Michael Jackson's will is now posted online for all to see. Have look - the will itself is fairly standard fare, but Mr. Jackson's reference to Diana Ross as alternate guardian for his children will be at least a little tantalizing for celebrity justice junkies.USA Today chimes today in with an analysis of the tangled web of the Jackson estate's assets and liabilities. See: Michael Jackson's Estate: The fallout will be monumental:
Even the valuation of Jackson's most valuable asset — his stake in a music catalog whose publishing rights includes Beatles songs — could be subject to protracted debate. Jackson snapped up the catalog for $47.5 million in a 1985 deal that had provided him millions in annual income, and he pocketed $95 million from selling Sony a 50% stake in 2005.
The catalog continued to bankroll a lifestyle that included maintaining the 2,700-acre Neverland Ranch, expensive art purchases and litigation, including a multimillion-dollar out-of-court settlement to the family of a boy who had accused him of molestation. Jackson used the catalog as collateral against assorted loans, with $300 million in debt to Barclays Bank alone.
Business Week also catalogues the challenges ahead in administration of the Jackson estate - see: Settling Michael Jackson's Estate May Be a Thriller.
On a related note, B.C. law blogger Stan Rule explores the Jackson estate, and in the process, provides a concise, comparative primer on estate planning in British Columbia. See: Michael Jackson's Estate Plan at Rule of Law.
- Garry J. Wise, Toronto
Visit our Toronto Law Firm website: www.wiselaw.net
No comments:
Post a Comment
Readers are solely responsible for the content of the comments they post here. Comments are subject to the site's terms and conditions of use and do not necessarily reflect the opinion or approval of Wise Law Blog and the writers thereof. Readers whose comments violate the terms of use may have their comments removed without notification.