independent and unofficial
Prince fan community
Forum jump
Forums > Prince: Music and More > The Estate Discussion (Court stuff) - Continues Here .........
« Previous topic  Next topic »
Reply   New topic   Printable     (Log in to 'subscribe' to this topic)
Author

Tweet     Share

Message
Thread started 01/14/22 5:55pm

luv4u

Moderator

avatar

moderator

The Estate Discussion (Court stuff) - Continues Here .........

Other thread self locked.

Continue discussion here--------------------------------------

prince-museum-1.jpg

..

Click on the link to sign up for updates or to view court documents. - luv4u

Link to court documents: http://www.mncourts.gov/I...elson.aspx

file-a1bd18daf7f5ad6a7a5c2eaa1129af56.jpg

canada

Ohh purple joy oh purple bliss oh purple rapture!
REAL MUSIC by REAL MUSICIANS - Prince
"I kind of wish there was a reason for Prince to make the site crash more" ~~ Ben
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #1 posted 01/14/22 6:12pm

TrivialPursuit

avatar

It's final — Prince's estate is worth $156.4 million

Much more behind the source

After nearly six year of legal wrangling, parties to Prince's estate have finally agreed on its value: $156.4 million.

That's far more than the $82.3 million appraisal by the estate's administrator, Comerica Bank & Trust, but not much less than the tax collector's assessment. The Internal Revenue Service in 2020 had valued the estate at $163.2 million.

With an agreement between Comerica and the IRS — with the OK from Prince's heirs — the process of distributing the star musician's wealth could begin in February.


"It has been a long six years," L. Londell McMillan, an attorney for three of Prince's siblings said at hearing Friday in Carver County District Court.


Another interesting note:

In the end, the estate will be almost evenly divided between a well-funded New York music company — Primary Wave — and the three oldest of the music icon's six heirs or their families.

The IRS and Comerica settled last spring on the real-estate portion of Prince's estate. But the trickier task of valuing intangible assets such as rights to Prince's music was not completed until October.

The value of that settlement — $156.4 million — was disclosed Friday in a filing in Carver County probate court.

As part of the agreement, the IRS dropped a $6.4 million "accuracy-related penalty" it had levied on Prince's estate. The Minnesota Department of Revenue, which agreed on the estate's valuation, also has jettisoned an accuracy penalty, the filing said.

Tax collectors will take a bite out of Prince's fortune that will run into the tens of millions of dollars.

"eye don’t really care so much what people say about me because it is a reflection of who they r."
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #2 posted 01/14/22 6:18pm

soladeo1

Seems a bit low. Especially given his estate’s posthumous yearly earnings which are considerable.
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #3 posted 01/14/22 7:36pm

ISaidLifeIsJus
tAGame

avatar

The Proposed Court Order indicates there is going to be a distribution to the beneficiaries soon.

The Estate is winding down.

 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #4 posted 01/14/22 7:50pm

PennyPurple

avatar

And now what happens? Who will be in control of PP?

You can find me at Purpleandblack.org
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #5 posted 01/14/22 9:41pm

ISaidLifeIsJus
tAGame

avatar

PennyPurple said:

And now what happens? Who will be in control of PP?

The beneficiaries.

 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #6 posted 01/14/22 10:54pm

TrivialPursuit

avatar

ISaidLifeIsJustAGame said:

PennyPurple said:

And now what happens? Who will be in control of PP?

The beneficiaries.


That is wholly untrue.

"eye don’t really care so much what people say about me because it is a reflection of who they r."
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #7 posted 01/15/22 3:53am

love2thenines2
003

I have a bad feeling for the future...i guess that future things might be difficult to finalize 4 us fans !

confused

 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #8 posted 01/15/22 5:17am

DonRants

This is why everyone should write a will. If you are reading this and haven't written your will, what are you waiting for?

To All the Haters on the Internet
No more Candy 4 U
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #9 posted 01/15/22 9:16am

NightChild

avatar

DonRants said:

This is why everyone should write a will. If you are reading this and haven't written your will, what are you waiting for?

Whilst I understand this is generally very good advice, I'm not sure what Prince could have done. He had no Wife, no Children, an often complicated relationship with his family, who could he have left it all to ? Even if he gave it all to Charity, Paisley Park would then be in doubt and someone would still need to operate the Record releases. Also, just because you specify your wishes in a will that doesn't mean anyone is obliged to carry them out.

 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #10 posted 01/15/22 9:49am

coldcoffeeandc
ocacola

avatar

Having just read trivials thread about the value of the estate it made me feel ever so sad to see the value of princes life work reduced to just a figure. A huge figure. But a figure when to me in my heart that money doesn't even touch him. sad
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #11 posted 01/15/22 9:50am

coldcoffeeandc
ocacola

avatar

love2thenines2003 said:

I have a bad feeling for the future...i guess that future things might be difficult to finalize 4 us fans !


confused



Yup. I fear storms ahead.
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #12 posted 01/15/22 10:13am

PennyPurple

avatar

Here's a snip from the article



Primary Wave bought out all or most of the interests of Prince's three youngest siblings, including Jackson, who died in August 2019. Three older siblings — including John Nelson, who died in September — rejected offers from Primary Wave.

The three older siblings last year transferred an undisclosed portion of their stake to McMillan and Charles Spicer, who have represented them in estate proceedings. McMillan is a veteran New York entertainment lawyer who worked with Prince for several years; Spicer is a New York musician and producer.

You can find me at Purpleandblack.org
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #13 posted 01/15/22 10:18am

ISaidLifeIsJus
tAGame

avatar

TrivialPursuit said:

ISaidLifeIsJustAGame said:

The beneficiaries.


That is wholly untrue.



Why state something is wholly untrue but then NOT say what facts you believe to be true?

 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #14 posted 01/15/22 12:00pm

TrivialPursuit

avatar

ISaidLifeIsJustAGame said:

TrivialPursuit said:


That is wholly untrue.



Why state something is wholly untrue but then NOT say what facts you believe to be true?


I could ask you the same thing: Where's your proof that Prince's siblings will be suddenly marching into Paisley Park and arranging tours or something?

"eye don’t really care so much what people say about me because it is a reflection of who they r."
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #15 posted 01/15/22 1:22pm

ISaidLifeIsJus
tAGame

avatar

TrivialPursuit said:

ISaidLifeIsJustAGame said:



Why state something is wholly untrue but then NOT say what facts you believe to be true?


I could ask you the same thing: Where's your proof that Prince's siblings will be suddenly marching into Paisley Park and arranging tours or something?

lmfao, I never said the siblings were going to march into Paisley Park. rolleyes

My proof is in the filed Court documents which I read instead of getting my information from a Star Tribune article.

By the way, in case you haven't heard, the beneficiaries of the Estate include more than the just siblings.

 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #16 posted 01/15/22 4:07pm

TrivialPursuit

avatar

ISaidLifeIsJustAGame said:

TrivialPursuit said:


I could ask you the same thing: Where's your proof that Prince's siblings will be suddenly marching into Paisley Park and arranging tours or something?

lmfao, I never said the siblings were going to march into Paisley Park. rolleyes

My proof is in the filed Court documents which I read instead of getting my information from a Star Tribune article.

By the way, in case you haven't heard, the beneficiaries of the Estate include more than the just siblings.


I think it's sorta apples and onions here.

Let me be more clear: Distribution of weatlh isn't the same as running Paisley Park. I think you'd probably agree with that.

Earlier, you answered someone asking about who's running Paisley Park. You said the beneficiaries. That's just not true. They could get a payout based on the estate's value, which is what the article leans toward, rather than a controlling interest in Paisley Park or the vault contents. I mean, no one is going to annex off Paisley Park's interests like that. And since it's not a public corporation, there's no stocks to be given out, either.

Let's face it, these people probably want the money. None of them worked for it, but all of them want it.

"eye don’t really care so much what people say about me because it is a reflection of who they r."
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #17 posted 01/15/22 9:05pm

ISaidLifeIsJus
tAGame

avatar

TrivialPursuit said:

ISaidLifeIsJustAGame said:

lmfao, I never said the siblings were going to march into Paisley Park. rolleyes

My proof is in the filed Court documents which I read instead of getting my information from a Star Tribune article.

By the way, in case you haven't heard, the beneficiaries of the Estate include more than the just siblings.


I think it's sorta apples and onions here.

Let me be more clear: Distribution of weatlh isn't the same as running Paisley Park. I think you'd probably agree with that.

Earlier, you answered someone asking about who's running Paisley Park. You said the beneficiaries. That's just not true. They could get a payout based on the estate's value, which is what the article leans toward, rather than a controlling interest in Paisley Park or the vault contents. I mean, no one is going to annex off Paisley Park's interests like that. And since it's not a public corporation, there's no stocks to be given out, either.

Let's face it, these people probably want the money. None of them worked for it, but all of them want it.



lmfao, still not true as to what I said. blunt

 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #18 posted 01/17/22 1:43am

TheEnglishGent

avatar

DonRants said:

This is why everyone should write a will. If you are reading this and haven't written your will, what are you waiting for?


The will would only have decided who inherits what. There would still have been probate required while the tax for the estate was decided. Back in May '17, the heirs were decided. https://www.jamaicaobserv...-siblings.

A will wouldn't have changed the amount of time to value the estate and get the taxes paid.

RIP sad
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #19 posted 01/17/22 4:30am

pyramidseye

avatar

soladeo1 said:

Seems a bit low. Especially given his estate’s posthumous yearly earnings which are considerable.

I agree. Back in 2016, it was estimated to be more than US$300 million. Strange how it got halved in almost 6 years.

"Cuz I've seen the top and it's just a dream"
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #20 posted 01/17/22 7:32am

Se7en

avatar

TheEnglishGent said:

DonRants said:

This is why everyone should write a will. If you are reading this and haven't written your will, what are you waiting for?


The will would only have decided who inherits what. There would still have been probate required while the tax for the estate was decided. Back in May '17, the heirs were decided. https://www.jamaicaobserv...-siblings.

A will wouldn't have changed the amount of time to value the estate and get the taxes paid.


A will would/could have still outlined more than what you're saying.

There could have been money set aside for Mayte or Mani. There could have been an outline of how he wanted his Vault to be handled. There could have been wishes for the care of Paisley Park. There could have also been advance directives on how he wanted to be buried/cremated/etc.

Without a will, only be default did the siblings get appointed as heirs as there were no other immediate (wife, children, parents) to give it to.

 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #21 posted 01/17/22 8:05am

TheEnglishGent

avatar

Se7en said:

TheEnglishGent said:


The will would only have decided who inherits what. There would still have been probate required while the tax for the estate was decided. Back in May '17, the heirs were decided. https://www.jamaicaobserv...-siblings.

A will wouldn't have changed the amount of time to value the estate and get the taxes paid.


A will would/could have still outlined more than what you're saying.

There could have been money set aside for Mayte or Mani. There could have been an outline of how he wanted his Vault to be handled. There could have been wishes for the care of Paisley Park. There could have also been advance directives on how he wanted to be buried/cremated/etc.

Without a will, only be default did the siblings get appointed as heirs as there were no other immediate (wife, children, parents) to give it to.

Yes but there wasn't. The point is, even if the will had just said the siblings get everything, we'd still be in pretty much the same situation now. There would still need to be the probate process and estate tax to paid. Some people act like if there was a will, everything would have been smooth sailing and a month after Prince died, everything would have been sorted. That's just not how it works. When my parents died a month apart, it took nearly six months to get everything sorted and they had a will and the only real asset they had was a house. Six months for the most basic of estates to be sorted.

RIP sad
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #22 posted 01/17/22 3:11pm

PennyPurple

avatar

Se7en said:

TheEnglishGent said:


The will would only have decided who inherits what. There would still have been probate required while the tax for the estate was decided. Back in May '17, the heirs were decided. https://www.jamaicaobserv...-siblings.

A will wouldn't have changed the amount of time to value the estate and get the taxes paid.


A will would/could have still outlined more than what you're saying.

There could have been money set aside for Mayte or Mani. There could have been an outline of how he wanted his Vault to be handled. There could have been wishes for the care of Paisley Park. There could have also been advance directives on how he wanted to be buried/cremated/etc.

Without a will, only be default did the siblings get appointed as heirs as there were no other immediate (wife, children, parents) to give it to.

There could have been and there is a very good possiblity that he put some $$ in a trust for certain people. And that wouldn't be made public.

You can find me at Purpleandblack.org
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #23 posted 01/17/22 4:23pm

rap

TrivialPursuit said:

ISaidLifeIsJustAGame said:

lmfao, I never said the siblings were going to march into Paisley Park. rolleyes

My proof is in the filed Court documents which I read instead of getting my information from a Star Tribune article.

By the way, in case you haven't heard, the beneficiaries of the Estate include more than the just siblings.


I think it's sorta apples and onions here.

Let me be more clear: Distribution of weatlh isn't the same as running Paisley Park. I think you'd probably agree with that.

Earlier, you answered someone asking about who's running Paisley Park. You said the beneficiaries. That's just not true. They could get a payout based on the estate's value, which is what the article leans toward, rather than a controlling interest in Paisley Park or the vault contents. I mean, no one is going to annex off Paisley Park's interests like that. And since it's not a public corporation, there's no stocks to be given out, either.

Let's face it, these people probably want the money. None of them worked for it, but all of them want it.

yes yes

 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #24 posted 01/17/22 4:45pm

TrivialPursuit

avatar

PennyPurple said:

There could have been and there is a very good possiblity that he put some $$ in a trust for certain people. And that wouldn't be made public.


Definitely not unreasonable, but we probably would've heard about that when all his assets were listed. Or maybe not, who knows.

"eye don’t really care so much what people say about me because it is a reflection of who they r."
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #25 posted 01/17/22 8:07pm

Mumio

avatar

PennyPurple said:

Se7en said:


A will would/could have still outlined more than what you're saying.

There could have been money set aside for Mayte or Mani. There could have been an outline of how he wanted his Vault to be handled. There could have been wishes for the care of Paisley Park. There could have also been advance directives on how he wanted to be buried/cremated/etc.

Without a will, only be default did the siblings get appointed as heirs as there were no other immediate (wife, children, parents) to give it to.

There could have been and there is a very good possiblity that he put some $$ in a trust for certain people. And that wouldn't be made public.



nod Correct.

Welcome to "the org", Mumio…they can have you, but I'll have your love in the end nod
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #26 posted 01/17/22 8:09pm

Mumio

avatar

TheEnglishGent said:

Yes but there wasn't. The point is, even if the will had just said the siblings get everything, we'd still be in pretty much the same situation now. There would still need to be the probate process and estate tax to paid. Some people act like if there was a will, everything would have been smooth sailing and a month after Prince died, everything would have been sorted. That's just not how it works. When my parents died a month apart, it took nearly six months to get everything sorted and they had a will and the only real asset they had was a house. Six months for the most basic of estates to be sorted.

Agreed.

Welcome to "the org", Mumio…they can have you, but I'll have your love in the end nod
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #27 posted 01/18/22 7:11am

nelcp777

soladeo1 said:

Seems a bit low. Especially given his estate’s posthumous yearly earnings which are considerable.

The taxes for the posthumous earnings were paid during the year of the releases. The value is solely on the estate at the time of death. Tax filings have been paid from 2016 on. Even some prior years have been amended.

If I recall, the estate has been paying installments to the taxing authorities over time. That explains the distributions in February. The estate must pay all debts, including debtors prior to distribution.

It is good the penalties were removed, that is $6.4 million saved (plus the state amount).

Again, there is a federal exemption of $11.7 million, so anything over that is taxed at 18 - 40% (2021). For 2022 the amount wll be raised to $12.06 million.

Minnessota has an estate exemption of $3 million, and a taxable rate of 13 - 16%.

The heirs will not pay taxes on the inheritance they receive, whether it is cash, property or investments. However, any subsequent earnings on the inherited assets are taxable unless it comes from a tax-free source. Tax-free sources can include life insurance payments and municipality bond interest to name a couple.

There is a difference between an inheritance tax and estate tax. The estate is taxed at the value of assets at the time of death, less the exemption amount.

Currently in the US, there is not an inheritance tax on the federal level. Inheritance tax is when the beneficiary is taxed for the distribution of assets received. There are only 6 states that have an inheritance tax, and Minnessota is not one of them.

 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #28 posted 01/18/22 7:33pm

laytonian

DonRants said:

This is why everyone should write a will. If you are reading this and haven't written your will, what are you waiting for?



Because wills solve nothing.
When did James Brian die?
2006.
When was his estate finalized?
Not quite yet.

Trusts... and he may have had some. Like the mysterious $30 million that went to an Oakland green energy nonprofit shortly after his death. The source has not been revealed but I suspect it was Prince.
[Edited 1/18/22 19:46pm]
Welcome to "the org", laytonian… come bathe with me.
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply #29 posted 01/18/22 7:43pm

laytonian

Se7en said:



TheEnglishGent said:




DonRants said:


This is why everyone should write a will. If you are reading this and haven't written your will, what are you waiting for?




The will would only have decided who inherits what. There would still have been probate required while the tax for the estate was decided. Back in May '17, the heirs were decided. https://www.jamaicaobserv...-siblings.

A will wouldn't have changed the amount of time to value the estate and get the taxes paid.




A will would/could have still outlined more than what you're saying.

There could have been money set aside for Mayte or Mani. There could have been an outline of how he wanted his Vault to be handled. There could have been wishes for the care of Paisley Park. There could have also been advance directives on how he wanted to be buried/cremated/etc.

Without a will, only be default did the siblings get appointed as heirs as there were no other immediate (wife, children, parents) to give it to.




Steve Parke and Ruth Azarte both tried to get him to plan but he resisted. He didn't want to think about it. Plus, maybe he knew he'd be dead and it wouldn't matter.

As for Paisley: it's his only residence he never sold or tore down. He did own other properties, he did list the T&C beach mansion before he died as well as the "Huntsberry house" but neither sold before his death.

Paisley was the ONE special property. It will be protected.
Welcome to "the org", laytonian… come bathe with me.
 Reply w/quote - E-mail - orgNote - Report post to moderator
Reply   New topic   Printable     (Log in to 'subscribe' to this topic)
« Previous topic  Next topic »
Forums > Prince: Music and More > The Estate Discussion (Court stuff) - Continues Here .........