The lessons we can all learn from Prince’s Inheritance Tax bill

By Kieran Drew
In January 18, 2017
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“Money Don’t Matter 2 Night,” Prince once sang. But his money matters a lot to the US Tax Authorities, and the case provides a cautionary tale not just for the extremely wealthy, but for everyone.

Prince’s estate has until Saturday to file an Inheritance Tax payment for the late rock superstar, and the taxes are expected to ultimately swallow nearly half of the estate’s estimated $200 million value, meaning a likely windfall of roughly $100 million for the US Government.

Prince left no known Will when he died of an accidental painkiller overdose in April 2016. 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. Instead, Prince’s six siblings are expected to equally split what remains after Tax. Only Prince would have known if this is how he intended his Estate to be shared out.

“(People) think they have to be as rich as Prince before they need Estate Plans,” said Jeffrey Scott, a St. Paul Estate Attorney. “Even if you consider your Estate to be relatively small, you need some kind of Estate Plan.”

Now although this is happening across the Atlantic, the message remains the same here in the UK. Ensure that all of your affairs are in order, write a Will and create an Estate Plan to protect your loved ones and your family’s hard earned wealth.

If you would like to learn how to legitimately save your beneficiaries paying Inheritance Tax, keep your wealth in your family bloodline and protect your wealth from care fees then come along to one of our FREE to attend Wills, Trusts and Estate Planning seminars.

Further information can be found on the link here.

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