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!!

https://www.youtube.com/watch?v=idg8TNknvDU

Michael Jackson will was very interesting in the fact that he maintained all privacy by pour over his estate into inter vivos trust he created while living. Michael also stated he’s a resident of the state of California due how his estate and his royalty would be taxed. Michael goes on to says he has three children and claim no other children. The children are Prince Michael Jackson Jr., Paris Michael Katherine Jackson and Prince Michael Joseph Jackson II. Michael Jackson explicitly states that he is not married.

Further in his will, he states that he wants to give his entire estate to the “Michael Jackson Family Trust”. They must also go on to follow the trust rules and are apart of the trust not his testamentary trust. He also executes a waiver of bond in his trust stating that he trust his trustee, co-trustee, or any successor trustee shall serve his estate properly. Michael Jackson also set a death tax clause in which he states that the trustee of Michael Jackson family trust will pay his taxes. He appointed three co-executors; which are John Branca, John McClain, and Barry Siegel. He also gives them the option to name different executors incase one of them can’t serve.

He states the waiver of bond clause again, which shows Michael Jackson trust his executors a lot although his will is “simple”.  He gives them the power to invest and reinvest the estate funds and power over all his property, whether it be real property or personal property. He also state that he again has no fiduciary responsibility to his former wife, Deborah Jean Rowe Jackson. This show us that he didn’t want his wife to get any part of his estate and she is not include in his trust that he set up.

Michael states in his will that any property located outside of California would be appointed  to his domiciliary executors. They would become ancillary executors. Michael Jackson gave them “additional powers” such as determine what assets are to be sold, to pay directly or to advance funds from the California estate to the ancillary executors for the pay of all claims, taxes, costs, and administration expenses, and also to distribute the residue among them.

Michael Jackson stated in his will, that if his children are minors at the time of death, he wanted his mother, Katherine Jackson as guardian of the minor children, and in case that his mother doesn’t survives him, fails, or is unwilling to take care of the children, he nominated Diana Ross as guardian.

Lastly, the will states the dates, and that the witnesses, as well as Michael, are competent, and that are over 18 years old to sign the will.