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Bay Area Estate And Tax Planning Law Firm
Estate Planning
Trust Administration and probate

March toward court averted with settlement in Houston estate case

| Jan 11, 2018 | Uncategorized |

In reference to today’s above blog headline, we’re addressing the singer, not the city.

You’ve heard of her, of course. It didn’t take her untimely death in 2012 to catapult Whitney Houston into rarefied air as an enduring and iconic pop star with an outsized and widely acclaimed talent. Prior to her tragic passing in a home drowning accident, Houston was already one of the biggest names in the entertainment industry

That repute understandably came with an estate of sizable dimensions. Houston sold scores of millions of records during her storied career and was, additionally, a movie star. For obvious reasons, her estate principals jealously guard the many enduring sources of wealth accruing from her talent and fame.

Even — and arguably especially — against attempts by federal tax authorities to stake a claim against it.

As noted in a recent Accounting Today article, that is exactly what the IRS has been doing in the wake of Houston’s passing. The agency claimed after the singer’s death that her estate was purposefully undervalued and that millions in unpaid taxes was owed upon it.

Unsurprisingly, the estate fought back, claiming that nearly $12 million in cited arrears by the IRS was a woefully misconstrued accounting. The parties have been fighting over the matter for years, with a trial slated for next month being on tap to finally settle the dispute.

That court date is now off the table. The two sides reportedly reached a legal settlement late last month, with the estate agreeing to pay the IRS an approximate total of $2.3 million.

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