Estate of Denial news clips (4/29/16)

Prince, Michael Jackson As Rivals? Record Label Battle A Legacy For Both

The Inquisitr

April 24, 2016

Since Prince’s death on April 21, there have been several references to Prince being rivals with Michael Jackson. While some fans may find them incomparable, there is at least one thing they share as a legacy: a need to reprimand record labels and/or the music industry.

About Prince and Michael Jackson being rivals, the Mirror reports that some speculate it was over “whether lyrics in Prince’s [2004] song ‘Life ‘O’ The Party’ referred to Jackson.”

 

Prince Didn’t Have A Will, Sister Tyka Nelson May Inherit It All

Noise11

April 25, 2016

Get ready for the next big court case. According to Roger Friedman at Showbiz411.com, it is most likely that Prince did not have a will.

Friedman talked with former lawyer and friend of the singer, Londell McMillan, who said “He thought he’d live until he was one thousand nine hundred and ninety nine years old. He didn’t think he would die. He couldn’t face it. Some people are like that.”

That leaves Paisley Park, all of the non-Warner Brothers albums (Emancipation, Musicology, HITNRUN, etc.), an archive that may have up to two thousand unfinished pieces of music, any companies of which Prince was an owner and all of his other assets totally up in the air.

 

Dear Bernie And Hillary, Your ‘Sensible’ Estate Tax Actually Isn’t

Forbes

April 25, 2016

Under current law, estates worth $5.45 million or less are exempt from federal estate tax. Beyond that, you pay. Call it an estate tax, a death tax, or a tax on accumulated wealth. Whatever you call it, it is controversial. It is entirely distinct from income tax. You pay income tax as you earn, but whatever you have left might be taxed on death, again. Theoretically, it stops real fat cats from getting fatter generation after generation. The idea is to stop dynasties that operate with a kind of royal attitude and bankbook. But does it work, and should it work on top of income taxes?

Most estate planning lawyers will say that the really big estates can find plenty of ways around most of the rules to at least materially reduce their impact. Planning to avoid the estate tax is expensive, and requires years of pre-planning. However, the notion that the federal estate tax is going to stop, or even significantly curtail, the accumulation of wealth may be a little naive. What the estate tax succeeds at doing, though, is catching many people unawares after they have worked and paid income tax their whole life. It can force sales of family companies, and sales of family farms and ranches. This can be a bitter pill to swallow.

 

Commission to examine law on contesting Wills

RTE.ie

April 25, 2016

The Law Reform Commission is calling for submissions in relation to a law which deals with children, including adult children, who contest a parent’s will.

The commission is to publish a paper outlining its understanding of Section 117 and whether it is still relevant.

Section 117 of the Succession Act was enacted in 1965.

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