Prince’s Estate Sues IRS Over Claimed $163 Million Tax Value

October 12, 2020 "Time Saver & Helpful Hint" eNewsletter

Weekly News Update

Synopsis: Papers filed by Prince’s Estate in U.S. Tax Court show that the estate reported a taxable value of $82 million, but the IRS claims that the estate’s taxable value is really a whopping $163 million. Thus, on top of the tax that the estate is already reporting, the IRS wants an additional $38.7 million more in taxes.

Weekly Time Saver & Helpful Hint

"New, high speed broadband circuit"

Earlier this month, we installed a new, high speed, broadband circuit to speed up internet connections for our clients. We've even received some compliments already. This is part of our ongoing commitment to invest in our information technology infrastructure for our clients.

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Last week's topic was:

"Gift & GRAT Valuations"

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October is Estate & Gift Planning Awareness Month

This article, about "Estate Planning Awareness Month", was written by the Financial Awareness Foundation.

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This is a great time to make sure that your financial house is in order with ensuring that current financial, estate and gift plans are up-to-date.

Estate & gift planning is a financial process that can protect you and your family and is a very important component of your overall financial planning. Now is the perfect time to put your clients and your estate & gift planning house in order.

If you don't have an up-to-date estate & gift plan and you:

Happen to get hurt or sick and cannot manage your financial affairs, the courts will have to appoint someone to manage them for you. The person they appoint might not be the one you would want to perform those tasks.
Pass away. Your affairs will be settled by default through a complex legal system called "probate." The handling of your financial affairs can turn into a costly and frustrating ordeal for your family and heirs. Your assets may not pass to their desired party, and there is no way for your assets (significant or modest) to get to your favorite charities or causes unless some advance arrangements are made. Assets pass at death by title, beneficiary designation, and if there is no will or trusts, via the state laws of intestate succession which by default goes to close, then distant, family; if none exist they then revert to the state of domicile after taxes and costs.

The crafting of a good estate plan starts with planning, followed by the proper drafting and signing of appropriate legal documents such as wills, trusts, buy-sell agreements for business owners, durable powers of attorney for financial management, and an advance health-care directive or health-care power of attorney. Having these documents in place saves you and your family a lot of money and time at a very difficult and emotional time. It also allows you to pass on your values, knowledge and assets to future generations and your charitable causes to help make this a better world.

Rich, poor or somewhere in between--that’s about half the adults in your hometown: many prospects that need your assistance and are able to pay for your expertise.

To help you and your clients to get and keep your financial house in order click here to download a complimentary version of the TFAF Personal Finance Publication Set

Which valuations can I get from ESI-APPRAISE?

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IRS Form 706 Estate Tax
IRS Form 709 Gift Tax
Charitable Remainder Unitrust
Grantor Retained Annuity Trust
Domestic & Global Historical Pricing
Capital Changes
Cost Basis for Dividend Reinvestment Plans & Equities
1040 / 1041 Income Allocation to Calendar or Fiscal Year based on date of death

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