Lynch Insurance Group

"Documents show the IRS believes that Prince’s estate owes another $32.4 million in federal taxes, roughly doubling the tax bill based on Comerica’s valuation....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."

Two important lessons here - 1)Never die without a will, and 2)your estate is never too large to not see a life insurance policy as an important safeguard to have in place for proper distribution of the estate's value to your loved ones. You think his heirs would be a lot happier paying these tax bills and legal fees from the proceeds of a life policy and splitting the full value of the estate once all this is resolved instead of coupling the stress of fighting the IRS with watching the remaining value of the estate dwindle with each passing day?

Don't leave a mess behind with a lack of proper estate planning!

IRS says executors undervalued Prince’s estate by 50 percent The IRS determined that Prince’s estate is worth $163.2 million, overshadowing the $82.3 million valuation submitted by Comerica Bank & Trust, the estate’s administrator.

The special election period for Medicare beneficiaries who were prevented from submitting a Medicare Advantage or Prescription Drug plan enrollment request during another valid election period due to the COVID-19 State of Emergency (declared on March 13) ends June 30th. Please get in touch ASAP if you would like to see if you qualify and discuss your options.

Important changes announced to group employee benefit enrollments and plan change availability. It is important to note that none of these changes are mandatory and it’s up to an employer to decide whether they will offer any or all of the increased flexibility options to employees.

Employers Can Let Workers Change Health Plans Without Waiting The I.R.S. is giving companies flexibility to allow those decisions, and on pretax accounts for medical expenses and child care, outside an enrollment period.