Almost 700 people claim to be Prince’s long-lost brother or sister, But Guess Who Is The Biggest Heir To His Fortune?

| May 8, 2016 | 0 Comments

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Nearly 700 men and women from all over the United States have rushed to claim they are Prince’s long-lost half sibling as the dash to get a share of his fortune that could top $1billion heats up.

But only one looks likely to have a shot at proving she is actually a blood relative of the singer. The Purple Rain singer passed away last month at the age 57 without leaving a will, leaving a gold rush of strangers and family members fighting for his massive fortune.

However, You would never believe who the biggest heir to Prince’s massive fortune is…

It turns out that the main beneficiary of his decades of hard work will be the government. The Heritage Foundation’s Rachel Greszler explains:

Although Prince has one full sister and five half-siblings, Prince’s family members will not be his biggest heirs.
Both the federal government and Minnesota’s state government will assess so-called “death taxes” or estate taxes on Prince’s assets, taking away more than half his estate. Between his physical assets—cash, investments, home, etc.—and his future royalties, Prince’s estate has been estimated to be between $300 and $500 million. …

The combination of Minnesota’s top death tax rate of 16 percent, plus the federal government’s 40 percent rate, means that over 50 percent of Prince’s estate will go to the government.

Prince left no surviving offspring, so perhaps he wouldn’t have cared much. As Ms. Greszler points out, however, many small business owners are not so lucky. Also, note Minnesota’s absurd estate tax rate of 16%. The estate tax, which kicks in at just $1.6 million, is one reason why so many are leaving the state.

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Category: Celebrity news

About the Author ()

Darnell Moore has extensively studied music and urban culture both academically and professionally for over 20 years. His writings and posts have appeared in many major urban publications. Moore is the founder and creator of Memoirs of an Urban Gentleman. Contact him , http://darnellmmusic@gmail.com/ or https://twitter.com/@darnellmmusic/

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