According to a trustee of late musician Prince, his estate is set to be hit with a tax bill that could end up taking half of his estimated $250 million fortune, as well as force the early sale of some of his unreleased music.
Doug Peterson, an attorney for Bremer Trust, the company chosen to oversee the estate, told a Carver County judge on Tuesday that taxes equal to half of the cash value of the estate are due to the state of Minnesota and the federal government, according to NBC News.
He noted that if Prince didn’t have the allotted amount accessible before his April 21st death, many of his non-cash assets would have to be sold to meet a likely January 21 fee deadline – significantly decreasing the estate’s reported $250 million value.
“The challenge we face is to spin yarn into gold under time pressure,” he explained. “The point is this is a dynamic, wide-ranging business, and we must keep on schedule to make the deadline. If we do not, the government will not wait. They will have a fire sale, and that is not in the best interests of anyone.”
Continue reading the full story here: Prince Estate Value May Be Significantly Diminished by State and Federal Taxes
Posted by Allison Trupp, Associate Editor, Wealth Strategies Journal