What Will Happen to Michael Jackson's Estate?

BOCA RATON, FL--(Marketwire - July 28, 2009) - Before they even decided where to bury Michael Jackson, the vultures started swarming to pick apart his estate.

It has been reported Jackson's estate is bankrupt with many millions more owed to creditors than it has in assets. And even if it is solvent, it likely won't be once the lawyers get through with it, according to Hillel L. Presser, Esq., co-author of "Financial Self Defense: How to Protect Everything You Own From Everyone Everytime," from Garrett Press (www.assetprotectionattorneys.com).

"Creating a tidy, tax-efficient and orderly estate that will attract little or no litigation is no easy task," Presser said. "But it's a lot simpler for the rest of us, who don't have to deal with the weight of celebrity."

Presser found five critical errors that Jackson made, but most people can fix:

--  Jackson's will was old - Jackson's will is nine years old.  A will
    more than a year or two years old is probably near worthless considering
    how one's financial affairs and relationships change so rapidly.  And an
    old will may be more harmful than no will. Keep yours up to date.
    
--  He had huge tax liabilities - Had Michael died in 2010 his estate
    would have paid zero estate taxes.  But since he died in 2009, only the
    first 3.5 million is tax-exempt, with Uncle Sam taking 50 percent of
    whatever's left after debts and expenses. There are scores of legitimate
    ways to decrease estate taxes but it takes sophisticated planning.
    
--  No life insurance - What if Jackson's estate is in fact bankrupt? It
    would be comforting to know that his children were beneficiaries of a
    reasonable life insurance policy titled to an irrevocable life insurance
    trust which would be estate tax-free and immune from creditor claims.
    
--  He didn't plan his estate well - You never know when you will die, so
    you can't procrastinate. After all, 8 of 10 adult Americans do not even
    have a simple will.  We must think about our final curtain call more
    carefully.  We don't get an encore.
    

About Hillel L. Presser, Esq.

Hillel L. Presser, founding member of Presser & Goldstein, LLC, represents individuals and businesses in connection with the establishment of comprehensive asset protection plans that incorporate both domestic and offshore components.

Contact Information: Contact: Rachel Friedman Rachel@newsandexperts.com