Ethan R. Okura
Hawai‘i Herald Columnist
Just over two years ago, I wrote a column about Prince, the musical legend, and how he passed away without a will. I detailed some of the problems that his estate would face — and continues to face to this day — because he did not adequately prepare for the end of his life.
As of April 2018, Prince’s six heirs had not received one shiny penny. On the other hand, the bank acting as executor of Prince’s estate and its team of lawyers had already collected $5.9 million in fees and expenses — and had requested that the court approve awarding them at least $2.9 million more for their work on the case.
Court documents estimated Prince’s estate to have been worth approximately $200 million — about half of that will ultimately go to the Internal Revenue Service and the state of Minnesota for estate taxes. So, there may be very little left for each heir when all is said and done.
© OKURA & ASSOCIATES, 2018
Honolulu Office (808) 593-8885
Hilo Office (808) 935-3344
Ethan R. Okura received his doctor of jurisprudence degree from Columbia University in 2002. He specializes in estate planning to protect assets from nursing home costs, probate, estate taxes and creditors.
This column is for general information only. The facts of your case may change the advice given. Do not rely on the information in this column without consulting an estate planning specialist.