Estates and Trusts attorney Paul Riekhof recently penned an article for Law 360 discussing the many complexities of estate taxation and evaluation in the wake of music icon Prince’s death. The article titled Prince’s Estate and the Countless Challenges Ahead discusses the many details that will need to be uncovered and decided before his estate can be valued and ultimately awarded.
The fact that Prince may not have had a formal will or estate plan in place will lead to countless inquiries and questions about the value of his many assets, both current and future. Riekhof discusses how the estate will have to go through both federal and state estate taxation processes and the probate administration process before being divided up between his many siblings and potential heirs. He then points out that before any assets can be distributed to his heirs, the estate will have to satisfy its estate tax obligations- which could be significant.
Riekhof continues on to explain the many complexities that may come into play as the estate determines the fair market value of his current and future assets and their potential tax implications for his heirs for years to come.
For more information on estate planning, estate tax planning, probate, trust administration, business planning, guardianships or estate litigation matters for individuals, families or businesses contact Paul Riekhof at priekhof@jgllaw.com or direct at 240-399-7899.
