Michael Jackson’s biological mother and three children will not receive money from the estate left by the “king of pop” Michael Jackson, due to a troublesome issue.
The People (US) news outlet reported that currently, the company managing Michael Jackson’s assets and the US Internal Revenue Service have disagreements on how to handle the “king of pop’s” unpaid taxes.
This caused the trust fund set up to provide financial support for Michael Jackson’s biological mother and children to be “frozen”.
“King of Pop” Michael Jackson during his lifetime (Photo: People).
Money from Michael Jackson’s estate cannot be transferred to a trust fund, and will not be transferred to the “King of Pop’s” immediate family. Only when the tax dispute is resolved can the trust fund operate normally.
During the period when the trust fund is “frozen”, the company managing Michael Jackson’s assets will provide the biological mother and the three children of the “King of Pop” with basic living expenses. This information has been officially announced by the management company to the American media.
Despite the problems in transferring money to the trust fund, the total amount of money that Michael Jackson’s biological mother and children will receive will not change. The company said that over the years, all financial requests from Michael Jackson’s biological mother have been met.
Katherine Jackson (93 years old) was the guardian and guardian of Michael Jackson’s biological children after the “King of Pop” passed away. It is estimated that Katherine has received more than 55 million USD since her son passed away.
Michael Jackson’s estate also confirmed that Michael Jackson’s biological mother and biological children will not fall into poverty, because they are still receiving basic living expenses.
Michael Jackson’s 3 children (Photo: People).
Currently, the problem that the company managing Michael Jackson’s assets is facing is disagreements with the authorities, in valuing the assets of the “king of pop”.
The IRS said the management company had understated the figure. In addition, Michael Jackson owed $700 million in taxes and penalties that had accumulated over the years.
Valuing the total assets of a deceased star is not simple, especially when it involves valuing the artist’s musical legacy.
Currently, the Jackson family is very concerned about financial issues. Two months ago, Michael Jackson’s youngest son – Bigi Jackson (22 years old) – took his grandmother to court, because of disagreements in spending issues related to the assets left by his biological father.
Bigi asked the court to issue an injunction preventing Katherine from using money from his father’s estate to pay for the litigation she is pursuing.
Katherine is currently pursuing legal action against Michael Jackson’s estate, which she claims is being too tight with its payments to beneficiaries and is distributing money improperly.
Michael Jackson with his biological mother during his lifetime (Photo: People).
At the time of Michael Jackson’s death, the “King of Pop” was said to be heavily in debt. However, after his death, the Jackson family continued to regularly collect royalties from the music products that Michael Jackson had released during his lifetime.
It is estimated that the Jackson family has earned more than $700 million in music royalties since Michael Jackson’s death in 2009. Currently, the total assets built from Michael Jackson’s name and career are estimated to be around $1.8 billion.
Faced with the current problems, the three children of the “king of pop” will have to temporarily spend frugally, before receiving the full inheritance left by their biological father.
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Source: The Wall Street Journal
