Trusts and Estates
Ca. Trs. & Estates Quarterly 2021, Volume 27, Issue 4
Content
- Chairs of Section Subcommittees
- Editorial Board
- From the Chair
- From the Editor-in-chief
- Inside this Issue:
- Joint Representation and Advance Waivers
- King Lear and a Thousand Acres—Two Estate Planning Tragedies With Timeless Lessons For Modern Estate Planning Attorneys
- Litigation Alert
- Tax Alert
- Tips of the Trade: Real Property, Real Problems: a Practitioner's Guide To Dealing With Real Estate In a Probate
- To Protect and Serve - a Case To Abolish Attorney Work Product Protection As To Estate Planners' Files In Post-death Will or Trust Contests
- Foreseeable Monetization of Michael Jackson's Assets After Death: How To Value Copyrights of Musical Compositions and Rights of Publicity
FORESEEABLE MONETIZATION OF MICHAEL JACKSON’S ASSETS AFTER DEATH: HOW TO VALUE COPYRIGHTS OF MUSICAL COMPOSITIONS AND RIGHTS OF PUBLICITY
By Jaime B. Herren, Esq.* and Matthew B. Talbot, Esq.**
MCLE Article
I. SYNOPSIS
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. Before he died, Jackson was almost bankrupt, but was planning a comeback. Shortly after his death, the Co-Executors of his estate were able to monetize his intangible assets and greatly increase their value. Jackson’s Co-Executors valued his assets at the date of his death with a fairly low value. The Internal Revenue Service ("IRS") disagreed with the valuations and took the position that the Estate had undervalued Jackson’s assets by $1,100,000,000 on the Estate Tax Return. The I.R.S. also assessed penalties related to the alleged undervaluation. An epic tax battle ensued, ending with Tax Court Memorandum Opinion 2021-48, a 271-page opus filed on May 3, 2021 (the "Decision") by Judge Mark Holmes.