Showing posts with label Pop Icon. Show all posts
Showing posts with label Pop Icon. Show all posts

Monday, July 6, 2009

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

Friday, June 26, 2009

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/