The is a perfect example of why you should handle your estate planning.
Late music legend Prince’s estate $200 million value is under the IRS’ microscope.
The estate has until Saturday to file an estate tax payment, and although it’s not required that the estate make the full payment, it will be an enormous amount.
According to the AP, the estate’s $200 million value will be diminished by up to $100 million in taxes because of poor planning by Prince before his untimely passing.
Prince “could have set up an estate plan with trusts to benefit any relatives and charities he chose – while leaving little if anything to be taxed.”
This means Prince’s six siblings will get their equal shares after the IRS takes theirs.
We guess Prince was a firm believer in his song “Money Don’t Matter 2 Night.’
“Money don’t matter tonight / It sure didn’t matter yesterday / Just when you think you’ve got more than enough / That’s when it all up and flies away,” Prince sings on the record.