- Sunday, 13 October 2019 22:18
Apologies for not posting much recently. The celebrity estate planning news world has been incredibly quiet except for the court hearing about Britney Spears’ conservatorship and continued fighting about who will administer Aretha Franklin’s estate. Also, I have been out of town nearly every weekend. Here is a pic from last weekend’s bike trip to Asheville with my cycling/skiing buddies. Estate planning post to follow.
- Friday, 10 August 2018 11:44
Since her breakdown in 2007 and early 2008, Britney Spears’ finances have been controlled by her co-conservators – her father, Jamie Spears, and attorney, Andrew Wallett. The conservatorship was to assist Britney with managing her financial affairs after she shaved her head, performed poorly at the MTV Video Awards, and locked herself in her bathroom with her young son for 24 hours.
Recent court filings show that Britney earned $56 million last year and spent $385K. Predictably, her ex-husband, Kevin Federline, wants to triple the $20K/month child support he receives from Britney. The one time back up dancer has six kids – two with Britney, two with his first wife, and two with his current wife – but only earns $35K/year. Britney and her co-conservators oppose the increase request. The child support will end in any case when their youngest son turns 18 in 2024.
1. If the conservatorship has limited Britney’s spending to $385K, it is clearly working so why end it?
2. $240K should be more than sufficient for K-Fed’s two sons with Britney. He likely needs the extra cash to support his other 4 children.
3. Some of Britney’s favorite stores per the filings are Target, TJ Maxx, Old Navy, Ralph’s, and McDonalds. You can take the girl out of Louisiana but apparently you cannot take Louisiana out of the girl.
Photo Credit: Reuters/Mario Anzuoni – RC1AEDAB9420
License: Fair Use/Education (from linked article)
- Wednesday, 04 May 2016 21:27
When Britney Spears had her breakdown in 2008 (think shaved head and window smashing), her father and attorney became her conservators
. In Ohio, they would be known as guardians. They manage both her physical well being and her finances. As such, they make sure she takes her medicine for her unspecified illness as well as manage her career.
In recent years, Britney, who has been described as shy has not testified at hearings about continuing the conservatorship. She reportedly is only interested in seeing her sons. Her father receives 1.5% of the $17.5 million annual revenues from her Planet Hollywood shows and the same cut from the merch sales. Her court appointed attorney has received $2 million in fees since 2008 and the other conservators have received $6.7 million.
Three brief points:
1. Britney clearly needed someone to assist her in 2008 while she was crumbling. She is likely still alive, while Michael Jackson and Prince are not, because of that.
2. Guardianships can be temporary and Britney’s seems to be a perfect example of temporary intervention being all that is required. She should have the right to make stupid decisions on her own.
3. I doubt that I am the only one who read the NYT article who thought that Britney was nothing more than a trained seal performing at the behest of her inner circle for the reward of seeing her sons.