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Prince's estate determination being held up by appeals

New Yorkers who have been following the ongoing saga of Prince's estate might be interested in learning that the judge in the case has said that appeals are preventing it from moving forward. Reportedly, the court has denied multiple claims by people who are claiming to be Prince's wife, siblings or children.

Each claimant who has been denied is allowed to appeal the decision, which could take month. The court is unable to proceed with its determination of the estate until the heirs can be legally identified. Unless a claimant wins an appeal, the estate should be distributed to Prince's sister and his five half-siblings.

The siblings asked that the responsibility for overseeing the estate be transferred from Bremer Trust to Comerica Bank, and their request was granted. They have also asked for a co-administrator to be appointed to act as a go-between. The four older half-siblings have requested that the court appoints the attorney who helped Prince get out of his contract with Time Warner. His sister and younger half-sibling want a civil rights attorney to be appointed. Federal and state estate tax return are due soon, and taxes are expected to eat up about half of the $200 million value of the estate.

People who have large estates might want to be aware of the tax implications that may be involved. An estate planning attorney might advise them about the types of tools and strategies that can minimize the consequences. Many states have a separate estate tax, and thus the combined hit could be close to 50 percent after the available exemptions are taken unless proactive steps are taken.

Source: ABC News, "Judge: Appeals holding up Prince estate determination", Steve Karnowski, Jan. 12, 2017

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