Sunday, January 16, 2022

Prince estate value set at $156.4M years after his death

PrinceAfter a six-year long legal fight over the value of Prince’s estate, the parties have agreed on its final value at $156.4 million. Originally, the administrator of Prince’s estate, Comerica Bank & Trust appraised it for $82.3 million, while the IRS put the value at $163.2 million. 

Prince died at the age of 57 of a fentanyl overdose in April 2016. The artist died intestate, without a will. Prince’s heirs consisted of six siblings, two of which have died since Prince’s passing, and two others are in their 80s. 

Prince’s estate will be administered evenly between Primary Wave, a New York music company, and the three oldest of the music icon’s six heirs or their families. If the parties agree, estate administration could begin as early as February. 

See Ken Martin, Prince estate value set at $156.4M years after his death, Fox Business, January 15, 2021.

https://lawprofessors.typepad.com/trusts_estates_prof/2022/01/prince-estate-value-set-at-1564m-years-after-his-death.html

Estate Administration, Estate Planning – Generally, Intestate Succession, Music | Permalink

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