Fair. Balanced. American.

Monday, June 29, 2009

2044

CNN is "reporting" rumors that Michael Jackson died without a will.

USA Today tells us about one of the last great artists to die intestate:

Bickering over the estate of famed guitarist Jimi Hendrix, who died in 1970, lasted until 2005, Silverberg notes, although litigation continues over profits from use of Hendrix's image.

But you're only "intestate" if your assets exceeded your liabilities:

Jackson, 50, grossed about $1 billion in a career that spanned more than 40 years. But his legendary reputation for profligate spending and his huge legal bills could leave little for his three children and other beneficiaries, considering that creditors' claims could range to $400 million or more.

If the liabilities exceeded the assets, "you would have a bankrupt estate, and a court would divide up the assets among creditors, much like you would have in a bankruptcy proceeding," says San Francisco attorney Max Gutierrez Jr.


That would really be a better outcome. Corrupt as our nation's financial institutions are, Bank of America would still do Michael Jackson's legacy greater justice than his bloodsucking family.

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