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Jackson leaves kids unheard songs
Topic Started: Jun 29 2009, 05:42 PM (245 Views)
TheReturnOfTheKing
Definitely NOT a Terrorist
he has left his 3 kids 100-200 secret songs which nobody has ever heard so they can profit from them when they grow up. people said he didnt care about his kids...was struggling financially but never released these songs. cant wait to hear them. his funeral is going to be 6 times bigger than anyone elses


his song sales have increased by 8000 percent
Edited by TheReturnOfTheKing, Jun 29 2009, 05:43 PM.
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RetardedDwarf
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Hamster Molester
But trouble is, who will end up owning them. There is talk about him having debts of up to $500m. Debtors will have 1st rights to those songs if there isnt enough assets to cover the debts.
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IRL
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BANNED
if these songs were left in a trust fund type thing, i thought they couldnt be touched?
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TheReturnOfTheKing
Definitely NOT a Terrorist
they cant be touched, they have been left for his kids (in their name, they officially own it now)- worth over 100m apparantly
no
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stacie
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anything that doesn't belong to MJ can't be touched
flak and gary love stacie and weep sorrowful tears when she's not around

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RetardedDwarf
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Hamster Molester
Depends how they have been left, length of time since he gave them to kids, and how they r classed. Could be classed along the lines of "gift". Also with the kids being minors, they could still be classed as being part of MJ estate.
Estate tax (death duties) r over 40% in the States, and they can touch thnigs that classed as "gifts" if it falls within the 7 yr period.
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stacie
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Yeah, depends how it was all left. If they were left in a trust, creditors have no chance because it's no longer a part of MJ's estate. Someone else will be holding those songs for them. I imagine Jackson would have put legal measures in place for that. God knows he can afford lawyers. I don't think transfer of ownership would see them open to creditors but it does depend if Jacko went that way :S
flak and gary love stacie and weep sorrowful tears when she's not around

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Schumi
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Dasterdly Chipmunk
Oh s**t...the law thang :lol:

He's apparently going to make more money next year than he did in the last decade...catalyst for Jackson's legacy.
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RetardedDwarf
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stacie
Jun 30 2009, 03:20 PM
Yeah, depends how it was all left. If they were left in a trust, creditors have no chance because it's no longer a part of MJ's estate. Someone else will be holding those songs for them. I imagine Jackson would have put legal measures in place for that. God knows he can afford lawyers. I don't think transfer of ownership would see them open to creditors but it does depend if Jacko went that way :S
With 2 exceptions, that in the States, trusts being used as ways of getting out of paying Estate Tax (death duties) has been appealed and won by the Govt and can now be judged on a case by case basis. 2nd, using trusts as a way of foiling creditors has also been overturned as well. If creditors can show that this was done, they could get access to trusts assets.
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stacie
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Yeah it's the same here too but it depends how long ago the trusts were made - if Jackson wasn't in financial difficulty at the time it will be extremely difficult to prove the trusts were made to escape creditors. It's hard enough as it is, as simply giving a gift at the time of financial difficulty isn't necessarily enough to show there was a deliberate scam.

Of course, this could all be moot because Jackson's estate is raking in the paper by the minute :D
flak and gary love stacie and weep sorrowful tears when she's not around

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RetardedDwarf
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Depends if u include the Govt as a creditor...............The US IRS has appealed lots of trusts over last few years, claiming they were made as ways of getting out of paying Estate tax, and they have been winning a lot.
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stacie
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Dipped in chocolate, bronzed with elegance
It will definitely be interesting, if this is all true, to see how it pans out. If it's true at all, could just be another rumour. But then, he wasn't really doing much in the last few years and he's always been a musical guy so it's hard to imagine him not creating music even when out of the spotlight.
flak and gary love stacie and weep sorrowful tears when she's not around

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RubberToe
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Chewbacca Lookalike
If sales are up 8000 percent most of it will get paid off anyway - plus sales will continue to rocket over the next year no doubt, specially with all the tribute gigs the family are supposedly doing.
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