Don't Stop 'Til You Get Enough - How Long Will it Take to Settle Michael Jackson's Estate?
Monday June 29, 2009
OK, I admit it, I've never been a big Michael Jackson fan. Growing up I loved (and still love) groups like Van Halen, AC/DC, Nirvana, Pearl Jam, and Alice in Chains. Not exactly pop or dance music. So when I heard about Michael Jackson's death last week I wasn't really torn up, but I did get excited about how complicated it will be to settle his estate. Yes, unfortunately, that's the estate settlement attorney in me shining through.
After hearing the news of Jackson's death my husband and I got into a debate about whether or not Jackson still owns the Beatles' song catalog (it turns out he still holds a 50% interest in the Sony/ATV music catalog), how much debt he's accumulated over the years, why on earth he was renting a mansion for $100,000 a month, and how long it will take the concert promoters who were backing his big comeback to file a lawsuit against the estate. Not to mention whether or not Michael Jackson had any type of estate plan in place. But even if Michael Jackson did have a Revocable Living Trust, with the types of assets he owned at the time of his death - including what's rumored to be hundreds of unreleased songs - and the vast amount of debt, there's no doubt that a probate administration will be required. And while it's anyone's guess how long it will take to settle Michael Jackson's estate (5 years, 10 years?), even with a good estate plan sorting through the 6 steps required to probate the estate will be fun to watch, at least for me.
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