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The controversy around the estate of megastar Prince takes another turn, as the US’s Internal Revenue Service (IRS) calculations demonstrate that estate executors undervalued it by 50%, or about 80 million dollars (£58.5 million).
Prince died without leaving a will in 2016, leading to one of the largest and most complicated probate court proceedings in the history of the US state of Minnesota.
The IRS has now determined that Prince’s estate is worth 163.2 million dollars (£119.3 million), not the 82.3 million dollars (£60.2 million) valuation submitted by Comerica Bank & Trust, the estate’s administrator.
It has also ordered a 6.4 million dollar (£4.7 million) “accuracy-related penalty” on Prince’s estate, citing a “substantial” undervaluation of assets.
Comerica and its lawyers at Fredrikson & Byron in Minneapolis claim their estate valuations are solid, and sued the IRS this summer, saying the agency’s calculations are riddled with errors.
Prince’s six siblings are the heirs to his complicated fortune, and are said to be growing increasingly unhappy as the case continues.
Fraser and Fraser are expert genealogists and international probate researchers. Learn more about why the legal profession trusts us to trace missing beneficiaries and help resolve complex probate cases. https://www.fraserandfraser.co.uk/legal-services/probate-research-find-missing-beneficiaries/