Just because the King of Pop was doused in controversy doesn’t mean that he wasn’t smart enough to take care of his assets. Michael Jackson knew that he had too much on his financial plate, and not wasting his bet on immortality, he drew up an estate plan, an important financial step highly encouraged by trusted DC wealth management firms.
Though you can never learn to perfectly execute the Moonwalk technique, you can still gain a few insights from what the music icon did before his death.
Michael Jackson Created A Will
The Kiplinger article published in July of 2009 writes:
Jackson’s will provides for the care of his loved ones. A separate document gathers
his assets — said to be over $500 million, exceeding his debt by about $200 million
- into a trust, ensuring that his affairs stay (mostly) out of the courts and
(ideally) out of the public eye.
A will is top priority when it comes to estate planning. This is to ensure that properties are distributed according to the wishes of the individual. If you want your sibling to be a beneficiary, this should be properly documented in writing to avoid a will contest. Jackson bequeathed “40% of his estate to the kids, 40% to his mother, and 20% to charity,” avoiding disputes at all cost.
Michael Jackson Named A Guardian
In writing his will, Jackson created a legal framework for naming a guardian for his
children, all of whom are minors. Without that document, the state—not Jackson–
would have made the choice about who would raise the kids.
Do you want your children to live with someone whom you’re not comfortable with? The role of guardianship designation is to ensure that your children are cared for safely by someone whom you can trust. Jackson’s decision to name a guardian prevented the biological mother of his children to demand custody.
Michael Jackson Worked With Trusted People
You may not be like Jackson who can afford any lawyer in the country, but you can also set up a team of estate planning professionals from Maryland wealth management companies such as Financial Brokerage Services who can help you execute your plan. Not only can a reliable wealth management group guide you in transferring assets, but they can also help you minimize taxes and ensure that your wealth is distributed according to your wishes.
(Article Excerpt and Image from 4 Estate-Planning Lessons From Michael Jackson, Kiplinger, July 2009)