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Lou Taylor gets sued for (allegedly, for entertainment purposes only) mishandling Prince's estate


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Taylor says her firm, which has offices in Nashville and Los Angeles, operates with a “built-for-more mentality,” always looking to involve her clients in more asset-appreciating businesses, whether they be music publishing or record companies or a personal liquor brand. Her client roster includes Steven Tyler, Mary J. Blige, Sean “Diddy” Combs, Florida Georgia Line, Priyanka Chopra Jones and the Prince estate. She was also instrumental setting up client Britney Spears’ highly-lucrative and influential Las Vegas residency in 2013.

https://loutaylor.net/business-managers-elite-2019/

The controversy over the money left behind by Prince when he died without a will is heating up again after Internal Revenue Service calculations showed that executors of the rock star’s estate undervalued it by 50%, or about $80m.

The IRS determined that Prince’s estate is worth $163.2m, overshadowing the $82.3m valuation submitted by Comerica Bank & Trust, the estate’s administrator. The discrepancy primarily involves Prince’s music publishing and recording interests, according to court documents.

Documents show the IRS believes that Prince’s estate owes another $32.4m in federal taxes, roughly doubling the tax bill based on Comerica’s valuation, the Star Tribune reported. The IRS also has ordered a $6.4m “accuracy-related penalty” on Prince’s estate, citing a “substantial” undervaluation of assets, documents show.

Prince’s death of a fentanyl overdose on 21 April 2016 created one of the largest and most complicated probate court proceedings in Minnesota history. Estimates of his net worth have varied widely, from $100m to $300m.

With Prince’s probate case dragging on, his six sibling heirs have grown increasingly unhappy, particularly as the estate has doled out tens of millions of dollars to lawyers and consultants.

Comerica and its lawyers at Fredrikson & Byron in Minneapolis maintain their estate valuations are solid. Comerica sued the IRS this summer in US tax court in Washington, saying the agency’s calculations are riddled with errors.

“What we have here is a classic battle of the experts – the estate’s experts and the IRS’ experts,” said Dennis Patrick, an estate planning attorney at DeWitt LLP in Minneapolis who is not involved in the case. Valuing a large estate, Patrick added, “is way more of an art than a science.”

Comerica, a Dallas-based financial services giant, has asked the tax court to hold a trial in St Paul. A trial could dramatically lengthen the settlement of Prince’s estate and generate more legal fees at the expense of Prince’s heirs, Patrick said.

https://www.theguardian.com/music/2021/jan/04/prince-executors-undervalued-estate-irs

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22 minutes ago, Easy There said:

 

 

Not defending her, but where does it say Taylor is one of Prince's executors of the estate. Her website says this:

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Founder, CEO, Tri Star Sports and Entertainment Group

Taylor says her firm, which has offices in Nashville and Los Angeles, operates with a “built-for-more mentality,” always looking to involve her clients in more asset-appreciating businesses, whether they be music publishing or record companies or a personal liquor brand. Her client roster includes Steven Tyler, Mary J. Blige, Sean “Diddy” Combs, Florida Georgia Line, Priyanka Chopra Jones and the Prince estate. She was also instrumental setting up client Britney Spears’ highly-lucrative and influential Las Vegas residency in 2013.

Touchy Subject: Estate planning. “If you’ve got somebody who’s uber-famous at 23, they really don’t want to be talking about something that’s post-mortem.”

I just want us to be SURE before we continue because, well... y'all know why :urite_wendy_williams_red_yes_earrings_nod_proud_wow_impressed:

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If she was under investigation, TriStar would be mentioned. It's Comerica Bank & Trust who are under investigation, no? 

We don't actually know what her involvement in the estate was. I only found one old article which gives a little detail on her involvement, stating... "When she's not helping a client change the cultural landscape (like Spears' reinvention of the Las Vegas residency), sort out postmortem rights (Prince's estate) or open a creative compound (like FGL's Meet and Greet...." 

https://www.hollywoodreporter.com/amp/news/how-business-manager-lou-taylor-is-ferociously-breaking-glass-ceiling-1246036

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