It was reported that Michael Jackson was the top earning dead celebrity. In fact, for the last year, the deceased legend earned more than any living artist. Pretty remarkable.
What happens the hundreds of millions of dollars that Michael’s estate has earned and will continue to receive? We don’t know all of the details, and probably only his attorneys, accountants and other advisors will ever know.
Michael Jackson, while troubled in many areas of his life, did what appears to be effective estate planning. His foresight will result in protection of his children’s and other family members’ privacy. It will provide protection against potential devastating decisions by young and immature recipients. It should assist with reducing taxes and protecting against creditors and others who would take from his beneficiaries.
It is unlikely that anyone reading this blog will have an estate approaching anything like Michael Jackson’s. However, if you have a family, and if you care for their well-being, some level of estate planning is essential for their protection.
If your total assets exceed $100,000, including your home, financial accounts, retirement plans and life insurance, you should look into an estate plan. Our firm would be happy to visit with you to give you a complimentary assessment of your circumstances and needs.
Contributed by MH Phoenix, Cave Creek and Flagstaff Estate Planning Attorney B. West Hunsaker.
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This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.