Since the sudden death of Michael Jackson two years ago, his estate has made more than $310 million in gross revenues. According to filed court documents in regards to Jackson’s estate planning, the executors of his estate will give a payment of $30 million to his children and his mother.
The Jackson compound is now on the market as his mother has sought to sell it in order to purchase a new home for her and Michael’s three children. Although the estate is facing income and estate tax audits, following the posthumous release of the movie “This Is It,” the family was able to make more money with which to repay outstanding debts. It is reported that the estate has also continued to generate income from other interests of the estate.
Although some creditor claims are still pending, the family purportedly reduced Michael’s debt obligations by more than $90 million and was able to refinance some loans at lower interest rates. In so doing, the additional revenue that the estate has generated may be enough to repay the debts, particularly once the sale of the compound is finalized. Currently, it is unknown if there are any offers to purchase Michael’s home.
Even though this is a widely-publicized case, Texas residents may be able to take something away from it. When estate planning is done in advance, it cuts the stress for those left to deal with property and asset issues. As is in Michael Jackson’s case, an experienced attorney can help make the process easier for all involved.
Source: Chron.com, “Jackson estate makes $30M payment to mother, kids,” Sept. 14, 2011