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Significant portion of Prince's estate will be lost to taxes

Many Kent area residents are concerned about what will happen to their estate after they pass away. A person amasses their wealth over decades, and it is important for them to make sure it passes to their heirs with a minimum of issues. But, for those who do not plan ahead by creating a will and other estate planning documents, a significant portion of an estate can be lost to taxes.

Because Prince did not have a will when he died, nearly half of his estate will be lost to taxes. The estate needs to pay the estate tax payment shortly, which is estimated to be a payment of $100 million dollars. There are many reasons why the estate loses so much to taxes, but the main reason is poor planning.

Prince made the mistake of not having a will when he died. Prince's estate is subject to a 40 percent estate tax, along with a state tax of 16 percent. If Prince would have created an estate plan that included trusts to designate money to either his family or to charities. If he had a will or trust, his assets would have been given to his designated family members or his favorite charities and it would have remained private. His assets would also not be taxed in nearly the same amount as they are without an estate plan.

Most people in the Kent area would prefer that their estate go to a loved one or charity, instead of the government. Regardless of wealth, all families need an estate plan for estate protection. We all work hard for our wealth and passing it on to our loved ones or favorite charities is a right we all share.

Source:, "Poor planning means government will take half of Prince's estate", Steve Karnowski, Jan. 17, 2017

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