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In Estate Planning, Take a Lesson From MJ

He knew what he was doing—and we should follow his example

By Matt Cantor,  Newser Staff

Posted Jul 9, 2009 2:08 PM CDT

(Newser) – Michael Jackson wasn't known for his financial prudence, but he got one thing right: his estate planning, writes Jane Bennett Clark for Kiplinger. Here’s how to follow his good example:

  • Write a will: Two-thirds of Americans don’t. Jackson’s is concrete: His kids get 40% of his estate, his mother gets 40%, and 20% goes to charity.

  • Set up a living trust: In most cases it protects the assets it covers from going through probate after you die. You keep control as a trustee.
  • Pick a guardian for your kids: Jackson tapped his mother, with Diana Ross as a backup. Courts usually follow these instructions.
  • Choose a good legal team to run the show: Jackson picked a “top-notch lawyer” and a “savvy business executive” as his will’s co-executors and co-trustees of his family trust.

Lawyer John Branca, right, co-executor of Michael Jackson's estate, and lawyer Howard Weitzman speak to each other during a news conference outside the Superior court in Los Angeles, July 6, 2009.
Lawyer John Branca, right, co-executor of Michael Jackson's estate, and lawyer Howard Weitzman speak to each other during a news conference outside the Superior court in Los Angeles, July 6, 2009.   (AP Photo/Chris Pizzello)
In this Dec. 3, 1984 photo, Michael Jackson performs with his brothers at Dodger Stadium in Los Angeles as part of their Victory Tour concert.
In this Dec. 3, 1984 photo, Michael Jackson performs with his brothers at Dodger Stadium in Los Angeles as part of their Victory Tour concert.   (AP Photo/Doug Pizac, file)
Michael Jackson waves in Tokyo in this Sunday, May 28, 2006 file photo.
Michael Jackson waves in Tokyo in this Sunday, May 28, 2006 file photo.   (AP Photo/Shizuo Kambayashi, FILE)
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COMMENTS
Showing 2 of 2 comments
Yourself
Jul 10, 2009 4:51 AM CDT
the biggest one is the will, it's scary to think that so many people don't have one. I think part of it is that people think it's expensive to get done, when in reality it's quite feasible and really does help in the case of death.
Newser001
Jul 9, 2009 7:15 AM CDT
Screw that !!! I have Bubbles, MJ's chimp on retainer !

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