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1Prince Dies With No Will – Pop star Prince died recently, leaving behind an estimated $300 million estate. His financial advisers say they are looking for a will. Prince’s sister, Tyka Nelson, says there was no will. If you die without a valid will (“intestate”) then state law applies. If a family member contests the will, or if siblings can not agree about how to divide a parent’s assets, then a judge may have to intervene to settle matters. That means acrimony, delay and expense. Prince’s estate will continue to receive income for decades after his death
2Michael Jackson Estate Battle – In a battle with the IRS, Jackson’s estate has claimed that the pop icon Michael Jackson was worth almost nothing when he died. The estate claims that accusations of child molestation and rumors of heavy drug use had caused many of his sponsors to drop Jackson. His estate claims he was only worth $2104 when he died, in contrast to the IRS’ estimate of $434 million.
3Menendez Brothers Broke – The Menendez brothers have said they are broke. Valued at $14.5 million when the case broke, the Menendez family estate has almost entirely been depleted by taxes and legal fees. All that remains of an estate that consisted of prime Beverly Hills real estate and millions of dollars in entertainment industry stocks is one house in Calabasas, a condominium in New Jersey, some jewelry, a few pieces of furniture and $651,948 in cash. Nearly $11 million has already been spent, about half on taxes and lawyers’ fees for the defense of sons Lyle and Erik Menendez, who admit that they killed parents Jose and Kitty Menendez.
