Photo: Daniele Dalledonne from Trento, Italy

Michael Jackson’s Kids Blocked From Trust Funds

Until such time as his estate resolves a legal issue, Michael Jackson‘s children and mother have been blocked from receiving funds from his trust.

Prince (27), Paris (26) and Blanket Jackson (22) along with their grandmother, Katherine (94) have been temporarily cut off from the King of Pop’s trust. 

According to court documents obtained by People, the four individuals are unable to receive any funds until the estate resolves an ongoing dispute with the American Internal Revenue Service (IRS). 

After a tax audit that claimed executors “undervalued its assets” and owed “$700 million in taxes and penalties,” the legal issue began when IRS officials issued the estate “a note of deficiency.”

Th Jackson estate argued the findings and won its case in 2021, however, it has since filed a motion for the value of the singer’s back catalogue to be reconsidered because the value of the estate for tax purposes is currently undetermined, thus beneficiaries of the trust cannot receive funds until it is finalized.

Despite the attorneys request that a portion of the estate be given to the family trust, the ask was denied because it couldn’t be determined “what amount could be safely distributed at this time”. The executors subsequently suggested Michael’s beneficiaries receive funds through the “family allowance”. 

The latest monetary issues comes months after the Sony Music Group paid a reported $600 million to purchase 50% of the Thriller hitmaker’s music catalogue in February. 

In an attempt to block a catalogue business deal Michael’s mother, Katherine has been locked in a legal battle with the estate requesting that her legal bills accrued in trying to oppose the deal be paid for.

Blanket (aka Bigi) Jackson got involved in March and filed legal papers against his grandmother to block her from using estate funds.

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Author: Saul Goode

Photo: Daniele Dalledonne from Trento, Italy