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How to Waste $300,000,000!!

Closeup of a Living Will document and pen

Remember “The Artist formerly known as Prince”?  Well, he just died recently.  It has been all over the news.  His music is not my cup of tea, but I became interested when it came out that nobody can find his will.  It is sort of a big deal, because he is reportedly worth about $300 million.  And because of his death, the vale of his estate could easily grow to $600 million.

What happens when you have no will?  The state (Minnesota in this case) law spells out who gets what.  That’s where the fun starts.  Prince has no current wife and no known children.  He has one sister.  He also has about seven half-siblings through each of his parents.  They are all in for a share.  Apparently, the first meeting between the heirs was pretty nasty.  But, it doesn’t stop there.

A man has come forward to claim that he is Prince’s son, because his mom had sex with Prince in a Kansas motel room in 1977.  The alleged son is currently serving time in a Colorado prison for weapons transport.  Nice.  Luckily, a judge was wise enough to collect some of Prince’s DNA.

One report I read said that over 600 people have come forward to claim part of Prince’s estate.  Another man came forward to claim that Prince owes him $1 Billion dollars.  Yes….with a “B”.

The lawyers and accountants and other advisors are licking their chops on this one, too.  Plus, the IRS is waiting in the wings to cash in.  There is no end to it.

My point…just a little planning before death would solve all of this.  And I know some of you are in the same boat as Prince, only worse.  Why?  Because you have people depending on you, like a spouse and children.

John Sklenar

Category: Coach's Corner

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