MICHAEL JACKSON’S ESTATE PLAN

Well, since there is no way you have been able to hide from the media frenzy, I will add my comments about the talented entertainer who hails from my wife’s home state! 

Michael Jackson, it appears, engaged in thorough and thoughtful estate planning, by establishing a Revocable Living Trust.  This means Mr. Jackson’s pertinent provisions about the distribution of his wealth would be written down in a Living Trust document, which is entirely private.  The Will, which has been made public, is a standard “Pour Over” will that says any wealth not previously transferred to the Michael Jackson Family Trust should be transferred to the Trust after his death.  The Will also explained who are the preferred guardians for Michael’s minor children.  The Trust probably names Trustees to manage the financial assets and wealth for the children.  Michael Jackson created an estate plan designed to make sure his wishes were kept private.

The media, whether newspapers or TV “talking heads”, are clueless about estate planning ideas.  The media does not understand the difference between a Trust and a Will.  It might have helped many people had the media understood the basic concepts.

It is so important to be totally informed before making life decisions, and Michael Jackson did his homework when it came to his children and family wealth.

At the Cramer Law Center, that is our goal, to educate and help you make the best decisions for you and your family.