What you can Learn from Michael Jackson

In Michael Jackson's case, someone other than his mother was appointed to be trustee of his trust which means his mother, Katherine, does not control the money. This is a common estate planning strategy to make sure there is some accountability for the money. If the guardian is also the trustee, it makes taking money easier, but it can also make it too easy to spend money on things other than the children. Jackson's will also provided a monthly allowance to be paid to his mother. Her allowance would continue regardless of her status as guardian.

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