“Shocking Revelations: Why Michael Jackson’s Loved Ones Are Denied Access to Trust Funds!”

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Michael Jackson’s children and his mother Katherine Jackson are not able to access the trust fund. according to a report , the children are currently supported by Michael Jackson estate. They are not allowed to access trusts because of unresolved debts between estate and IRS. Prince, Paris and Blanket Jackson are all beneficiaries. Katherine Jackson is the life beneficiary of part of the trust. Since the King of Pop died in 2009, she has received a reported $55 million. The estate claims that “virtually no request for Mrs. Jackson’s care or maintenance was declined” in a recent filing obtained by People.

The estate of the “Beat It’ singer said in a statement sent to People that his family still receives payments via an allowance. The statement said that anyone can see in the annual reports submitted to the probate courts, which are public, that the estate provides Michael’s children and mother with substantial amounts of cash to support them. The Estate maintains a close relationship with Michael’s family and works closely with them whenever they have a need. This is exactly what Michael would want.

The filing states that Jackson’s estate is owed $700 million dollars in taxes and penalties. Executors are John Branca and John McClain.

Katherine’s grandson Bigi had objected to Katherine using Michael’s estate funds to pay for her legal fees. This was in relation to a separate dispute between her and the executors of the sale of the singer’s catalogue to Sony. The catalog, which is worth $600m and was sold at $1.2billion, includes half of Michael’s masters and publishing catalog.

 

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