Michael Jackson’s children don’t receive trust money due to IRS dispute – Hollywood Life

Michael Jackson‘s family is facing financial difficulties due to an ongoing dispute between the IRS and his estate, according to court documents obtained by People on Thursday May 30.

The “King of Pop”, who died in June 2009 following acute propofol poisoning, left his three children, Prince, ParisAnd Bigi Jackson, alongside the late popstar’s mother, Katherine, as beneficiaries. The entire clan was suspended from receiving money from its trust fund.

A “deficiency notice” was issued to the estate, which said it owed “$700 million in taxes” and “undervalued assets.” According to the documents, the estate won the battle in court in 2021. Shortly after the successful outcome, the estate requested a review of the value of the “Beat It” singer’s music catalog – known as Mijac – but remains unresolved.

Once the total value of the estate is revealed, the deduction would then be made. According to the file, “(The Trust) requires that 20 percent of the estate ‘as valued for federal estate tax purposes’ be distributed to a charitable organization before the remaining assets of the estate can be distributed to subs -trusts.”

Although they do not have access to this fund, the executors suggest that the estate support the Jackson family through “family allowances.”

ET also got court documents which indicate, “It seems clear to (Katherine) that the executors hold all the assets of the estate in order to maintain control over them and avoid a more liberal distribution of the requirements of the trust…There is no doubt that the Court has jurisdiction to order the executors to pay (Katherine’s) fees from the estate.

Katherine’s bold decision to use some of the estate’s money to pay the bills from an undisclosed court battle reportedly led to conflict with the Moonwalker the youngest child, Bigi.

Although the family is currently facing a downfall in their lives, the singer’s eldest son, Prince, noted that his late father was a “support” figure for him and his family during an interview with Hello America in 2017, saying, “I think he (Michael Jackson) will always be the support figure for me and my siblings and support us in every endeavor we do.”