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May 04, 2016

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Bridget Crawford

The tax aspects of Prince's estate will be fascinating, too. Depending on the values assigned to publicity rights, the estate tax bill likely could dwarf available cash on hand. Proper planning could have minimized valuation concerns. Perhaps litigation between the IRS and the estate of a well-known artist or entertainer is inevitable.

Kent Schenkel

Al, I think you can be pretty sure that Prince's lawyers counseled him to do his planning. When I was in practice I had many clients who put off estate planning despite my urgings to the contrary. Some died without having done their planning. I'd hate to be accused of malpractice for their failure to act!

Bill Turnier

Joshua Tate, Bridget Crawford, et. al. wrote a worthwhile article that deals with the estate taxation of dead celebrities. Much value is locked up in intangibles such as copyrights, persona, etc. This can create a significant liquidity problem when it comes to paying the estate tax. The article in question can be found at 125 Tax Notes 345.

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