Entertainment

Britney Spears’ financial team moves to combine assets into single trust after conservatorship ends


Britney Spears‘ financial team are looking to combine all of her assets into a single trust as she sorts out her fortune following the dissolution of her longtime conservatorship.

The certified public accountant John Zabel, who was appointed as Britney’s temporary conservator in September, has asked a court to allow him to consolidate some of the 39-year-old pop star’s trusts, according to documents obtained by TMZ on Wednesday.

The documents indicate that Spears has multiple trusts, at least one of which proceeds the start of her conservatorship, which Zabel wants to combine.

Consolidation: Britney Spears’ financial team is asking a judge to allow the 39-year-old singer to combine her multiple trusts into a single trust, according to court filings obtained by TMZ on Wednesday; seen in 2017 in Beverly Hills

Zabel’s filing says that Spears has one trust dating back to 2004, when she was riding high off the success of her 2003 album In The Zone.

The documents also say she has another trust with separate assets that was created in 2018 amidst her conservatorship, though it’s unclear why a separate trust was created.

Zabel’s filing doesn’t specify how much of the Toxic singer’s wealth is wrapped up in each trust, though she’s worth about $60 million, according to Forbes.

By revoking the earlier trusts and combining them into a single trust, it would seemingly be easier for Zabel or other financial advisers to monitor her wealth. 

Streamlined: Her temporary conservator, CPA John Zabel, is staying on for now and wants to combine a 2004 trust with a 2018 one set up during her conservatorship; seen in 2019 in Las Vegas

Streamlined: Her temporary conservator, CPA John Zabel, is staying on for now and wants to combine a 2004 trust with a 2018 one set up during her conservatorship; seen in 2019 in Las Vegas

Massive wealth: The arrangement could help Britney earn more interest on her assets, which Forbes says are worth around $60 million; seen in 2018 in Hollywood

Massive wealth: The arrangement could help Britney earn more interest on her assets, which Forbes says are worth around $60 million; seen in 2018 in Hollywood

In addition to making her assets easier to manage, combining them might also be a financial benefit to her.

She’s likely receiving significant interest on the funds in the trusts, and combining them into a larger lump sum could lead to greater profits for the wealthy songstress. 

The documents also seem to include a dig at Britney’s former conservator, her father Jamie Spears.

Zabel writes that the new enveloping trust will be overseen by someone with ‘experience representing high net worth individuals,’ which may suggest that he doesn’t think Jamie was up to that task.

Decisions: Zabel is also asking for power of attorney and an advanced medical directive to make decisions for Spears if she's unable to do so herself

Decisions: Zabel is also asking for power of attorney and an advanced medical directive to make decisions for Spears if she’s unable to do so herself 

His filing also appears to request some steps to allow him or others to make financial decisions for Spears if her mental condition should ever deteriorate.

He asks for power of attorney, which would allow for decisions to be made about her finances or well-being, as well as an advanced medical directive, meaning that medical decisions could be made for her if she’s ever incapable of deciding for herself.

Presumably Spears has consented to these requests now that her conservatorship has been ended.

So far, the judge hasn’t issued a ruling on Zabel’s requests.

Growing family? On Tuesday, Britney said she was 'thinking about having another baby' in a sweet Instagram post. She previously told a judge she wants to have another child

Growing family? On Tuesday, Britney said she was ‘thinking about having another baby’ in a sweet Instagram post. She previously told a judge she wants to have another child

In addition to reorganizing her finances, Spears also seems to be interested in expanding her family now that she’s free of her burdensome conservatorship.

On Tuesday, she wrote on Instagram that she was ‘thinking about having another baby.’

‘I wonder if this one is a girl … she’s on her toes reaching for something … that’s for sure !!!!⁣’ she mused in her caption to a black-and-white photo of a young child standing on their toes next to an adult.

Spears, who already shares sons Sean, 16, and Jayden, 15, with her ex-husband Kevin Federline, is engaged to her longtime partner Sam Asghari.

Motherhood: Spears, who already shares sons Sean, 16, and Jayden, 15, with her ex-husband Kevin Federline, is engaged to her longtime partner Sam Asghari; seen in 2018

Motherhood: Spears, who already shares sons Sean, 16, and Jayden, 15, with her ex-husband Kevin Federline, is engaged to her longtime partner Sam Asghari; seen in 2018

In a blistering speech delivered in court in June to lambaste her conservatorship, she said that she wanted another baby with Asghari but claimed that the ‘conservatorship told me I can’t do that.’

She also alleged that the conservatorship required her to be implanted with an intrauterine device (IUD) as a form of long-lasting birth control.

‘I have an IUD inside me to prevent me from having a baby. I want to go to a doctor and take it out so I can have a baby but they (the conservatorship) told me no,’ she said at the time. 

Taking control: Although Spears wants a child with her fiancé Sam Asghari, she claimed in court that the conservatorship forced her to have an IUD implanted as long-term birth control

Taking control: Although Spears wants a child with her fiancé Sam Asghari, she claimed in court that the conservatorship forced her to have an IUD implanted as long-term birth control



Source link

Related Articles

Back to top button