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Michael Jackson’s Mother And Kids’ Trust Cannot Be Funded Amid IRS Dispute

rmtsa by rmtsa
May 30, 2024
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Michael Jackson’s Mother And Kids’ Trust Cannot Be Funded Amid IRS Dispute
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About the Dr. Squatch Product – Hollywood Life

The late King of Pop, Michael Jackson’s estate, is still embroiled in a tax dispute with the IRS that has yet to be settled. According to court documents obtained by The Blast, the singer’s mother, Katherine Jackson, and his three kids’ trust cannot receive any funds until the dispute is resolved.

The estate and Michael’s mother were recently involved in a legal clash over a $600 million music catalog deal. The estate also claimed that his mother has received over $55 million and should cover her own legal expenses.

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Michael Jackson’s Family’s Trust Will Not Receive Funds Amid IRS Tax Dispute

Michael Jackson in concert at Wembley performing in front of HRH Diana Princess of Wales on 16th July 1988
MEGA

According to a legal filing, Michael’s family’s trust will not get funded due to an unresolved dispute between the singer’s estate and the IRS. The latest update in the probate case reveals that “twenty percent” of the estate needs to be given out to charity before any distribution can be made to sub-trusts.

“The Trust requires that twenty percent of the Estate ‘as valued for federal estate tax purposes’ be distributed to charity before the remaining assets of the Estate can be distributed to sub-trusts,” the legal document reads.

It continues, “Thus, the trusts for Mrs. Jackson and Michael’s children cannot be funded until the tax dispute with the IRS is resolved as the resolution of that dispute is necessary in order for the Executors to determine the amount of the charitable gift.”

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The court document further states that until the estate’s tax return case is resolved, the trust’s executors cannot distribute to the beneficiaries, even if the trust were funded.

“Therefore, Mrs. Jackson and the children’s needs would not be able to be met by a distribution to the trust. It is in Mrs. Jackson’s and the children’s best interests for the Estate to continue to provide for them through the family allowance, which the Executors are authorized to do,” the legal document states.

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Bigi Jackson Moved To Block His Grandmother From Using Estate Funds For Legal Battles

Michael Jackson's youngest son Bigi 'Blanket' Jackson spotted having fun at a carnival in Los Angeles, CA.
MEGA

The latest development comes after Michael’s estate revealed in a previous court filing that his mother, Katherine, received over $55 million since the pop icon died in 2009.

This filing followed a motion by the late pop star’s youngest son, Bigi, 22, seeking to prevent Katherine, 93, from using estate funds for an unspecified legal dispute, likely linked to a recent $600 million catalog deal with Sony.

TMZ reported that the estate claims Katherine has enough funds to cover her legal expenses, having received over $33 million in cash from a monthly allowance of $160,000.

The documents also state the estate has invested more than $15 million in purchasing and upgrading her residence, which includes a private gardener, chef, and security.

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Bigi initially supported his grandmother’s objections to the undisclosed deal until a judge dismissed their claims. He then filed legal documents arguing that Katherine should cover her own legal expenses, contending that it would be “unfair” for him and his siblings, as heirs to the estate, to bear the costs of her legal battle.

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Katherine Jackson Relinquished Guardianship Of Grandson Bigi

Katherine Jackson with her family in a press conference
MEGA

Bigi, known initially as Blanket and born Prince Michael Jackson II, is Michael’s youngest son and the younger brother of Prince and Paris.

The 22-year-old, born via surrogate in 2002, was initially under the guardianship of his grandmother, Katherine, who shared this responsibility with Bigi’s older cousin, Tito Joe “TJ” Jackson, until 2017, when she relinquished her role.

According to Page Six, in her court request to drop her role as guardian, Katherine stated, “Katherine is no longer needed to fulfill the duties that were necessary when joint-guardians were appointed. Given her own age [87] and the fact that [Blanket] is now 15 years old, Katherine feels that TJ is able to assume all necessary responsibilities of the guardianship for the Minor Child.”

What Has Michael Jackson’s Youngest Son Been Up To?

Michael Jackson with his children
Instagram | Prince Jackson

Bigi has generally stayed out of the public eye but made a rare television appearance in 2021 to discuss climate change, appearing on “Good Morning Britain” during his brother Prince’s Thriller Night Halloween Party, which supported the Heal Los Angeles Foundation at their family’s estate.

“I do think it’s important that we all know about it,” Bigi said regarding climate change ahead of the United Nations’ COP26 summit. “And I think we have some work to do, but our generation knows how important it is.”

He also paid tribute to his father while standing in a room adorned with the King of Pop’s iconic costumes and images of his performances over the years.

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“There’s a lot of history in this house and the studio here,” he stated about the Jacksons’ Hayvenhurst estate. “That’s what he was all about. That’s what each of us wants to do: make things that people can enjoy and hopefully benefit their lives.”

Michael Jackson’s Children Share A Close Bond

Prince and Paris Jackson attend the 75th Annual Tony Awards at Radio City Music Hall in New York City.
MEGA

Bigi was just seven years old in June 2009 when his father, Michael, died of cardiac arrest caused by a lethal combination of drugs administered by his doctor.

Growing up an orphan, Bigi was close to both of his siblings, Paris and Prince, but shared a particularly strong bond with Prince. A family friend told People magazine in 2019 that “Prince and Bigi are best friends,” adding that they “share a lot of interests like science and sci-fi.”

In October 2019, Prince told Access Hollywood that experiencing the same challenges brought the siblings closer.

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“I think with any siblings, you know, you grow up in a situation and factors that are very similar,” he explained. “Just like in that situation, you have a bond with them because nobody else really understands how you grew up or how you were raised. But they 100 percent understand you and it’s a very raw, unfiltered relationship.”



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