Ed LLoyd & Associates
The artist forever to be remembered as Prince shocked the world with his unexpected death last month at his Paisley Park compound outside Minneapolis. As is often the case when legendary musicians pass away, his album sales have soared. Fellow artists from Bruce Springsteen to the cast of the Broadway smash Hamilton quickly honored the seven-time Grammy award winner with their own versions of his iconic hits. But it’s just a matter of time before the gritty realities of settling an estate intrude on the purple rain of praise . . . and that includes the gritty reality of taxes.

Like many chart-toppers, Prince was a control freak when it came to his sound and his career. Apparently, though, that planning didn’t extend to his finances — last week, his sister filed papers with a Minnesota state court revealing he had left no will.

So who gets the assets, and just how much are we talking here? Well, Prince had no wife when he died, and his parents had already passed away. Under Minnesota law, that means his sister and five half-siblings stand to inherit his fortune. Most reports estimate there will be around $300 million to share . . . which should be enough to keep everyone rolling in little red corvettes for the rest of their lives.

Of course, that assumes that everything goes by the book. Already there are reports of would-be love children slithering out of the shadows, and Prince’s half-brother Alfred has hired an attorney to represent him after being barred from last week’s memorial. That may mean it’s the accountants and attorneys who get to party like it’s 1999.

Settling the estate without tearing it apart is just half the battle. That $300 million comes before taxes. The IRS takes 40% of everything above $5.45 million. The Gopher State takes another 16% of everything over $1.6 million. A little fourth-grade arithmetic suggests the tax man can go crazy with $150 million or more.

We can probably expect a fight over the exact amount due. Estate taxes are based on valuation, not income. So who’s to say what Prince’s name and image are “worth”? What about a vault of 2,000 unrecorded songs? What about the unpronounceable “love symbol” he adopted instead of a name to spite his record label? How much would Pepsi pay to make a commercial starring a holographic image?

That’s all before the tax man takes a bite out of the millions more in future royalties that his estate will certainly earn. Prince’s rival Michael Jackson earned $115 million last year, despite dying way back in 2009. Elvis Presley hasn’t recorded since Jimmy Carter was President, yet his estate earned $55 million last year thanks to ticket sales at his Graceland mansion. No one remembers the last time Elizabeth Taylor performed without embarrassing herself, yet her estate earned $20 million last year from her fragrance line. It’s enough to make you think that dying is just some sort of extreme viral marketing stunt.

The good news, at least for Prince’s heirs, is that he was rich enough to survive his failure to plan. But are you? Failing to plan for your legacy can be the most expensive mistake you ever make, and could throw your heirs into years of struggle and grief. So call us to help make sure that doesn’t happen!


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You need more than someone who will come in towards the end and just record the historical backdrop of what happen over the earlier year. You need somebody who represents great authority in accounting services and tax cut procedures, who has your extended term engages as a main concern and can help you make a plan to appropriately track your way of thinking, lessen your pay charges, dodge luxurious reviews, set up your appraisal and offer you with a comprehensive guide to build your riches.


 

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Best Charlotte-Based CPA Firm

Ed Lloyd & Associates, PLLC –The Ultimate Tax Planning and Accounting Firm is a dexterous and experienced accountant and tax planner from the United States who has been delivering exceptional financial services to the businesses and individuals. He has greatly and efficiently handled all the accounting needs of each of his clients in a very professional manner. He is an extremely knowledgeable accountant who has deep cognition about every single aspect of taxation and accounting. He owns a company – Ed Lloyd & Associates that deliver specialized accounting and tax planning services in the United States. It is a Charlotte-based company that has been providing a wide assortment of financial services to the businesses.edlloydcpa

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Accounting & Tax Planning Services

Ed Lloyd & Associates is a firm specialized in providing accounting and tax planning services to the businesses, organizations and individuals. With years of experience in the field, the firm has become a number one choice for business owners to seek a quality accounting and tax planning services in the United States.

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The owner of the company- Ed Lloyd CPA is extremely efficient in his job and offers quality accounting and tax planning services. He has been handling the accounting and tax planning requirements of the organizations and business of the United State from last many years. Ed Lloyd CPA, PFS, CTC – Certified Tax Coach has immense knowledge about the taxation laws and can help you comply with them to ward off taxation trouble.

Trusting the professionals of Ed Lloyd & Associates is one of the wisest decisions that you are going to make in your life. They would not only shoulder off all your taxation hassles, but also manage and update your accounts on a regular basis so that you can get a clear picture of your accounts. Find Ed Lloyd And Associates, PLLC  –  Slideshare to see the latest slides and presentations.

Managing your accounts on a daily basis is crucial to keep a finger on the expenses made. As a business owner, it is important for you to know the exact financial position of your company so that you can take financial decisions regarding your company in an informed manner. If this is you are facing problems with, then contact the professionals of Ed Lloyd & Associates and they will be more than happy to assist you with their quality services.


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