7 biggest celebrity estate planning lessons of 2014
![A <a href="http://www.investmentnews.com/article/20140213/FREE/140219952" target="_blank">bitter court battle between Michael Jackson's estate and the Internal Revenue Service</a> put a spotlight on a major problem for clients who are rich and famous: placing a value on intangible assets.<br>
The chief problem at hand was the valuation of the estate, which Mr. Jackson's executors put at just over $7 million but the IRS contended was worth about $1.125 billion. The IRS was fighting the valuations of areas of the estate including Mr. Jackson's likeness, which the estate placed at $2,105, while the IRS claimed should have been $434 million.<br>
<b>Lesson:</b> In the best of scenarios, celebrities' executors bring in not just the accountant and lawyer, but also a skilled appraiser when determining how to account for the value of a trademark, brand or image.](https://s32566.pcdn.co/wp-content/uploads/2019/10/FREE_122909999_PH_2_BWBEBZUCVQUP.jpg.optimal.jpg)
A bitter court battle between Michael Jackson's estate and the Internal Revenue Service put a spotlight on a major problem for clients who are rich and famous: placing a value on intangible assets.
The chief problem at hand was the valuation of the estate, which Mr. Jackson's executors put at just over $7 million but the IRS contended was worth about $1.125 billion. The IRS was fighting the valuations of areas of the estate including Mr. Jackson's likeness, which the estate placed at $2,105, while the IRS claimed should have been $434 million.
Lesson: In the best of scenarios, celebrities' executors bring in not just the accountant and lawyer, but also a skilled appraiser when determining how to account for the value of a trademark, brand or image.