Michael Jackson’s kids, Prince (27), Paris (26), and Bigi (22), along with their grandmother, Katherine (94), have been temporarily denied access to funds from the late pop star’s trust. The block will remain in place until a legal dispute involving the estate is resolved.
IRS Dispute Over Estate Valuation Leaving Michael Jackson’s kids in Dispute
The legal issue began when the Internal Revenue Service (IRS) issued a “note of deficiency” to Jackson’s estate following a tax audit. The IRS claimed that the estate’s executors had “undervalued its assets” and asserted that $700 million in taxes and penalties were owed. This dispute has complicated the distribution of funds to the beneficiaries.
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Estate’s Victory and Ongoing Legal Battle
The estate contested the IRS’s findings and won the case in 2021. However, a motion has since been filed for the value of Michael Jackson’s back catalog to be reconsidered. This motion has left the estate’s value for tax purposes undetermined. Thus preventing the release of funds to the trust’s beneficiaries.
Request for Family Trust Funds Denied
Court documents reveal that attorneys requested a portion of the estate be allocated to the family trust. This request was denied due to the current indeterminacy of the estate’s value. The executors proposed that the beneficiaries receive funds through a “family allowance” instead.
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Sony Music Group’s Purchase and Katherine Jackson’s Legal Struggles
The situation comes in the wake of Sony Music Group’s acquisition of half of Jackson’s music catalog for a reported $600 million in February. Katherine Jackson has been engaged in a legal battle with the estate to block this sale. Arguing for the estate to cover her legal fees. The estate is contesting her request.
Bigi Jackson’s Legal Action Against His Grandmother
In March, Bigi Jackson, also known as Blanket, filed legal papers against Katherine Jackson to prevent her from using estate funds for her legal battles. This intra-family conflict adds another layer of complexity to the ongoing legal struggles surrounding Michael Jackson’s estate.
Prince Jackson: The Eldest Son
Prince Jackson, the eldest of Michael Jackson’s children, has often been in the public eye. He’s been continuing his father’s legacy through various charitable efforts. Despite his young age, Prince has taken on significant responsibilities within the family and has been a vocal advocate for various causes. The current legal blockade of the trust funds directly affects his ability to support these initiatives and maintain his own financial stability.
Paris Jackson: A Multi-Talented Artist
Paris Jackson has made a name for herself in the entertainment industry as a model, actress, and musician. She has openly discussed her struggles with mental health and has used her platform to raise awareness about these issues. The temporary suspension of the trust funds impacts her ability to pursue her artistic endeavors and manage her personal projects, which often require substantial financial backing.
Bigi Jackson: The Private Youngest Son
Bigi Jackson, formerly known as Blanket, has largely stayed out of the limelight compared to his siblings. He has focused on his education and personal growth, with aspirations that are still taking shape. The legal issues surrounding the estate not only create financial uncertainty but also add emotional stress to a young man already navigating the challenges of adolescence.
Just The Start
The temporary cut-off of funds from Michael Jackson’s trust underscores the extensive and ongoing legal issues faced by the estate. As the dispute with the IRS continues and intra-family legal battles unfold, the resolution remains uncertain, affecting the financial support for the late singer’s children and mother. Each of Jackson’s children faces unique challenges and opportunities that are now further complicated by these financial and legal uncertainties.
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