At this time, it looks like iconic pop star Prince left no will or trust directing his heirs and business associates how to handle his assets upon his death. As it is for anyone who has not prepared an estate plan with a will or trust, state law and the federal tax code will determine what happens to his assets. One consequence is Prince’s heirs will be left to make an unexpected – and in this case, sizeable – payment to the IRS.
To this point, reporter Ashley Cullins of The The Hollywood Reporter wrote: “Burton Mitchell, chair of Jeffer Mangels’ trust and estates practice, says it’s hard to imagine that splitting Prince’s assets evenly among his siblings with nothing going to charity and no mechanism to protect his copyrights is what Prince would have wanted.”
It’s difficult to imagine anyone not wanting to ensure their legacy by protecting their life’s work, their heirs, and the causes important to them.
JMBM’s Trusts and Estates lawyers have helped many hundreds of families and individuals to put together estate plans that preserve as much of their wealth as possible, protect assets like copyrights, and provide for the orderly disposition of their assets to their beneficiaries.
JMBM’s Basic Guide to Estate Planning discusses some of the basic aspects of estate planning and can help you or your clients to focus on this difficult, but important, issue.
Burton A. Mitchell