Wednesday, September 30, 2009
Did Michael Jackson Take Care of His Estate?
Post by David Held
As everyone knows, the King of Pop passed away this summer. Now, the number one question that arises is who gets what part of Michael’s estate? Michael Jackson’s estate is worth billions, from the Neverland Ranch to the rights of the Beatle’s records, not to mention his children. What many people did not know was that Jackson was in debt when he passed away. It is reported that he owed Back of America over $270 million because of ridiculous spending sprees, but in the end his estate is in the green. Because of all the debt Jackson owed, “Jackson's estate is also subject to federal inheritance taxes of up to 45%, depending on what was placed in tax-limiting personal or family trusts. A trust arrangement also would keep much of the estate disbursement private and out of probate court but wouldn't prevent public scrutiny from legal challenges by creditors and other claimants.”
Since Michael had a will and planned out his estate correctly, most of the estate money will go to Katherine Jackson and his three children. Also, a portion of the money went to covering funeral costs. A Wall Street Journal article states, “In court documents released today, it's revealed that Katherine Jackson is paid $26,804 per month and the 3 kids $60,000 per month.”
Source #1, #2, #3