Michael jacksonThe family is suffering financial hardship as a result of an ongoing dispute between the IRS and the estate, according to documents obtained by the court. people Thursday, May 30th.
The “King of Pop,” who died from acute propofol intoxication in June 2009, leaves behind three children. prince, Parisand Bigi Jackson, The late pop star’s mother, Katherine, is also listed as a beneficiary, and the entire family has had their rights to receive money from his trust fund suspended.
A “Notice of Deficiency” was issued to the estate, declaring that the estate owes “$700 million in taxes” and “undervalued assets,” according to the documents. The estate won the court battle in 2021. Shortly after winning, the estate filed an application to reconsider the value of the “Beat It” singer’s music catalog (known as Mijac), which is still pending.
The deduction will be made once the total amount of the estate is known. “[The Trust] “It requires that 20 percent of the estate be distributed to a charity in an amount ‘assessed for federal estate tax purposes’ before the estate’s remaining assets are distributed to the subtrust.”
![Prince Jackson, Paris Jackson, Bigi Jackson (aka Blanket Jackson)](https://hollywoodlife.com/wp-content/uploads/2024/05/jackson-kids-embed.jpg)
![Prince Jackson, Paris Jackson, Bigi Jackson (aka Blanket Jackson)](https://hollywoodlife.com/wp-content/uploads/2024/05/jackson-kids-embed.jpg)
The executor cannot access the fund, but the estate has proposed providing assistance to the Jackson family through a “family allowance.”
ET also obtained The court documents state: “clearly [Katherine] The reason that the executor holds all of the estate’s assets is to control them and avoid the more generous distribution of trust requirements…There is little question that the court has the power to direct the executor to make payments. [Katherine’s] They receive a fee from the estate management organization.”
Catherine’s bold move to use part of her inheritance to pay for her private legal battle is reportedly Moonwalker’s The youngest, Bigi.
Despite the breakdown in his family’s life right now, the singer’s eldest son, Prince, said in an interview that his late father was a “supportive” figure for him and his family. Good morning, America In 2017, “He [Michael Jackson] He will continue to support me and my brothers in all our challenges.”