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OnDemand

Death and Taxes: Even Celebrities Can’t Avoid Them. An Analysis of the Michael J. Jackson Estate Tax Ruling

Trusts & Estates Section
Credit(s): 1 Legal Specialization in Estate Planning; Trust & Probate Law
1 Participatory MCLE Credits
Course Number: TE_11-02-21
Original Program Date: November 2, 2021
Duration: 1 hour 4 minutes
Access: Available for 3 months after Registration
Passport: This product is Passport Eligible 
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    Category: Trusts & Estates
    Category: Trusts & Estates (show less)
    Michael Jackson may still be the most recognizable celebrity on a worldwide scale and is now also known as the world’s highest paid dead celebrity. Despite his status, estate taxes had to be paid upon his death.  To do so, his Estate had to value all of his assets as of his date of death, which was two weeks prior his spectacularly produced memorial -- the first of many monumental efforts of the Estate’s management team to rehabilitate Jackson’s soiled reputation and monetize assets for his beneficiaries.  The Internal Revenue Service (“I.R.S.”) took the position that the Estate undervalued Jackson’s assets by $1,100,000,000 on the Estate Tax Return and  assessed penalties.  But, just before his death, Jackson had been on the verge of bankruptcy and paying such taxes would have been near impossible for the Estate.  An epic tax battle ensued, ending with a 271-page Tax Court memo 2021-48 filed on May 3, 2021 (the “Decision”) by Judge Mark Holmes. This article provides a practical analysis of the steps and missteps of the Estate and the I.R.S. in valuing Jackson’s intellectual property assets and offers practical considerations that may be useful to any estate holding intellectual property rights, particularly copyrights of musical compositions and rights of publicity.
    1 Legal Specialization in Estate Planning; Trust & Probate Law  

    1 Participatory MCLE Credits
    Jaime Bianca Herren
    Jaime Herren is a private wealth, trust and tech attorney with Holland & Knight LLP, a firm ranked by Chambers in its 2020 High-Net Worth Guide.  With prior experience as a rocket scientist and admission to the patent bar, Ms. Herren provides expert advice to individuals, fiduciaries and entrepreneurs on management of complex assets and licensing to contested administration, litigation and dispute resolution.
    Kenny Jefferson
    Kenny Jefferson is an associate in the Washington, DC and Los Angeles offices of Holland and Knight, a firm ranked by Chambers in its 2020 High-Net Worth Guide.  Kenny was recently named by Best Lawyers in America’s inaugural listing of “Ones to Watch” in 2021.  He advises clients on their estate plans as well as analyzes and advises on income and transfer tax obligations. Kenny’s practice also includes advising on and implementation of trust modification techniques, the handling of probate matters and administration of high-net-worth estates, and business planning and entity formation.  
    Matthew Talbot
    Matthew Talbot is founding partner and a trust and estates trial attorney at Talbot Law PC.  He assists beneficiaries, family members and fiduciaries through all aspects of probate litigation.

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