MS&A Associate Attorney Christopher Dangaran weighs in on Prince’s undervalued estate. The musical genius, Prince, died without a will or trust back in 2016. As a result, his estate has still not been settled and is currently engaged in one of the largest and most complicated probate proceedings in Minnesota history. In fact, it appears the controversy could last for the foreseeable future as the IRS now claims Prince’s estate was actually undervalued by a private bank appraiser. As an estate planner, this unfortunate situation is a clear reminder of the dangers created by the lack of proper estate planning.
At this time of year, when many of us take a personal inventory and focus on our goals, the need to prepare a proper estate plan should be near the top. Dying without a suitable estate plan can create critical problems for your loved ones at a time when they are most vulnerable. In fact, if your lack of preparation forces your family into probate, your assets could be tied up by unnecessary delay and cause pointless attorney fees for your family. There must be a better way…and there is!
The key is to be proactive. The Key is to be forward thinking. The key is to have a plan.
At Michael Sullivan & Associates, we are here to help make that plan. Our team will listen to your specific needs and prepare an estate plan handcrafted to meet those needs. After all, you might not have a “Little Red Corvette” but what you do have should go to your family without pointless delay or costs.
To read the source article visit CBS News.
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