Michael Jackson Estate: Executors to Get Compensation
The two men administering Michael Jackson's estate will receive some compensation, a judge agreed.
Attorney John Branca and music executive John McClain will get a cut of the profits minus several sizable assets.
According to the Associated Press, Superior Court Judge Mitchell Beckloff approved the arrangement providing each of them with five percent of the estate's profits, minus earnings from the recent "This Is It" movie and Jackson's interest in a lucrative Sony-ATV music catalog.
Katherine Jackson's attorney, Adam Streisand agreed to the arrangement.
As previously discussed, the men are seeking to become the co-executives a company that will oversee a business based on Jackson's works.
Branca represented Michael Jackson throughout his life and McClain is a childhood friend of the singer.
Howard Weitzman, an attorney for Branca and McClain said the pair will likely receive less money than if they received guideline amounts for administering the Jackson estate.
The Michael Jackson estate value has been estimated at $500 million.
The judge is retaining some oversight over the payments and scheduled a progress report for September.
Branca and McClain are opposing a bid by Jackson's father, Joe Jackson, to more than $15,000 a monthly allowance from the singer's estate.
They claim it will reduce the estate's assets set aside for Michael Jackson's mother and children, and that Joe Jackson is not entitled to "maintenance expenses" because he was never legally dependent on his son while Michael was alive.
There is no update yet on if a judge has decided whether Joe Jackson receives any money from the estate.
- Jackson Estate Co-Executors Receive 10 Percent Cut of Profits (Rolling Stone)
- Lawyers Oppose Jackson's Father's Plea (New York Times)
- Estate Planning Checklist (FindLaw)
- Estate Planning (provided by Frederick J. Martorell, Esq. PC)
- Role of the Executor (provided by Law Offices of Richard A. Sarner, LLC)
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