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Tax deadline looms for Prince estate; government to get half

Associated Press logo Associated Press 1/17/2017 By STEVE KARNOWSKI, Associated Press
FILE - In this May 19, 2013 file photo, Prince performs at the Billboard Music Awards at the MGM Grand Garden Arena in Las Vegas. The Minnesota judge overseeing Prince's estate holds a hearing Thursday, Jan. 12, 2017, on whether to declare his siblings as his heirs, and who should manage the rock superstar's estate going forward. No will has surfaced since Prince died of an accidental painkiller overdose in April 2016. (Photo by Chris Pizzello/Invision/AP, File) © The Associated Press FILE - In this May 19, 2013 file photo, Prince performs at the Billboard Music Awards at the MGM Grand Garden Arena in Las Vegas. The Minnesota judge overseeing Prince's estate holds a hearing Thursday, Jan. 12, 2017, on whether to declare his siblings as his heirs, and who should manage the rock superstar's estate going forward. No will has surfaced since Prince died of an accidental painkiller overdose in April 2016. (Photo by Chris Pizzello/Invision/AP, File)

MINNEAPOLIS (AP) — Prince once sang, "Money Don't Matter 2 Night," but his money matters a lot to the IRS.

Prince's estate has until Saturday to file an estate tax payment for the late rock superstar.

The estate doesn't have to pay the entire bill by Saturday. Big estates can make payments over time.

But taxes are expected to ultimately swallow nearly half the estate's estimated $200 million value. That means a likely windfall of roughly $100 million for the government eventually.

Estate law experts say Prince could have prevented that.

They say Prince could have set up an estate plan with trusts to benefit any relatives and charities he chose — while leaving little if anything to be taxed.

Prince's six siblings are expected to equally split what's left after taxes.

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