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The sudden death of pop icon and Rock & Roll Hall of Famer, Prince, left fans all over the world weeping and cities paying their last respects with Purple Rain-themed tributes on buildings and stadiums. It was a death so unexpected that Prince has no known will. Corporate trust company, Bremer Trust, will have their hands full dealing with dividing the estimated $300 million fortune, deciphering who is a legitimate heir, preparing the public probate documents, and dealing with the IRS. There is a good chance they will be battling the IRS on the value of future royalties, and the value that could come from Prince's reported unreleased works for several years. All of this will be both time consuming, and costly for the estate. Some of this could have been avoided if Prince had prepared a will and trust and had his assets properly titled.

Luckily for most of us, we won't have to debate the value that could come from our unreleased recordings, but that doesn't mean our estate planning can wait. When planning for your estate there are many important factors to consider, such as: both federal and state estate taxes, wealth transfers and allocation of assets between spouses. Set a meeting with your local UHY LLP professional sooner rather than later.