Prince Rogers Nelson, the musical giant known as Prince, died suddenly last month at age 57 without leaving a will, throwing his musical legacy and his tax situation into turmoil. He was known in his lifetime for an almost obsessive control of his music, having succeeded in taking over his valuable copyrights two years ago. That control is now upended as there apparently is no will or trust naming an executor or trustee to be in charge. The oversight of his music and his legacy is now thrown into a Minnesota court, which named a local bank as an interim caretaker of his estate. The fate of Prince’s fabled “vault”, that mysterious and potentially vast collection of unreleased recordings, may also be up in the air. Initially, it appears that his full sister and five half-siblings may be the ones to share his estate. So many people take scrupulous care of their businesses, yet forget their family, their legacy, their privacy, their tax planning and the good they can do in the world by neglecting a simple thing like writing a will. Here are some basics to consider: Administering an estate without a plan can be complicated, contentious and costly, not to mention entirely on the public record. The untimely death of a musical legend reminds us to take the time to put together a meaningful estate plan with a knowledgeable professional. Update it periodically. You will be doing your family – and your legacy – a favor. Sign Up for Future First Alerts>> —————————————————————————————— For additional information and discussion on this topic, please get in touch with your regular Calfee contact or one of the attorneys listed below: Marcia J. Wexberg 216.622.8858 firstname.lastname@example.org Joseph M. Mentrek 216.622.8866 email@example.com James A. Singler 513.693.4875 firstname.lastname@example.org This alert is provided by Calfee, Halter & Griswold LLP for education and information purposes only. This alert is not intended to provide legal advice on specific subjects. The resolution of legal issues depends upon the specific facts of a particular situation and the laws involved and prior results do not guarantee a similar outcome. This alert may be considered advertising under applicable laws. Some links within this alert may lead to web sites. Calfee, Halter & Griswold LLP does not necessarily sponsor, endorse or otherwise approve of the materials appearing in such sites. All trademarks and copyrighted material are the property of their respective owners and the use of such material in this alert, articles, or by Calfee, Halter & Griswold LLP is for informational purposes only and does not indicate sponsorship or endorsement by the trademark or copyright holder of either Calfee or the content of this alert.
May 4, 2016