← 4 Steps the King of Pop Took to Secure His Financial Legacy

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By Marcia Wade Talbert | Published June 25, 2010 | Full size is 600 × 397 pixels

Set up a trust. Jackson’s Trust included all of his assets including The Mijac Music catalog of copyrights on songs that Jackson wrote, which generated $25 million in the past year thanks to heavy airplay on radio stations and song and album sales. Trusts are perfect for celebrities who want to keep their finances private, says Whitman, but they can be useful for ordinary people who want to avoid probate, the court appointed sale of assets to satisfy debtors; or those who want to provide for minors who are too young by law to manage their own money or property. Unfortunately, Jackson’s trust ended up on the Internet, but yours most likely won’t. In addition, a person can set money aside in a trust to pay for taxes, medical bills, and funeral expenses (Source: Wikipedia).

Set up a trust. Jackson’s Trust included all of his assets including The Mijac Music…