Sunday, July 5, 2009

Probate Pitfalls

Michael Jackson’s will has been made public. Debbie Rowe says “I want my children.” The DEA is now investigating and the tour might go on. This story isn’t going away, but as much of the world watches to see how events unfold, one certainty exists - this scenario will provide great opportunity to expand the dialogue regarding probate corruption and estate abuse.

The probate aspects of this case are important. The legal industry will respond in lockstep to extoll the importance of "proper estate planning," but any analysis of inheritance rights issues shows that the best of estate plans can be rendered ineffective when assaulted by modern day grave robbers and other property poachers - often in concert with legal industry professionals who claimed (and were paid) to provide protection.

In fact, an estate of $500,000 - $1 million can be a dangerous "sweet spot" of special appeal for asset looters who use probate instruments (wills, trusts, guardianships or powers of attorney) to commit Involuntary Redistribution of Assets (IRA) acts that divert resources of the dead, disabled or incapacitated.

Lou Ann Anderson is an Examiner from Austin and blogs at Estate of Denial

Full Article and Source:
Jackson estate to enhance discussion of probate pitfalls


Anonymous said...

Debbie Rowe likely doesn't have the funds to withstand the litigation. In the end, the children will likely go with Jackson's mother.

Anonymous said...

In my little town, assets don't need to be near $500,000 to interest the crooks. Hopefully, this case will shed light on probate abuses and changes will be made.

Anonymous said...

And in the middle, as usual, will be the children.

Anonymous said...

I feel sorry for Michael Jackson's mother. She's lost her son and now the fight for her grandchildren. It's probably pretty overwhelming for her.