Inside the potentially 'messy' future of Prince's $300 million estate
AP Photo/Tony Hicks
After several decades in the entertainment industry, Prince's net worth is estimated at $300 million. For any person, but especially someone as wealthy as the late entertainer, creating a trust or will for when one passes is important.
"The question is, is there some document that says here's where my stuff goes and here is who controls my stuff when I'm gone?" Los Angeles-based attorney Laura Zwicker, a partner at Greenberg Glusker who specializes in clients worth more than $100 million, told Business Insider.
The thing is that entertainers are more likely to avoid making such a plan.
"My experience with people in the music industry is, even more than other people, they think they'll live forever," the estate attorney said. "So, getting them to focus on a plan is really a challenge."
If Prince hadn't created a trust or will, Zwicker told us what we could expect for the distribution of his estate.
"Prince was a careful planner, at least in respect to his music interests," Zwicker said. "That suggests he was a lot more thoughtful and sophisticated than other entertainers. He would seem more likely to have made a will or trust. If he didn't plan, then this can get very messy."
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market