A long legal fight over the value of Prince's estate has come to a conclusion.
's estate has come to a conclusion.
With the agreement between all parties, the process of distributing the star musician's wealth could begin in February. Prince died of a fentanyl overdose in April 2016. He did not have a will. The Minneapolis native, whoTwo of Prince's six sibling heirs, Alfred Jackson and John R. Nelson, have since died. Two others are in their 80s.The estate will be almost evenly divided between a New York music company — Primary Wave — and the three oldest of the music icon's six heirs or their families.
Singer Prince performs in a surprise appearance on the"American Idol" television show finale at the Kodak Theater in Hollywood, California, May 24, 2006.A bit more than $5 million of Prince's estate will be exempted from taxes under federal law, but thereafter the tax rate is 40%. Minnesota law says the first $3 million is tax-exempt; after that, much of Prince's estate will likely be taxed at 16 %.
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