It’s well-documented at this point that Prince apparently died without leaving a will. His estate is worth roughly $300 million, by some estimates, and so it’s understandable that the artist’s relatives are anxious to settle the division of assets — but it also seems that, that thanks to taxes, the actual value of those assets might be drastically diminished.
NBC News reports that half of the $300 million sum will go to taxes. If there isn’t sufficient cash to foot that bill, those handling his estate might have to pawn off his physical assets: the thousands of unreleased songs in his vault; his guitars; rights to his image and music; perhaps his famous home cum recording studio Paisley Park in Minnesota.
This risk should incentivize the parties at hand to resolve the estate debate swiftly, financial actors said.
“If we do not, the government will not wait,” Douglas Peterson, a lawyer who represents the wealth management firm handling Prince’s estate, told the judge presiding over the case, according to NBC. “They will have a fire sale, and that is not in the best interests of anyone.”
The heirs could be determined by the end of this month, when a probate hearing is scheduled.
[NBC News]
More Must-Reads From TIME
- Jane Fonda Champions Climate Action for Every Generation
- Biden’s Campaign Is In Trouble. Will the Turnaround Plan Work?
- Why We're Spending So Much Money Now
- The Financial Influencers Women Actually Want to Listen To
- Breaker Sunny Choi Is Heading to Paris
- Why TV Can’t Stop Making Silly Shows About Lady Journalists
- The Case for Wearing Shoes in the House
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Contact us at letters@time.com