Archive for category Guardianship of Children

Impending Custody Battle Over Michael Jackson’s Children

Posted by in Estate Planning, Guardianship of Children on July 16th, 2009

Last week, Katherine Jackson, Jackson’s mother, gained temporary guardianship over Jackson’s three children.  Katherine is taking aggressive legal action to gain permanent custody over the children.  On the otherhand, while Rowe is in the process of applying for custody, she seems hesitant about entering this custody battle, and rightfully so.  Although she possesses a powerful legal advantage as the natural, biological mother of the two oldest children, the fact that Jackson’s will appoints his mother as guardians of his children will be given substantial weight.  In a situation such as this one where a natural parent remains alive, a valid will speaks on behalf of Jackson, and the court will give Jackson’s wishes equal weight. 
 
Moreover, the court will look at other factors such as the children’s safety, health and welfare along with stability and continuity of environment.  The courts will look at both sides to determine where the children’s interest will be best served.  The last thing the court will want to do is cause the children more stress and hardship during an already difficult time.  The fact that Rowe’s custody of the two oldest children will separate the children will be taken into consideration.  Addtionally, Katherine Jackson long-standing relationship with the children will be weighed against the absence of any relationship with the children on Rowe’s part.  And finally, I am sure the court will take into account that at every opportunity Debbie Rowe has had, she has basically sold her parenting rights to Michael Jackson and that would seem to indicate that she has little interest in her children. As of now, it seems unlikely that the court will separate the children by taking the two oldest children out of a familiar and loving environment where they are receiving the care and support they need. 
 
As for the third and youngest child birthed by a surrogate mother, Jackson’s parents are likely to gain custody if met in court by the surrogate mother.  Because the surrogate mother is not genetically the mother of the child, she does not possess rights of a natural parent, if any rights at all. 
The latest rumors are that Rowe and the Jacksons will come to a financial arrangement sometime in the near future.
Contributions by Joyce Park

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Analyzing Michael Jackson’s Will

Posted by in Estate Planning, Guardianship of Children, Probate on July 7th, 2009

I took a quick look at Michael Jackson’s will and not surprisingly it is quite similar to the wills I prepare for my client everyday.  His will is only a few pages long and accomplishes three basic things

  1. Appoints executors for his will
  2. Expresses his preference as to whom should be the guardian for his children
  3. Transfers all of his assets to his trust

These are the primary purposes of a typical pour-over will that anyone who owns a home and has children should have.  While the typical pour-over will is designed to avoid the probate process, Michael Jackson’s estate is an example of an estate that would benefit from being subject to probate.  Since we have huge aseets and many creditors involved and complicated child custody issues, a probate court is probably the best place to resolve these issues.  While the legal fees are likely to be significant, the complexity of his estate would be incurred whether or not he used a living trust to own his assets.

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Michael Jackson may have a will after all

Posted by in Estate Planning, Estate Taxes, Guardianship of Children, Living Trust, Probate on June 30th, 2009

Now news reports are indicating that Michael Jackson does have a will and depending on how well it has been drafted, it will likely be the subject of litigation for years to come.  However, unless Michael Jackson created a living trust, it is likely that his estate will still be subject to probate and if his estate still has a sizeable value, millions of dollars in estate taxes will likely need to be paid.

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Michael Jackson and his estate planning

Posted by in Estate Planning, Estate Taxes, Guardianship of Children, Living Trust, Probate on June 30th, 2009

With the shocking passing of pop icon Michael Jackson, many questions are arising about what happens next to his children and his estate.   The primary issues  regarding his estate and family will be

  1. Who will be the Guardian to his children ( Two with Debbie Rowe and one by surrogate)?
  2. What is the value of his estate (including the likely residual income stream), does the value exceed his debts and as a result of the valuation how much will his estate owe in federal estate taxes (45%)?
  3. Since it appears he did not have a living trust, most of his assets (including the Neverland Ranch) will be subject to the probate process in California.  This will likely cause his estate to incur hundreds of thousands if not millions of dollars in probate attorneys fees.  The probate process will likely drag on for years.

These issues while magnified by the amount of money involved and the notoriety of the person who died, are still the same issues faced by a typical Orange County resident who passes on with a home and children.

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