Last month the pop music icon Prince died a sudden and untimely death at the age of 57. During the course of his career, Prince amassed a massive estate that includes the rights to his music catalog and unreleased music reportedly worth more well over $300 million. Prince did not make a will prior to his death. A comprehensive estate plan could have significantly reduced his estate's tax liability and controlled the release of his unpublished music after his death. In addition, and arguably more importantly, Prince's estate is facing costly and time-consuming litigation that likely would have been avoided if he had made a will.
A Purshe Kaplan investment advisor, Gopi Krishna Vungarala, has been charged by FINRA for lying to his customer, a Native American tribe, in connection with the sale of $190 million worth of non- publicly traded REIT investments. FINRA alleges that Mr. Vungarala's firm eared $11 million in commissions on the sales.