Michael Jackson - Buried?

I recently read that Michael Jackson's body will be buried in an unmarked grave. Well, what would he have wanted? I guess we will never know since there was no docummentation, to our knowledge, regarding his wishes.

Over the years, I have asked my clients of their burial intentions. The thought had not occurred to them but when asked to make their wishes known, they had very definite desires. Some have documented their interest to be cremated, with ashes maintained in an urn, tossed into the ocean, scattered over golf courses, and the list goes on. Others would like their bodies donated for scientific research. While others want very elaborate funerals with specific music and religious preferences which may be the same as their family or differ from their family.

No one can read your mind so think ahead and write done your wishes now.

Your comments are welcomed or contact us at http://www.ythlaw.com/

Celebrity's Will

Another celebrity's will is being revealed and what can we all learn. Farrah Fawcett who died June 25, 2009, the same day as Michael Jackson, left most of her fortune in trust to her only child. Sounds simple and straight forward enough. But, as with all things it is the back story that fuels the headlines.

Farrah Fawcett left nothing to Ryan O'Neal, her longtime companion and the father of her son Redmond O'Neal. And the point here is WHAT??? It is HER will and other than a spouse, she is not required by law to leave anything to a companion even if he was with her throughout her illness.

Her estate is being reported to be 5.5 million dollars in cash and millions more in special holdings, still to be determined. Her son who was in prison at the time of her funeral, and still is, for drug related probation violation, though he was allowed to attend the funeral. In any event, she left the money in trust with 2 executors to oversee the money for his "journey into sobriety rather than giving him the means to destroy himself." If a dying mother can not turn a child's life around, will a well manage fortune do it? At least Farrah Fawcett believed as much and in the final analysis that is all that matters.

She also left money to her alma mater, Texas University. This is an important part of her legacy and her way to help others as she was helped by her alma mater.

More when the will is released. Your thoughts or comments are appreciated. Contact us at www.ythlaw.com

Disinherited Spouse - Elective Share

We have learned while watching the coverage of Michael Jackson estate that you do not have to provide for parents, siblings, an ex-wife or other family members. However, I thought I would take this time to address who you can not disinherit. You can not disinherit a current spouse; husband or wife.

If the will does not provide for a husband or wife, then the disinherited spouse can elect to take against the will. The assets which the spouse has a right to includes property passing under the will of the deceased spouse or by intestacy if the deceased spouse died without a will. In addition, assets conveyed during marriage, by the deceased spouse to himself or herself and another with rights of survivorships, are also included. Finally, assets that were given away within one year of death, to the extent that the gift exceeded $3000 or the statutory limit.

The elective share rule is an election that a spouse must affirmatively make in order to receive a 1/3 share of the deceased's estate.

Each state differs so to learn more contact our office at www.ythlaw.com or leave a comment.

Guardianship and Your Minor Children

Back to Michael Jackson's estate, the importance of addressing guardianship can not be stressed enough. If you know there may be a contest for your children, it is important that you get resolution of those potential issues while you are living. Based upon the most recent reports, the guardianship hearing for Michael Jackson's children has been postponed for another week. Over the next week, it is anticipated that Debbie Rowe and Katherine Jackson may come to an amicable settlement for guardianship of Paris and Prince I.

Stay tuned. Time will tell. In the meantime, if you have issues regarding your minor children, I urge you to address them NOW. Your children's future depends upon it.

Leave your comment or contact us at www.ythlaw.com

Michael Jackson - Five Estate Planning Lessons

I thought I would check in at this point with estate planning lessons learned thus far from Michael Jackson's death. I am sure there will be more during what is the beginning of a long and complex estate planning saga:

FIRST, you must have a will that is up-to-date and valid.
SECOND, you must name the guardian of your minor children and address potential issues and challenges from a surviving parent who is not named as guardian.
THIRD, you must name the executors who will gather up and protect your assets and ensure distribution in accordance with your will.
FOURTH, you must provide for the distribution of your assets, but you are not required to provide for parents, siblings, an ex-wife, or other family members.
FIFTH, unlike a will, a trust, with all its terms and conditions, is not a public document.

Comment on what lessons you might have learned or contact us at www.ythlaw.com

Your Estate and Business Succession Planning

Well, yesterday's Memorial Service for Michael Jackson was extraordinary and a real tribute to his legacy.

I had a question posed to me. What effect will the cancellation of Michael Jackson's "This is it" Tour have on his estate? Of course, I do not know the terms of any agreement which may have been put in place but there are a number of conditions that may or should have been considered. I will discuss a few here.

FIRST, the promoters of the concerts, AEG Live, would have taken out INSURANCE on the Pop Star. They reported to the press that Michael Jackson had passed the insurance company's physical exam. He would have been insurable. How much insurance did they have on Michael Jackson and under what condition and terms would coverage be paid out? Only time will answer those questions.

SECOND, there would have been an AGREEMENT to cover all kinds of contingencies like death, disability, sickness, etc. If as reported, the promoters spent $30 million dollars in preparation and made $85 million dollars in tickets sale, in theory they might be out $115 million dollars. However, it has also been reported that 40% to 50% of the ticket holders may opt to keep the ticket as a souvenir reducing the promoter's exposure to approximately $73 million. Further reduction will occur if the agreement provided the promoter with rights to the musical footage of the rehearsal. The small footage already released has received record attention.

FINALLY, in business you must consider the effect of your actions on your estate. What happens if you die? If Michael Jackson worked with an estate planning team and professional advisors, the cancellation of the concept tour may have no negative effect on his estate. Let us see.

An interesting question that we can all watch unfold. Leave your comments here or contact us at www.ythlaw.com

If the will is valid, the named executor rules!

As I sit to write this morning, I reflect on the news coverage and stories since Michael Jackson's death. His memorial service will be today and so the focus may now just be on the musical and humanitarian legacy he leaves behind. Let's hope the other stories are put on hold for a couple of days.

In any event, I did want to speak on yesterday's findings relating to his will. I do agree with the judge that the administration of the estate should be turned over to the executors. Michael Jackson did name his executors in his will and his selection is what should control. The temporary administration of his estate was given to his mother but at that time Michael Jackson's will was not available. Whether the family agrees or not with Michael Jacksono's choice, the will controls.

So today if you should get a chance to see the memorial service, please share your reflections here with us or contact us at www.ythlaw.com

Your Body is an Asset of Your Estate

Tomorrow is the memorial service for Michael Jackson who died June 25th. We can take this time to reflect on another important asset of our estate and that is our bodies.

Many people do provide for direction regarding the disposition of their bodies upon death. Others choose to leave the arrangements and decision to close family members. Generally, close family members take on that responsibility. However, it is important for you to plan. This could be anything from life insurance to cover costs to prepaid funeral arrangements including your burial plot and the service. If you have a preference for cremation, you can provide for that in your will as well.

When you are a Pop Icon, it is even more important to provide for your preference. Did Michael Jackson want to be buried at Neverland? Is that even an available option? What type of remembrance ceremony would he have preferred? Was he an organ donor?

Think about your own situation. Will the disposition of your body cause unnecessary turmoil and more distress because your preferences were not made known? Have you considered the cost and made appropriate arrangements to cover such costs? Does your will address your interest and if not who knows what you want and can carry it out?

Let us remember the genius of Michael Jackson, his legacy and musical gift to the world. But more importantly, let us remember his humanity, kindness and charity. Leave your comments here or contact us at www.ythlaw.com

Witnesses to a Will

A question was posed to me regarding Michael Jackson's will. Apparently the named executors signed as witnesses to Michael Jackson's will. The copy of the will that I was able to obtain had the witnesses name and address covered up so I was unable to confirm who signed. Let's assume that the executors did sign as witnesses. Is that permissible? If not, would that invalidate the will?

Under Pennsylvania law, any competent individual can be a witness; the interest of such a witness does not disqualify, but does AFFECT CREDIBILITY. For that reason, if an individual has a BENEFICIARY interest in the will, the general practice is not to allow such individual to sign as a witness. A BENEFICIAY is someone who will receive an advantage/benefit under the will. Receiving any of the assets is clearly as advantage. Serving as the Executor, is that an advantage? Even if it is, it would not invalidate the will, at least not in Pennsylvania. We will see, in time, what the California law provides.

In any event, having the executors sign as witnesses does raise a question regarding the credibility of the executors to affirm that the person signing was of sound mind and not acting under duress or undue influence. Will this become an issue? Will the executors be able to establish credibility? Thanks for raising the question and let watch how this might play out.

Your comments are welcomed and encourage. Contact us at www.ythlaw.com

Michael Jackson's Children still in play?

Well, back to the guardianship issue, it seems.

FIRST, it is reported that Debbie Rowe has not decided whether she will or will not challenge custody of Prince Michael and Paris, her 2 children with Michael Jackson. However the permenant guardianship hearing has been delayed a week until July 14th. This may give the parties time to reach an agreement if in fact there is a dispute.

SECOND, though the will names Katherine Jackson as guardian, Debbie Rowe's parental rights were not severed by the courts. Unless a parent is determined to be "unfit" custody by the biological parent is favored by the courts under normal circumstances. This is anything but normal circumstances.

THIRD, the courts also favor keeping siblings/families together. Debbie Rowe would have no legal rights to Prince Michael II. As reported, Princed Michael II's mother was a surrogate.

FOURTH, though the law is well settled on the rigthts of biological parents and adoptive parents, the rights of surrogates or sperm donors are less clear. Many issues in this area have not been explored by the courts. Will this case serve as that opportunity to explore issues in this area? Only time will tell and I will be providing my estate planning insights.

What more could Michael Jackson have done to secure the future of his children upon his death? This and other questions will be explored in the days to come. We want to hear from you. Leave your comments here or contact us at www.ythlaw.com

Terms of the Michael Jackson Will

So, the terms of Michael Jackson's 5 page will are revealed. What does it mean to YOU? Here are my thoughts on what can be learned from a public discussion of a celebrity's will.

DISTRIBUTION OF ASSETS
Under the will all assets are to be placed into the Michael Jackson Family Trust. The Trust was not filed with the will and is not required to be filed. So, the terms and conditions of the Trust may remain private. The only person that can not be disinherited is a spouse. You do not have to leave anything to parents, children or siblings.

GUARDIANSHIP OF CHILDREN
Katherine Jackson was named guardian of the children and Diana Ross named as the alternate guardian. Who should one name as a guardian? It does depend on your family circumstances. Generally the considerations are your parents, if not aged and unable to provide care, your siblings, if there is a relationship, family friends, if willing and able. Most importantly, whoever is named, should be aware of your intent and agree. This should not come as a surprise to the named guardian.

EXECUTOR OF THE ESTATE
Co-Executors under the will are Michael Jackson's lawyer John Branca and family friend John McClain, a music executive. The role of the excecutors is to gather up the assets and distribute in accordance with the will. In this case, all assets are to be transferred into the Trust. It will be the Trustee under the Trust who will be responsible for managing the assets for the benefit of those named in the Trust. The will does not indicate who the trustees will be.

Who should be named as your Trustee? Generally, it can be individuals, ones whom you trust and whom may be familiar with your affairs or it can be an institution, a bank, trust company, law firm etc. It can be a combination of individual and institution. The more complex the estate, the more essential that the trustee be able to be around for awhile. Institutional trustees generally fit this requirement.

What else can we learn from the Michael Jackson affair? Stay tuned. Leave your comments or contact us at www.ythlaw.com

Michael Jackson's Will

It has been reported that Michael Jackson's will was found. This was a will from 2002 and reports indicated that there might be another will. Several things came to mind when I read and heard the reports and I share them with you.

FIRST, it is always important to keep your will up to date, to address changed circumstances such as a birth, death, additional assets, relocation, etc. Given Michael Jackson's life, a 7 year old will would probably be outdated.

SECOND, there should only be one original will. It should be maintained in a safe place. Generally the attorney preparing the will maintains the original in a safe. I have my clients maintain the original in their safe at home or at their bank in a safety deposit box. My records reflect the location of the will. When a new will is made the old original will should be destroyed. However, any new will would state that it revokes any prior (old) will.

THIRD, given all of the financial, legal and personal advisors to Michael Jackson, there should be more than just a will for his situation. He needed not only estate planning but asset protection planning. For his children, Trusts could have been established and funded during his lifetime. Such Trusts, if irrevocable, would not be subject to any creditors. Trustee(s) would have been named to manage the Trusts for the benefit of the children. The complexity of Michael Jackson's estate would result in not a simple estate plan but an intricate one addressing Federal Estate tax issues, creditors's issues, family and business matters.

FOURTH, the will when filed becomes a public document. For that reason, many people have their assets placed in a Trust which is not a filed or public document. If there is a will, it would be a simple one which is only done to make sure any asset not already in the Trust is place by the will into the Trust. All the terms, conditions and other specifics of the estate would be addressed in the Trust, the details of which would never become known to the general public.

IN CONCLUSION, this is just the beginning of what will be a long and complex legal matter. As the estate planning side of it unfolds, I will keep you apprised of what matters most. Your comments are welcomed or contact us http://www.ythlaw.com/

Michael Jackson's Children - Petition Filed and Interim Decision Rendered

Now that a Petition has been filed by Michael Jackson's mother/family, Katherine Jackson and a judgment rendered. What next???

The Judge has awarded temporary guardianship of all the children to Katherine Jackson. I agree with the Judge's decision since, in the interim, this probably provides the least disruption to the children. He did not render any decision regarding the "estate" of the children or the administration of Michael Jackson's estate. This will be done (along with a determination of permanent guardianship) at a later hearing which I will continue to monitor.

The question for many is "Doesn't the children's money follow the children so if you get the kids, you automatically get the money?" ANSWER, NOT, NECESSARILY SO!!! The courts can and often do separate the children from their assets.

It is standard in estate planning to provide for a guardian of the children and a trustee for the estate. They could be the same people but not necessarily so. Having a trustee of the estate provides for the money to be held for the benefit of the children for an extended period of time, say, 10, 20, 30 years, etc. A guardian of the "estate" would manage the estate for the benefit of the children until they turn majority 18 or 21 depending upon the jurisdiction.

So, you might say why did Michael Jackson not provide a Will to address all of this? My book addresses this question, what are people waiting for? In any event, at present, the family has stated that there is no Will but I don't think this is a closed matter. Time will tell.

Share your comment or contact us at http://www.ythlaw.com/.

Michael Jackson - Prince Michael II

I previously wrote regarding Michael Jackson's 2 children, Prince Michael and Paris. Today I provide my insight into the fate of his third child, Prince Michael II.

Prince Michael II's mother, based upon the accounts, was a surrogate and has had no relationship with Prince Michael II since his birth. The law around surrogates continues to involve. If the surrogate for Prince Michael II should interject herself in any proceedings regardingt the children, I am sure new law will be made. Once again Michael Jackson's will would be instructive regarding Prince Michael II. What was Michael Jackson's intent? Were there any other legally named guardian/s for Prince Michael since he only had a father? Is the surrogate the "legal" mother? What rights would Michael Jackson's mother have? Generally, grandparents' have limited rights as pertains to their grandchildren when "parents" are still available. But, does a surrogate relinquish parental rights?

Yes, these and many other questions will have to be answered. In my opinion, what would be in the best interest of the children at this time is to maintain as normal a situation as possible before any major change in their living arrangement is made. Their tragic loss has to be processed first before ALL the players start jockeying for them.

Tomorrow, I will look at what custody, guardianship, etc. of the children might actually mean for the person seeking them. Your comments welcomed. Contact us at http://www.ythlaw.com/

Michael Jackson - Who has rights to his Children

It has only be 2 days since Michael Jackson's death and the speculations continue regarding all aspects of his estate. Take his children for instance. Until a copy of Michael Jackson's will is release, we can only wonder what his intentions were. However, even if he covers it in his will, there still might be a challenge to his decision regarding his children.

Today, I want to speak on the 2 children, Prince Michael and Paris, whose mother Debbie Rowe had been divorced from Michael Jackson since 1999. It is not clear whether she gave up parental rights to her children though Michael had full custoday under an agreement. The reports state that the children are currently with their nanny and their grandmother (Michael's mother) is in line to take care of them.

Well, it is my opinion that it will not be clear cut at all. If the will provides for a guardian and it is not their mother, she may challenge the will or just assert her parental rights which would supercede the will. She is the mother and she has been involved in their life, as so reported. If she gave up parental rights, then under what circumstances and have those circumstances now changed with his death. The legal battle would surround the terms of the (1) will, (2) the divorce decree and any settlement made with the court and, (3) the agreement referred to that was made between Michael Jackson and Debbie Rowe outside of the purview of the court. All of this will be viewed with what would be in the best interest of the children: to be with their mother; to be with their grandmother; to be with another relative; or some other option that I can not even imagine at this time. The children, 11 and 12, are old enough for the judge to even ask what their preference might be. So, we have only just begun!!!

I will talk about the third child, Prince Michael II who is 7 tomorrow. His circumstances are different and require a different approach.

Your comments are welcome or contact us at http://www.ythlaw.com/

Michael Jackson - KING OF POP - Dies at 50 - Estate Planning

Stop the presses!!! Yesterday, when I heard about Michael Jackson's death, I was really in shock. He was THE pop icon. More importantly, I grew up on his music. I remember each phase of his musical genius. I loved the Jackson Five!!! Who didn't at 13 and 14 in the 70's. And then, solo, Michael Jackson in the 80's, 90's and beyond. His music evolved and gather new fans throughout the ages. There are just so many favorites that I have. But I will share that I just took "Man in the Mirror" as my personal mantra: "If you want to make the world a better place take a look at yourself and make a CHANGE!!! Oh, yes!!

But, let me tell you Michael Jackson's death now will be for me a continued reason to talk, LOUDLY, about the essentials of Estate Planning. I do not know whether Michael Jackson had a will. As soon as I find out I will blog on it. But as I tell my audiences over and over, You Can Only Plan When You Are Living!!! So, for now we can hope that Michael Jackson did. Time will tell.

What is at stake? He has 3 children!! (What are the rights of the mothers?) He has diverse business interest!! (Who will be in charge?) He has valuable assets!! (Who gets what, when where and how? ) He has DEBT, a lot!! (Did he engage in Asset Protection Planning? Will his debt wipe out his children's and family's inheritance?)

I will be exploring these questions and more on estate planning as the life and legacy of Michael Jackson continues to unfold. Our condolences to Michael Jackson's family.

Leave a comment or contact us at http://www.ythlaw.com/