Posts Tagged ‘trusts’

A couple weeks ago, I wrote how  Katherine Jackson had a surprising “change of heart” by dropping her challenge to the executors for Michael’s estate.  In fact, her husband Joe Jackson was shocked — his lawyer called the move “despicable”.  Well, if this exclusive report from the United Kingdom website News of the World is accurate, we now know why Katherine did so. According to this report (which has been picked up by MSN Entertainment along with other websites), Katherine made the deal because the executors, John Branca and John McClain, had agreed to add a trusted family member as a third executor.  And, even better, this new executor would have veto power over decisions of Branca and McClain.  So who is the trusted family member?  Taj — Tariano Adaryll Jackson, Michael’s 36-year old nephew and Tito Jackson’s son.  He is reportedly very close to Michael’s children and mother, and was Michael’s favorite nephew.  He’ll be able to give the family a voice

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New Michael Jackson Estate Deal Reported

The new book “Trial & Heirs: Famous Fortune Fights!” is now shipping! Loading Quotes…

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Now Available!

Glenn E. “Bo” Schembechler, Jr., is one of the most respected names in the history of college football.  And, no, I’m not saying that just because I graduated from the University of Michigan (twice).  He built one of the most successful football programs around, and it excelled for decades. Coach Bo died of heart disease on November 17, 2006, at age 77.  He was survived by his second wife, Kathryn, his son, Glenn III, and two children of his beloved first wife, Millie, whom Bo had adopted (a third adopted son died before him).

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Bo Schembechler’s son sues his stepmom over trust

The Michael Jackson Estate has been the subject of regular court hearings as Katherine Jackson battled for control over the last several months.  She routinely objected to the decisions of the co-executors John Branca and John McClain.  Recently, she hired a new attorney with the promise of taking the case in a new direction, as I discussed in this recent article about the Michael Jackson case . Her case took a new direction, all right.  She decided to drop her claim.  That’s right, she stopped fighting and agreed to let the executors run the show without her. Surprised?  I was.  And I was far from the only one.  Here’s what a lawyer in the case said about Katherine Jackson’s change of heart, according to CNN: “She has now reneged on her obligation to her family.”  This same lawyer then said that it was “one of the most despicable displays” he’d ever seen in court.  He even accused Katherine of colluding with the estate executors in a “secret deal”

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Katherine Jackson’s shocking change of heart

As I described in this article from February 2009 , the trustees of the Leona Helmsley charitable trust asked the probate court in New York for permission to donate primarily to charities that helped people rather than dogs, despite some language in the trust that suggested she wanted her billions to benefits animal charities.  Specifically, the trust had a Mission Statement that included, as its first purpose “the provision of the care for dogs”.  But it also gave the trustees discretion to benefit charities as they saw fit.  This is a very important decisions for many charities (not to mention the people or animals they help) because we’re talking about several billion dollars.  This August, several different animal charities, including the Humane Society and American Society for Prevention of Cruelty to Animals, launched a legal challenge to the judge’s ruling to force the trustees to support animal charities.  Reportedly, the trustees so far have donated very little to help dogs. There was a big question whether these charities even had proper “standing” to bring this action (meaning whether or not they had the legal ability to challenge the judge’s ruling even though they were not named beneficiaries).  So far, their challenge has been allowed to proceed.

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Leona Helmsley charity battle rages on

The Michael Jackson probate dispute between his mother and his two executors has been active since it started this summer.  But it looks like it’s about to really get heated up. For starters, Katherine Jackson, Michael’s mother and a primary beneficiary (along with his children and unnamed charities), has been challenging decisions made by co-executors John Branca and John McClain on a regular basis.  She had asked for, and received, permission from the judge to allow her to challenge them based on conflict of interest and undue influence without jeopardizing her rights as a beneficiary under the “no contest clause” of Jackson’s will and trust

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New evidence coming in the Michael Jackson Estate case