Court documents give reporters insight into estate’s value

Following calculations made by experienced journalists, the total value of Prince’s estate is estimated at $200 million, according to the Daily Mail in “Prince’s estate is worth at least $200 MILLION, court filing shows, thanks to his extensive catalogue, unreleased music and Paisley Park mansion.”

This estimate is known because the Bremer Trust, administering the estate, recently submitted its current fees to the court. The group charges a monthly fee to administer estates based on the total value of the estate and a sliding scale. With that information made public through the court documents, reporters were able to calculate the estimated value of the estate.

It is possible that the actual value of Prince’s estate is much higher. This could be a low, initial value for estate tax purposes. The estate has until Jan. 21, 2017 to file documents with tax authorities, unless an extension is requested.

Federal and state tax agencies might have different opinions about the total value of Prince’s assets at the time of his death.

Prince died without an estate plan and under Minnesota law, his closet living relative will inherit the estate.

Just who those relatives are, has been the source of much speculation and several legal proceedings.

Philip J. Kavesh
Nationally recognized attorney helping clients with customized estate planning guidance for over 40 years.
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