Michael Jackson died deeply in debt, and yet, his children and beneficiaries stand to inherit millions from his estate. How is this the case? His estate has continued to generate money long after the pop star’s death. Wise estate planning attorneys, combined with astute planning by the executors and trust of the estate, have managed to convert the physical assets of the estate—particularly property—into cold, hard cash. Jackson’s death was tragic, but the same thing could happen right here, though perhaps not on so large a scale. A good Colorado estate attorney can do the same thing for your descendants as Jackson’s estate is doing for his.
By the end of last year, Michael Jackson’s estate has generated over $300 million in revenue; the executors have filed detailed accountings of the estate’s finances. They managed to reduce debt by nearly $100 million and refinance outstanding loans at better interest rates. All of these are tasks that any qualified estate planning attorney can help to prepare in advance.
There’s an important lesson to be learned in the handling of Jackson’s estate. Even though he died in serious debt, his children will still inherit millions of dollars, because of astute handling of the assets he left behind.
Be it physical property, stocks and bonds, intellectual property, or other forms of capital-generating asset, those in this area would be wise to consult a Castle Rock estate planning attorney to ensure that your will and trust are in good order. After all, the last thing any decent person wants is to leave their loved ones with mountains of debt. An effective estate planning attorney who is sensitive and attentive to the rights of their clients can make sure that not only will you leave little debt behind, but that your loved ones may inherit some value as well.
