PRINCE: Relatives to Inherit $156 Million

The Internal Revenue Service (IRS) reached an agreement with the bank handling the estate of Prince. They settled on a value of $156 million.

Six years ago, the Minneapolis musician died of an accidental fentanyl overdose without a written will.

The next step will be to divide the $156 million. Three surviving relatives will receive an equal share along with a music company. Primary Wave had previously purchased the interests of Prince’s younger siblings.

However, the tax man takes the first slice of the $156 million pie. The inheritance will be taxed at 40% at the federal level and 16% in the state of Minnesota. (Minneapolis Star-Tribune)