Recent reports reveal that Michael Jackson’s children, Prince Michael Jackson II, Paris Jackson, and Bigi Jackson, have been barred from receiving funds from their late father’s trust amid an ongoing dispute over the estate’s tax liabilities.
According to documents obtained by various outlets, including Page Six, the King of Pop’s offspring have been blocked from accessing funds until the estate settles a longstanding disagreement with the IRS. The dispute stems from a tax audit that allegedly found the estate undervalued its assets, resulting in a claim of $700 million in unpaid taxes and penalties.
Although the estate contested the audit findings and emerged victorious in tax court in 2021, the matter remains unresolved as the estate has filed a motion for a reconsideration of the value of Jackson’s music catalog, known as Mijac. Until this request is addressed, the estate’s total value for tax purposes remains undetermined.
Prince, Paris, and Bigi Jackson are beneficiaries of Michael Jackson’s trust, while his mother, Katherine Jackson, is the sole beneficiary of a sub trust established in his will. The court documents indicate that the trust’s distribution to the late singer’s children has been put on hold until the estate’s tax issues are resolved.
The development comes in the wake of earlier reports that Prince Michael Jackson II had taken legal action against his grandmother, Katherine Jackson, accusing her of depleting the estate with excessive legal fees. The intricate legal battles surrounding Michael Jackson’s estate continue to unfold, leaving his children in a precarious financial position until the dispute is finally settled.
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The post Michael Jackson’s Children Cut Off from Trust Amid Estate Tax Dispute first appeared on The Source.
The post Michael Jackson’s Children Cut Off from Trust Amid Estate Tax Dispute appeared first on The Source.