On this episode of the Taylored Tax Show, Terrence Taylor and Big Al delve into the importance of estate planning using the case of legendary artist Prince as an example. They discuss how Prince's estate, valued at $156 million, incurred $87 million in taxes and legal fees due to his lack of a will. The hosts highlight the costly consequences of not having a proper estate plan and emphasize the significance of estate planning to avoid such pitfalls.
"Prince died without the most basic form of an estate plan, which is a will."
Highlights:
[00:00:24] Estate planning lessons from Prince.
[00:08:23] Estate and inheritance taxes.
[00:09:28] Estate planning and tax strategy.
[00:16:42] Tax planning strategies.
[00:20:10] Estate tax planning.
[00:23:33] Tax planning for estate preservation.
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