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The Value of Prince’s Estate, Elder Law Attorney, Woodstock, GA


Reporters have managed to estimate the total value of Prince’s estate by making calculations based on court documents.

Much of the coverage concerning Prince’s estate has focused on who his heirs will be. Because the musician passed away without an estate plan, his closest living relatives will inherit his estate under Minnesota state law.

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

However, an equally important question and one without a good answer until now, is how much will his heirs inherit? An initial answer to that question has now been found.

The total value of Prince’s estate is at least $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 more. 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.

Reference: Daily Mail (Nov. 30, 2016) “Prince’s estate is worth at least $200 MILLION, court filing shows, thanks to his extensive catalogue, unreleased music and Paisley Park mansion.”

 

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