Michael Jackson kids still seeking trust money 17 years after his death – Reports - USA Today
Paris Jackson is urging her late father Michael Jackson's estate to release $600 million to her and her siblings' trust, 17 years after his death and long after she says the money was owed to them.
Jackson's daughter, 28, is asking a judge to order her father's estate to release a partial allotment of its assets to the Michael Jackson Family Trust, which was established to provide for her and her siblings Prince Jackson and Bigi Jackson. According to court documents obtained by USA TODAY, despite the estate generating billions of dollars, the siblings have not received any of the money promised to them when they each turned 30.
Under the conditions of the family trust, per the documents, each sibling was supposed to begin receiving income from their respective shares starting at age 21, with portions of the money distributed at ages 30, 35 and 40. But according to Paris Jackson's filing, that process has not been carried out and "Michael Jackson's family trust remains unfunded."
USA TODAY has reached out to attorneys for the Michael Jackson Estate and Paris Jackson's reps for comment.
Prince Jackson is set to turn 30 in February, while Paris Jackson turns 30 in April 2028. Bigi Jackson, the youngest sibling, turns 30 in February 2032.
According to the filing, the siblings are dependent on executor John Branca to decide when and how much money they receive. The executors previously valued the estate at between $2 billion and $3 billion, thanks to a 2018 music publishing sale, the sale of Neverland Ranch and a recent music and intellectual-property deal with Sony, per the petition.
In response to the filing, the Michael Jackson Estate told People and Page Six that allegations it is withholding or reducing payments to the siblings are "a complete fabrication," noting $200 million had already been distributed to them and that none of the children are set to receive a distribution until they are 30.
The estate added that it could not fully fund the family trust until $700 million in taxes and penalties from the Internal Revenue Service, among other legal issues, is resolved. "The Estate was able to secure a ruling to significantly reduce that amount, but the matter has not been settled and could still change," the estate told the outlets.
