ab_channel=ThePrinceEncyclopedia

rap said:

https://www.youtube.com/watch?v=qAmVE6IvgpM&ab_channel=ThePrinceEncyclopedia

.

And you were saying?

'I personally feel the responsibility' which is a bullshit argument; if they really understood they would act differently.

3 months until, 5 years, and this is still going on....

Astasheiks said:

3 months until, 5 years, and this is still going on....

I think it's a blessing in disguise.

Comerica has done a pretty good job...the alternative are his heirs.