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Celebrity Estates: How Michael Jackson's Executors Created a Thriller of an Estate Plan

Even though Michael Jackson's estate was saddled with over $500 million in debt when he died, due to the great work of his executors, it has earned over $2 billion since his death.

 

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In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Brian Weiner, founder and managing partner of Audent Family Wealth Advisors. As managing partner, Brian leads the family offices service program, CIO platform and next-generation education program.

This episode focuses on world famous singer/songwriter, dancer and the king of pop himself, Michael Jackson. At his untimely death in 2009, his estate was left mainly to his children via pour-over trusts that also came with a debt of over $500 million, mostly in taxes. In large, due to the great work of his executors, the estate has earned over $2 billion since his death.

David and Brian discuss all the tools that can be utilized by the wealthy and those with complex estates in order to ease debt and tax burdens for those inheriting the estate. 

MARK RALSTON/AFP/Getty Imagesparis-prince-jackson.jpg

Michael Jackson's two oldest children, Paris (left) and Prince Jackson

In this episode, you will learn:

  • What an entity is and how can it be utilized within an estate plan;
  • What gift tax is and how to use gift tax exemptions;
  • What it means to manage an estate for success;
  • Why next generation education is so important in estate planning;
  • And more!

Tune in to learn the importance of building a flexible plan to allow for generational changes to minimize loss. 

Listen to the podcast

Browse more episodes in this podcast series. ... 

The Celebrity Estates: Wills of the Rich and Famous podcast is available on Apple PodcastsAndroidStitcher and wherever podcasts are found. 

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