I learned Few things about Michael Jackson’s Estate Planning.
Jackson’s will provides for the care of his loved ones. A pour-over trust gathers his assets – said to be over $500 million,- making sure that his businesses stay mostly out of the court and mainly out of the public eye. Michael Jackson avoided any misunderstanding by stating each of his children’s names and excluding his former wife and mother of his two older children, Debbie Rowe, from any inheritance. That exclusion was epic, but not necessary, because the couple were no longer married, but it makes clear that Jackson purposely omitted her, rather than committing an “oversight”.
Another thing I learned from this was to name a guardian. When writing a will, Jackson was “detail oriented,” naming a guardian for his children, who are minors. Without that document, the state would have made the choice of who would raise the kids instead of Jackson. He selected his mother as the first option, and in case that his mother couldn’t survive Jackson, he had a backup, Diana Ross. This was great to stop the other biological parent from claiming custody over the children.
Michael Jackson also gathered an awesome team. As an astute businessman, he named a top-of-the-top lawyer, John Branca, and a clever business executive, John Mc. Clain, as co-executors of his will. He improved the odds that his wishes would be a reality by relying on these two phenomenal experts, Jackson did have good legal advice.
In conclusion, Michael Jackson did have everything figured out.
Good For You MJ!!