Tax Deadline Looms For Prince Estate; Government To Get Half
MINNEAPOLIS (AP) – Prince once sang, “Money Don’t Matter 2 Night,” but his money matters a lot to the IRS.
Prince’s estate has until Saturday to file an estate tax payment for the late rock superstar.
The estate doesn’t have to pay the entire bill by Saturday. Big estates can make payments over time.
But taxes are expected to ultimately swallow nearly half the estate’s estimated $200 million value. That means a likely windfall of roughly $100 million for the government eventually.
Estate law experts say Prince could have prevented that.
They say 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.
Prince’s six siblings are expected to equally split what’s left after taxes.