In my last couple of posts I explained that if Michael Jackson left assets to his mother Katherine in trust, a trust with certain specific rules, then upon Katherine’s death, those assets would not be subject to the estate tax a second time. If Jackson engaged in proper estate planning, then he could accomplish his goal… Read More
How Michael Jackson and his mother will avoid paying estate tax twice (and how you can too)
In my previous post, I wrote that contrary to media reports, that it was highly likely, if not impossible that the Michael Jackson Family Trust (which has not yet been released) distributed his assets to his mother and his children outright. (Various sites are reporting that the mother “gets” 40%, the three children receive 40%… Read More
Happy Fourth of July
Happy Fourth of July to all of my readers! As you celebrate Independence Day, remember this quote that is inscribed on the outside of the IRS Headquarters in Washington, DC. “Taxes are the Price we Pay for a Civilized Society” — Oliver Wendall Holmes, Jr. Stay safe everyone!
Speculating on what the Michael Jackson Family Trust Provides
It’s not my intention to turn this blog in to a celebrity gossip site. However, there are a number of legal issues regarding Michael Jackson’s estate that are continuously being reported on by reporters who do not fully understand (or do not care about) the nuances involved. The latest batch of confusion involves the disposition… Read More
Why Assets Should Be Left in Trust -The Estate Tax
In my previous post, I speculated that the published reports stating that Michael Jackson left 40% of his estate to his mother Katherine Jackson, 40% to his children and 20% to charities was not, could not be entirely accurate. Although I have not seen it the Michael Jackson Family Trust document, I am sure of the fact… Read More
Michael Jackson and the Estate Tax
I have previously written in the blog about the Estate Tax, but I’d like to revisit the subject using the real life example of the Michael Jackson estate. First, some review of the basics. The estate tax, which is often, but inaccurately called the “death tax” by people who oppose it, is not an income tax. It… Read More
Michael Jackson’s Will Filed with Court
Here is the link to Michael Jackson’s Last Will and Testament. The will is what’s known as a “pourover” will. In other words, instead of the will itself disposing of all of his assets directly, it instead transfers all of his assets to the “MICHAEL JACKSON FAMILY TRUST” as amended and restated on March 22,… Read More
Michael Jackson’s “Petition for Probate” filed in California
The “Petition for Probate” in the Michael Jackson estate, which in Florida would be called “Petition for Administration” was filed in California today, along with his will. This is a petition filed with the court, requesting that the probate of his estate be opened. In Florida, this is generally a standard form document (although it… Read More
Some articles on Michael Jackson and the Probate, Estate Planning and Tax Issues
I’ll write more on this myself as it develops, but here are some articles to check out: Smart Money: Michael Jackson’s Death and Your Estate Plan Reuters: Hello Goodbye: Jackson’s Beatles rights at risk Wall Street Journal: Getting Personal: Jackson Estate a Tangled Affair Business Week: Settling Michael Jackson’s Estate may be a Thriller. At this… Read More
Estate Planning Before, During and After Divorce
Although much of Estate Planning and family law is state law specific, I highly recommend that anyone who is interested in Estate Planning and Divorce to check out a recent radio interview done by Leanna Hamill, an estate planning attorney in Massachusetts. Her blog is here, and the blog post linking to the radio episode is here.
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