The Loftin Firm, P.C.
Legal Question? We can help.
Call 760-814-9649

Administration Costs of Prince's Estate Exceed $2 Million

Since our last update on the debacle surrounding the administration of Prince's estate, many news agencies have highlighted the astronomical costs incurred as a result of his lack of estate planning (as well as other disputed aspects of the estate, including the determination of Prince's legal heirs).

In one recent article, the Associated Press reported that the estate has incurred fees of approximately $2 million through June 30, 2016, which does not include the fees owed to the special administrator of the estate (because such fees are filed under seal of the court). As an estate planner, I can't help but wonder how the utilization of proper estate planning techniques may have decreased the overall fees owed in the administration of Prince's estate. Of course, it's not to say that proper estate planning would prevent all of the fees incurred as a result of this estate (due to the ambiguity of legal heirs), but it's certainly possible that some of these fees could have been distributed to the intended beneficiaries rather than be paid out to estate administration professionals.

Proper estate planning is not simply for the uber-wealthy like Prince. Instead, personalized estate planning has the potential to benefit nearly everyone regardless of your circumstance, wealth, or life stage. If you've never considered an estate plan, contact us today and learn about the different options available to you and your family.

Ben Schwefel is an Associate Attorney at The Loftin Firm. For questions relating to a business, nonprofit, or estate planning matter, contact Ben at (760) 814-9649. 

No Comments

Leave a comment
Comment Information
Email Us For A Response

Contact Us

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Leading You Down the Path to Sucessful Legal Solutions
The Loftin Firm, P.C.

The Loftin Firm, P.C.
5760 Fleet Street
Suite 110
Carlsbad, California 92008-4713

Toll Free: 866-933-2340
Phone: 760-814-9649
Fax: 760-431-2003
Map & Directions

map