July 04, 2009
Happy Independence Day!
Happy Fourth of July!!
July 4, 2009 in Current Events | Permalink | Comments (0) | TrackBack
July 03, 2009
Michael Jackson -- Update
The following information is based on Michael Jackson's will; Jackson service set for Tuesday, BBC News, July 3, 2009; Andrew Edgecliffe-Johnson, Jackson sales surge outstrips Presley, Fin. Times, June 30, 2009; Christopher Beam, Grave Concerns: Is it legal to bury Michael Jackson at Neverland Ranch?, Slate, July 1, 2009, and Abhinav Ramnarayan, Michael Jackson's ex-wife wins delay in child custody hearing, guardian.co.uk, July 3, 2009:
- Michael's will is a complete pour over, that is, his entire estate passes to the Michael Jackson Family Trust. Thus, the actual disposition of Michael's estate is unknown.
- However, there are rumors that his mother receives 40%, his three children share in 40%, with 20% passing to children's charities as determined by the trustees.
- Michael's mother, Katherine, is named as the guardian of the persons and estates of his three children. Singer Diana Ross is named as the alternate guardian.
- The court has granted Katherine temporary custody of the children.
- Debbie Rowe, the birth-mother of two of Michael's children, was successful in delaying a custody hearing. She now has time to decide if she will seek custody of the two children. Debbie also indicated her willingness to undergo DNA testing to show that she is also the biological mother (as compared to merely the birth mother) of these children. A hearing will occur on Monday, July 6, 2009.
- The birth-mother of Michael's youngest child is unknown.
- A public memorial for Michael is planned for Tuesday, July 7, 2009, at the Staples Centre in Los Angeles.
- The value of Michael's estate is increasing rapidly due to huge sales of his recordings. For example, Amazon.com, reports selling more of Michael's music in the 24 hours after his death than in the last 11 years. This is bigger surge than after the deaths of Elvis Presley and John Lennon.
- 100 plus hours of video and audio footage of the rehearsals of his planned comeback tour could be extremely valuable.
- Neverland Ranch may be transformed into a tourist attraction modeled after Graceland.
July 3, 2009 in Current Events | Permalink | Comments (1) | TrackBack
July 01, 2009
Michael Jackson's Will Released -- Read it for yourself!
Follow this link to see a copy of Michael Jackson's will.
July 1, 2009 in Current Events, Wills | Permalink | Comments (1) | TrackBack
Michael Jackson's Will -- Update
Earlier on this blog, I discussed Michael Jackson's alleged will.
Here is an update based on Source says Jackson will gives mom custody, MSNBC.com, July 1, 2009:
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Michael Jackson's mother (Katherine Jackson) is named as the guardian of his three children.
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All of his assets are left in trust.
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Filing of the will is expected to occur today (July 1, 2009).
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Burial at the Neverland Ranch may not be possible due to state law.
Special thanks to Neda Jahansouz (J.D. 2009, Texas Tech University School of Law) for being the first reader to bring this article to my attention.
Court filings in the probate and guardianship matters are available at http://www.scribd.com/doc/16974369/Michael-Jackson-Probate-Filings. Special thanks to Greg Broiles for providing this link.
July 1, 2009 in Current Events, Wills | Permalink | Comments (0) | TrackBack
June 30, 2009
Terms of Michael Jackson's Alleged Will Revealed
Here is some of the most currently reported information about Michael Jackson's alleged will:
Prepared in 2002.
Drafted by John Branca (an entertainment lawyer who Michael hired from 1980 to 2006 and rehired again earlier this month).
Primary beneficiaries are his mother (Katherine) and his three children.
A portion of his estate will also pass to various charities.
His father, Joe Jackson, is not named as a beneficiary.
The named executors are John Branca and John McClain.
The will may be filed as early as July 2, 2009.
See Nick Allen, Michael Jackson's father Joe 'not named in will', Telegraph.co.uk, June 30, 2009 and Ethan Smith, Jackson Will From 2002 In Spotlight, Wall St. J., June 30, 2009.
Special thanks to the legion of faithful readers who are keeping me posted on the developments of this case which will provide us with months and perhaps years of "enjoyment."
June 30, 2009 in Current Events, Wills | Permalink | Comments (0) | TrackBack
June 29, 2009
Dead But Still on the Payroll
Deceased city employees in Cincinatti may continue to receive retirement checks well after their death. A recent Cincinatti.com article reports that poor managment of the system has resulted in investigations in at least 18 cases of payments to dead people, including the following:
A city retiree on a disability pension since the late 1970s who died in March 2000, but continued to receive monthly checks until June 2005, resulting in a $41,345 overpayment by the city.
A deceased city employee's beneficiary who died in March 2006, but received $18,067 in improper payments through July 2008.
Another beneficiary who received checks for 19 months after her December 2006 death, four of which - totaling $5,034 - apparently were cashed by her guardian. In addition to examining the precise details about the cashed checks, investigators have concluded that the city needs to collect and stop payment on checks totaling $19,696.
In one case, pension checks for a retiree who died in October 2007 continued to go to his spouse through June 2008. The following month, after her husband's name showed up on a death report, she began receiving a reduced pension - even though she had died two months earlier.
Barry M. Horstman, Dead city worker kept getting check, Cincinatti.com, June 8, 2009.
June 29, 2009 in Current Events, Death Event Planning, Intestate Succession | Permalink | Comments (0) | TrackBack
Hard Times are Hard on Everyone, Even the Super-Rich
The newest World Wealth Report, which is produced by Merrill Lynch and Capgemini, shows that the current financial crunch has impacted the wealthy as well as those living paycheck to paycheck. The number of "ultra high net worth individuals," those with at least $30 million to invest, decreased by almost 15% last year. The number of "high net worth individuals," those worth $1 million without their home, decreased by 15 percent.
Whether the super-rich are experiencing "hard times" is debatable, but they have been affected by the general economic downturn.
See Megan Murphy, Credit crunch takes toll on super-rich, Fin. Times, June 24, 2009.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
June 29, 2009 in Current Events, Estate Planning - Generally | Permalink | Comments (0) | TrackBack
June 28, 2009
The right of publicity and Michael Jackson's Estate
The following discussion is reproduced with permission from Bridget Crawford, Estate Tax Disaster Looms for Michael Jackson’s Estate, Feminist Law Professors, June 27, 2009:
The right of publicity is descendible in California. This means that a person may transfer by will the right to exploit his or her name, likeness, image, etc., just as one might transfer, say, an heirloom piece of jewelry.
In Postmortem Rights of Publicity: The Federal Estate Tax Consequences of New State-Law Property Rights, published in the Yale Pocket Part, I have argued, together with Mitchell Gans and Jonathan Blattmachr, that a descendible right of publicity likely is included in a decedent’s gross estate for federal estate tax purposes. In the Jackson estate, the estate tax value of Mr. Jackson’s rights of publicity very easily could exceed his estate’s liquid assets available to pay taxes.
In short: big estate tax problems loom on the horizon for Mr. Jackson’s estate.
June 28, 2009 in Current Events, Estate Tax | Permalink | Comments (0) | TrackBack
June 27, 2009
Jackson's Estate: Major Debt and A Major Asset
At this point, little is known about Michael Jackson's estate plan or will, but this is what is known:
- Heirs include three children, well-known siblings, and his parents.
- Jackson was plagued with large debts and multiple lawsuits seeking to recover back debts
- Last year Jackson sold Neverland Ranch for $22 million to pay back debts.
- Jackson's creditors and heirs will likely fight for their piece of his biggest asset: his 50% ownership interest in the Sony/ATV music catalog.
- The music catalog owns the publishing rights to thousands of songs and Jackson's half is valued at up to $500 million.
- Jackson's hit songs are also owned by his estate.
See Christopher Palmeri, Settling Jackson's Estate May Be a Thriller, Business Week, June 25, 2009; see also TaxProf Blog.
Special thanks to Christina Tippit (JD, Texas Tech University 2009) for bringing this article to my attention.
June 27, 2009 in Current Events, Estate Administration | Permalink | Comments (0) | TrackBack
Estate of Third Wife of Drew Peterson Reopened
An Illinois Appellate Court recently upheld reopening the estate of a deceased ex-spouse of Drew Peterson.
At the time of Kathleen Savio's supposedly accidental drowning death in 2004, the final order in her divorce from Drew Peterson was pending. A hand written will named James Carrol, the uncle of Peterson, as the executor of her estate and left all of her property to Peterson. As executor, Carrol fired Savio's divorce attorney, appeared in the divorce pro se, and turned most of Savio's property over to Peterson. Carrol was discharged by the court upon completion of his duties and the estate was closed in 2006.
In March of 2008 Savio's father and siblings filed a petition to reopen the estate and remove Carrol as executor due to new evidence from Savio's exhumed body showing that her death was probably a homicide. The petition claimed that a wrongful death claim against Peterson and Carrol's poor performance as an executor supported their request. The trial court agreed and appointed Savio's father as the new executor.
The appellate court affirmed because the manifest weight of evidence supported the trial court's holding. First, the court held that the estate could be reopened because the wrongful death claim was a newly discovered asset of Savio's estate under the state's Wrongful Death Act. Under Illinois law, a newly discovered asset is one ground for reopening an closed estate. Second, the court held that Carrol's removal was justified because his actions in Savio's divorce case were contrary to the best interests of the estate and its beneficiaries. Finally, although Savio's children were next in line to be appointed executor under Illinois law, the appellate court felt that a court would not likely allow the minor children's guardian, Peterson, to be appointed as executor. Since Savio's father was the proper choice after the children, the court upheld the appointment.
In re Estate of Savio, No. 04-P-118 (Ill. App. Ct. 3d Dist. Feb. 4, 2009).
Drew Peterson has since been charged with the death of Kathleen Savio. See AP, National Briefing: Midwest; Illinois: Ex-Officer Charged in Wife's Death, NY Times, May 8, 2009.
Thanks to James Krupp (Attorney, Krupp & Krupp, LLP, DeKalb, IL) for bringing this case to my attention.
June 27, 2009 in Current Events, Estate Administration, New Cases | Permalink | Comments (0) | TrackBack
Jackson's 'This Is It' Tour
Michael Jackson was slated to perform a 50-run show entitled This Is It in London beginning July 13th. Now AEG, the concert promoter, will have to figure out how to refund more than $85 million in ticket sales and recover at least $20 million spent on production costs, which does not includes a $10 million advance already paid to Jackson. A Billboard article summarizes the problem nicely:
For AEG, "it's either horrible or really horrible," a concert business executive says.
[A] source familiar with the situation says a traditional nonappearance policy was never written. Billboard couldn't confirm that at press time. Even if AEG had a policy, that doesn't mean Jackson's death, and the losses incurred, would be covered. "If it was a pre-existing condition or drug- or alcohol-related, a normal cancellation policy would not cover that, even if he had passed a medical exam," the source says. AEG could be on the hook "if death was from something that's excluded in the policy."
Ultimately, AEG may have to file a claim against Jackson's estate. And since Jackson has hundreds of millions of dollars of debt, and a couple of multimillion-dollar lawsuits pending, the worth of that estate is very much in doubt.
Ray Waddell, Fortune at Stake on Michael Jackson London Concerts, Billboard, June 25, 2009.
The website promoting Jackson's tour says refund procedures will be released early next week. See michaeljacksonlive.com.
June 27, 2009 in Current Events, Death Event Planning, Estate Administration | Permalink | Comments (0) | TrackBack
June 25, 2009
Tainted Organ Transplants Lead to Litigation
More than 300,000 organ transplants have occurred in America since 1994, with fewer than 30 of these cases involving transmission of a disease not identified prior to transplant. But in those few cases, there have been devastating results:
- In 2002, a man died of a rare brain cancer one year after receiving an organ from a donor who had the same cancer.
- In 2006, A New Jersey man received a lung from a heavy smoker and was diagnosed with cancer a few months later.
- In 2007, five people contracted HIV from a donor with a history of high-risk sexual behavior.
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In 2007, several people died after receiving rabies-infected organs from the same donor.
The federal Uniform Anatomical Gift Act, which was designed to create informed consent, uniform laws, and protected donors, appears to provide immunity donor banks and donor who act in good faith. This hasn't stopped the litigation, and a Massachusetts court recently held that the provision does not protect against common law tort actions based on decisions about organs suitable for transplant that are not made in good faith.
The demand for organs leads some to conclude that the acceptable range for transplantable organs should be expanded with informed consent requirements being more stringent.
See Carmel Sileo, Tainted-organ transplants trigger legal action, immunity challenged, Trial, March 2009, at 16.
June 25, 2009 in Current Events, Estate Planning - Generally | Permalink | Comments (0) | TrackBack
June 24, 2009
Update: Jobs Returns to Work
I recently wrote about Steve Jobs' absence from work due to a liver transplant. Apple employees are reporting that Jobs has returned to work as the company's CEO; however, an official statement from Apple's PR department has not been issued.
See Brennon Slattery, Steve Jobs Returns to Work, PCWorld, June 23, 2009.
June 24, 2009 in Current Events | Permalink | Comments (0) | TrackBack
June 22, 2009
Cash-Strapped Madoff Victims Sell Jewelry
Madoff victims are giving up their jewelry in exchange for much needed cash. Jewelers say that when compared to the stock market drop in the 1990's, there are now more people looking to sell their jewelry and they aren't afraid to admit their motive.
See Financial Times, Huge volume of Madoff victims converting tiaras to ready cash, June 12, 2009.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
June 22, 2009 in Current Events | Permalink | Comments (0) | TrackBack
June 21, 2009
Happy First Day of Summer
Happy First Day of Summer!!
June 21, 2009 in Current Events | Permalink | Comments (0) | TrackBack
Steve Jobs Has Liver Transplant
Steve Jobs, CEO of Apple, is on leave of absence from the company for health reasons after having a liver transplant two months ago. The cause and conditions of his health remain undisclosed; however, Jobs is a survivor of pancreatic cancer.
See Agam Shah, Apple CEO Jobs Had Liver Transplant, Report Says, PC World, June 19, 2009.
June 21, 2009 in Current Events | Permalink | Comments (0) | TrackBack
June 19, 2009
Harry Potter v. Willy the Wizard
The estate of late author Adrian Jacobs is suing the publisher of the Harry Potter series. The estate claims that substantial parts of Jacobs' published book The Adventures of Willy the Wizard is reproduced in Harry Potter and the Goblet of Fire. Rowling says she never heard of Jacobs or Willy the Wizard prior to 2004, when the claim was first made.
See BBC, Potter plagiarism claims denied, June 17, 2009.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this issue to my attention.
June 19, 2009 in Current Events, Estate Administration | Permalink | Comments (0) | TrackBack
June 18, 2009
Anna Nicole Smith: The Opera
Richard Thomas, the co-creator of Jerry Springer: The Opera, is composing a new musical entitled Anna Nicole Smith: The Opera, set to open in the Royal Opera House in 2010. Thomas admits he is fascinated by trashy sounding stories. Classical opera fans feel that an opera about the tragic life of Smith is "dumbing down" opera.
See Laura Clout, Anna Nicole Smith: The Opera at ROH, Telegraph, April 4, 2008.
June 18, 2009 in Current Events, Humor | Permalink | Comments (0) | TrackBack
June 17, 2009
Michael Crichton's Will: Part Thriller, Part Mystery
When Michael Crichton, author and avid smoker, died of throat cancer last year, he left behind an estate worth millions, a posthumous son, a widow and four ex-wives, and a secretive will. Crichton's son was born three months after his death and is not provided for in the will. The son stands to inherit a third of Crichton's estate as an omitted child and Crichton's ex-spouse, who is not an heir due to a prenuptial agreement, wants to be appointed guardian of the son's property.
See Karen Donovan, Crichton's Last Thriller, Portfolio.com, April 20, 2009.
Special thanks to Brandon Gaines for bringing this article to my attention.
June 17, 2009 in Current Events, Estate Administration | Permalink | Comments (0) | TrackBack
June 16, 2009
Hollywood Nursing Home Slated to Close
It is rumored that the Motion Picture & Television Fund plans to close a hospital and nursing home that serves former Hollywood stars, citing annual losses of $10 million. The announcement caused a Hollywood backlash because the organization's motto - "we take care of our own" - is being ignored by the organization's board members, wealthy Hollywood stars who could easily make up the deficit. Some predict legal action.
See Guy Adams, Hollywood pulls the plug on hospital for retired stars, The Independent, Mar. 10, 2009.
June 16, 2009 in Current Events, Disability Planning - Health Care | Permalink | Comments (1) | TrackBack