I read about the Michael Jackson tax dispute with the IRS on a legit website but figured I would get better dirt on TMV so here’s the link to that article. Most of my readers understand that when a wealthy person dies their estate may have to pay an “estate tax” which is basically a death tax. It’s certainly due to the IRS for estates over $5mil and sometimes also due to the estate depending on what state the decedent lived in. Mr. Jackson lived in California so there is no state estate tax. Just the feds!
This dispute with the IRS is going to get good. Look, I am certainly not an asset valuation expert but for the estate’s advisors to suggest Mr. Jackson’s likeness has a value of $2,105 is sort of silly. I mean really I’ll give you $2,500 without even understanding what’s included in his “likeness.” The IRS values at $434 million. I imagine the realize is somewhere between those two extremes.
The estate could face significant penalties if they don’t solve this quick! Stay tuned….
The above is just one example. Read more on tmz. If you think you might have estate valuation issues let’s talk about it now to PLAN AHEAD and avoid the fights later!