Entertainment

Where Prince’s millions will go, based on Minnesota law

By KATE IRBY

kirby@mcclatchy.com

Rock singer Prince performs at the Forum in Inglewood, Calif., during his opening show, Feb. 18, 1985. Prince passed away unexpectedly last month, reportedly leaving no will.
Rock singer Prince performs at the Forum in Inglewood, Calif., during his opening show, Feb. 18, 1985. Prince passed away unexpectedly last month, reportedly leaving no will. AP

Prince’s family appeared in a Minnesota courtroom Monday morning to begin the process on how the late pop star’s reported $300 million estate will be split.

The 57-year-old famous singer did not have a will, according to his sister Tyka Nelson.

That means Minnesota law will dictate how Prince’s millions will be split, and nearly half will go to the government in both state and federal estate taxes.

The Carver County judge appointed a special administrator in the 10-minute hearing to manage the musician’s assets, according to the Minneapolis Star Tribune.

The federal government assesses a 40 percent tax on estates of more than $1 million, with $5.45 million exempt in deaths that occur in 2016.

Minnesota’s estate tax is between 10 and 16 percent, with $1.6 million exempt in deaths that occur in 2016.

Prince’s estate is worth between $300 million and $500 million, according to reports, but if it were worth $300 million exactly, that means about $146.7 million will go to the state and federal government in taxes.

The remaining $153.3 million will be divided among his sister and five half-siblings. All except one half-sibling signed consent forms for the special administrator prior to the hearing Monday.

Minnesota law first dictates that the estate goes to the surviving spouse, but Prince was not married when he died on April 21. He has been divorced twice.

The estate would then go to surviving descendants, but Prince’s only son died a week after his birth in 1996. It would then go to the deceased’s parents, but Prince’s mother and father died in 2002 and 2001, respectively.

That brings the estate to Prince’s surviving siblings. If Prince did not have siblings the estate would be split among grandparents, aunts, uncles and cousins.

Prince sold more than 100 million records, won seven Grammys and was inducted into the Rock and Roll Hall of Fame in 2004. Here’s a look at the lengthy career of the ambitious musician, who died at 57.

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