Saturday, June 27, 2009

Michael Jackson: Legal expert says Michael Jackson's children and estate plan may not be as perfectly planned as he had wished

National TV estate planning and inheritance expert attorney, Mina N. Sirkin, says Michael Jackson's children and estate plan may not be as perfectly planned as he had wished.

Mina Sirkin a nationally recognized attorney reporting on inheritance matters, expects that the disputes around Jackson's children, estate and life insurance may have unexpected results.

Sirkin, who was the CBS2/KCAL9 expert on the death of Anna Nicole Smith and the guardianship of her child, and a media expert regarding the Conservatorship of Britney Spears, says it is likely that the nomination of guardian by Michael Jackson relating to the two children he had with his ex-wife, Debbie Rowe may fail because the court did not make the special findings necessary to terminate her paternal rights. Therefore, under California law, Rowe as the mother of those two children will have priority over any nominated "guardian of the person" by Michael Jackson. However, Debbie can't expect the same results when it comes to guardianship of the estate of the minors.

The Jackson case is a perfect example of when guardianship nominations can go bad. Parents who name guardians of the person who were married to the parent of the minors can't expect their intended results, unless the other parent has actually consented to the nomination in writing in California.

Surrogate parents also have special rights in California which if not terminated by the court will remain in tact for the surrogate parent. At this point, it is unclear whether or not any court has terminated the surrogate's rights.

Any and all of Jackson's life insurances are at risk at this point, even if he created irrevocable life insurance trusts for his minor kids naming those children as beneficiaries. Sirkin continues to say that large policies are subject to many exclusions and the facts of death of Jackson, along with the coroner's findings, will greatly impact whether those insurance will be paid.

Unfortunately, even the best intended plans in insurance and creditor planning are tied to a very small wire, called the policy and the application. Sirkin suspects the concert promoters will be more interested in the insurance results than even Michael's children or estate.

Mina N. Sirkin is a Family Wealth Attorney in Los Angeles, CA. Ms. Sirkin is a Certified Specialist Attorney in Estate Planning, Probate and Trust Law by the State Bar of California. She was the legal expert for CBS's PrimeTime News, NY Times, MSNBC, and USWeekly.

Source: Sirkin & Sirkin
Published by Mike Hitchen, Mike Hitchen Consulting
Putting principles before profits