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
- Who will be the Guardian to his children ( Two with Debbie Rowe and one by surrogate)?
- 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%)?
- 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.
