Scott Weingust quoted on Michael Jackson’s estate-tax woes and lessons for celebrities

March 03, 2017

Managing Director Scott Weingust has been quoted in BNA Bloomberg in an article entitled “Michael Jackson Estate-Tax Woes Provide Lesson for Celebrities.”

The article notes: “Celebrity-estate planners are anxious to avoid the recent fate of Michael Jackson’s estate—a battle with the IRS over the agency’s $161 million valuation of the King of Pop’s after-death image rights.

To strengthen the argument for a certain valuation, estates may want to hire multiple appraisers, said Mr. Weingust, a valuation analyst and Managing Director at Stout.

The best way to do this is to hire one person to do the actual valuation and another as a consultant to critique the first appraiser’s work, Mr. Weingust said. The consultant would offer suggestions and provide potential arguments against the valuation.

That route can be more constructive than getting two appraisers to do separate valuations of the same estate, Mr. Weingust said. ‘The challenge with multiple valuations is that you may get significantly different answers, so how do you rationalize that to a finder of fact,’ he said. ‘Sometimes that can be a slippery slope where it may not be helpful.’”

For a list of five tips for helping celebrity clients, read the full BNA Bloomberg article.

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