Late music legend Prince’s estate, which is worth $200 million is under the IRS’ microscope.
The estate has under obligation to file an estate tax payment, and although it’s not required that the estate make the full payment, it will be an enormous amount.
According to the sources the estate’s $200 million value will be diminished by up to $100 million in taxes; allegedly due to poor planning by Prince before his untimely passing.
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.”
This means Prince’s six siblings will get their equal shares after the IRS takes theirs.