In The News: John Explains 3 Key Takeaways from Prince's Estate-Planning Mistakes
By, John M. Goralka
Sacramento, CA
$300 Million Estate
Prince may have sung that "Money Don't Matter 2 Night," but it's clear that the $300 million estate he left behind matters quite a bit. Since Prince didn't plan his estate, his family and loved ones are stuck with the headache of probate proceedings. Between the current federal estate tax rate of 40% and an additional 16% from the state of Minnesota, the majority of Prince's estate is going to the Tax Man. Needless to say, there is much that could have been done to avoid probate and minimize estate tax.
Read more here.
John Goralka is the lead attorney and founder of the Goralka Law Firm, P.C., and is an experienced Sacramento estate planning and tax planning lawyer.
For help in Sacramento with estate planning, business planning or tax planning, please contact our office.
