Estate of Denial news clips (4/28/17)

Michael Jackson Estate Says IRS Expert Committed Perjury About Whitney Houston Work

The Hollywood Reporter

April 18, 2017

As tens of millions of American citizens file last-second returns on “Tax Day,” the Internal Revenue Service is dealing with an explosive development that has the potential of rocking the billion dollar case focused on pop superstar Michael Jackson.

In February, the Michael Jackson Estate and the IRS concluded a groundbreaking trial. The proceeding featured testimony from those close to Jackson as well as experts over whether money is owed in estate taxes from the singer’s death in 2009. Although part of the dispute deals with the value of Jackson’s interest in the Sony-ATV and MIJAC music catalogs, the issue that has captured attention through the entertainment industry pertains to the value of Jackson’s name and image upon death. If the IRS is successful in convincing U.S. Tax Court Judge Mark Holmes that administrators of Jackson’s estate undervalued his publicity rights by hundreds of millions of dollars, it will reshape how stars plan for their death.

 

The common grammar mistakes in wills that can land families in court

Quartz

April 18, 2017

Packed into the dense legalese of a will are great emotional power and the potential for profound confusion: Not only does your will represent all that materially remains of your life, its trying task is to clarify the difference between what friends and family think they deserve from that life in return for their loyalty, and what you think they deserve.

Naturally, the slightest ambiguity can cause problems. As US inheritance law cases from the last century show, wills with uncrossed t’s and undotted i’s can bring relatives clamoring over what they think is their fair share. The presence or absence of a simple comma has been reason enough for disgruntled relatives to litigate.

 

Babyboomers Cut Out Of Wills As Wealth Goes Straight To Grandchildren

Wealth-X

April 19, 2017

Hundreds of billions of pounds is set to leapfrog a generation and pass straight from grandparents to their grandchildren, as families battle to counter the unequal spread of wealth between old and young.

A study of almost 6,000 adults has found that most property-owning “grandparents” – those aged 75 to 85 – are giving substantial sums to both children and grandchildren while still alive. They are also conserving their wealth with the explicit intention of bequeathing assets to help younger family members buy homes after their death.

 

Is estate of late actor/NFL player Bubba Smith headed for probate court?

MyNewsLA.com

April 19, 2017

The personal representative of the estate of football great Bubba Smith, the NFL player who later transitioned to being an actor, filed court papers asking that the will of the late defensive end be admitted to probate.

Elias Goldstein’s Los Angeles Superior Court petition was filed Monday on behalf of the estate of Charles “Bubba” Smith, whose post-football acting career included the role of Hightower in the “Police Academy” films. Smith also was featured on the television shows “Good Times,” “Charlie’s Angels,” “Semi-Tough,” “Hart to Hart,” “Married With Children” and “Family Matters” as well as in ads for Miller Lite.

 

Yes, Elder Fraud Is a Threat to Your Retirement

TheStreet.com

April 20, 2017

If a stranger or someone close to you is exploiting your age or health for access to your money, you’d better believe that’s a personal finance issue.

ReKeithen Miller as certified financial planner with Palisades Hudson Financial Group in Atlanta notes that financial elder abuse isn’t always outright fraud. In most instances, it is a close friend or family member taking advantage of victims’ diminished capabilities to pressure or influence them to act against their best interests.

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