If we take what we have learned from Michael Jackson's estate case study, there is something to be learned for all:

Choose a professional estate planner — by their proven success in the specific area of expertise that is appropriate to you, and not recommended by your friend, neighbor or colleague.

Set up a regular monitoring program (such as every two years) with your estate planning professionals (i.e. attorney, tax and financial advisor) to review changes in your estate planning intentions, and clarify instructions for your estate's distribution.

Make certain there is ongoing communication among your estate planning attorney, tax and financial advisers.

Philanthropy is more important than ever before. It is important that your professional team and heirs clearly understand your philanthropic intent. Whether you have set up a Charitable Remainder Trust during your lifetime, or wish to direct donations upon your death, make your family and beneficiaries aware of your plan.

Advisors need to understand the worst service they can provide to their clients is to be a “yes man.” It is important for the professional advisor to clearly spell out a “professionals' coordinated” recommendation to their client, and stand behind that recommendation until it is executed.

Estate planning is not only for the heirs, but also directs advice to the still-living client who feels he or she will “never die,” or “our income will never run out.”

Once wills, trusts, financial powers of attorney and medical powers of attorney are written, they are not done. These are dynamic documents. It may not be necessary to re-do these documents every year, but making amendments to these documents every two to three years is not uncommon.

Since many professionals have busy schedules, it is incumbent upon the client to contact their estate planning attorney, tax and financial advisor offices and schedule periodic reviews in order to ascertain if changes are necessary.

By establishing a pattern of amendments and updates, it would be far more difficult for heirs to contest your intent.

Frequent review avoids trouble

For people of wealth, or people of controversy, a frequent review of your estate planning should be mandatory. In Michael Jackson's case, this would have avoided many issues for his family and heirs, which may carry on for years.

At each meeting with a client's professional team, the question should be posed, “What happens if it doesn't work?”

In the end, it boils down to the difference between intelligence and wisdom. We may have been smart throughout our lifetimes. Michael Jackson may have been smart to have picked up the rights to The Beatles' music.

But maybe he wasn't that smart in pouring so much of that money into Neverland.

Wisdom dictates that we acknowledge mistakes are made, learn as much as we can from others, and listen to the sound advice of our team of professionals.

Allen Ostrofe is president of Ostrofe Financial Consultants Inc. in Grass Valley and a business columnist for The Union. He can be reached at (530) 273-4425 or allen.ostrofe@natplan.com.