An Introduction to Estate Planning: The Basics RPF0049

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Finance, Retirement, Insurance, Business, Money, Education, Self-improvement, Financial, Independence, Growth, Advice, Investing, Family, Personal, Radical, Christian, Faith

4.4 • 1.9K Ratings

🗓️ 27 August 2014

⏱️ 82 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today’s show is an introduction to estate planning. It’s the beginning of many, many shows in a series. I try to give you some basics to frame your knowledge. I also answer these questions: What is the history of estate planning? Does everybody need a will? What happens if I die without a will? Why don’t people […]

Transcript

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0:00.0	Okay, right now we showed you the Jackson family reuniting on tour amid a
0:04.7	feud that is really driven a wedge between the siblings. Many are asking if all
0:09.0	the drama is over money from Michael's reported billion dollar fortune.
0:13.6	Tonight we examine how this kind of tug of war
0:16.4	has plagued many star families in Hollywood.
0:19.4	The next thing to look for in the Michael Jackson estate
0:21.8	is, are the siblings going to come forward
0:23.9	and try to challenge some type of legal action against the executors or the validity of the
0:28.5	will. At stake in Michael Jackson's Estate a reported one billion dollars that is said to be growing by the day.
0:35.1	40% of the net income from the estate reportedly goes to Michael's 82-year-old mother, Catherine.
0:40.2	20% is distributed to charity.
0:42.4	The remaining 40% is split between his three children, Prince Michael, Paris, and blanket.
0:47.0	The trustees will control the children's money until their age 40.
0:52.0	So we're looking at a very long-term issue going on with the
0:56.0	Jackson family being able to get along with the trustees. Husband and wife
0:59.5	attorneys Andrew and Danielle Mayores, authors of Trial and Airs, in stores now, say Michael Jackson's
1:05.4	will isn't the issue here.
1:07.4	There's all this talk about challenging the will, is the will valid or not, but really it's
1:11.3	the trust that says who gets what and when and how they
1:14.6	get it. The Mayoras who don't represent any of the Jackson's say the family's
1:18.8	matriarch isn't the one with the power.
1:21.2	Half and Jackson doesn't control the money.
	...

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