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Michael Jackson's estate not as rich as Elizabeth Taylor's diamonds

After the death of Michael Jackson, his estate became the wealthiest estate of any dead celebrity. The King of Pop's estate was valued at $145 million. The wealth of the pop legend's estate seemed hard to reach, until the death of the queen of White Diamonds. When Elizabeth Taylor died last year, much of her jewelry and art were sold off.

The sales of her jewelry and very famous artwork collection, including a Van Gogh painting were sold at Christie's auction last year for a total of $184 million. The auction, along with sales from her White Diamonds perfume, brought the value of her estate to $210 million, bumping the Jackson estate from number one. This might raise some questions for non-celebrities. How can a person's estate generate money?

Many times people's estates don't produce money, but occasionally, someone might accomplish something in their life that generates regular income. Maybe they've invented something that they receive royalties from, or they own a business or brand that has significant value. After a person's death, these things might be managed by a person's estate. The profits from these businesses or accomplishments might be used to pay off debts or might go to a person's heirs.

An experienced estate attorney might be able to help people who have products or businesses that might generate income after they pass away. They can help properly word legal documents and set up accounts that can be used to manage assets posthumously.

Source: E! News, "Beat It! Elizabeth Taylor Overtakes Pal Michael Jackson as Forbes' Top-Earning Dead Celeb," Oct. 25, 2012

-Estate planning can allow a person's legacy to live on long after they pass away. To learn more, please visit our website.

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