By Paralegal on August 15, 2009
We are remembering the times of Michael Jackson when he dazzled us with the moonwalk, when he sang Billy Jean and performed the monster walk in Thriller. Now the thrill of a genius comes to the forefront as his financial empire is questioned. For years we had heard that Michael Jackson was broke. That he [...]
Posted in Estate Planning | Tagged business, celebrity, Estate Planning, Michael Jackson, trust
By Paralegal on August 14, 2009
A business trust, which is a commercial organization managed by appointed trustees (who hold the title to the business’ property) for the benefit of one or more beneficiaries. The trust is treated as a legal entity by the tax authorities and must have a business purpose and must function as a business. A settlor (the [...]
Posted in Estate Planning | Tagged business, trust
By Paralegal on August 13, 2009
An irrevocable trust (different from an irrevocable life insurance trust) which is an arrangement in which the grantor (for exampe, Michael Jackson) departs with ownership and control of property. Usually this involves a gift of the property to the trust. The trust then stands as a separate taxable entity and pays tax on its accumulated [...]
Posted in Estate Planning | Tagged celebrity, Michael Jackson, trus
