The Michael Jackson’s Estate Says Trust Fund For MJ’s Kids Is Empty

03
Sep

Well maybe the Jackson family did have a legitimate claim to question MJ’s estate. After three years since their brother’s death the trust fund set up for his children Prince, Paris and Blanket is rumored to be sitting on empty… NY Daily News reports:

The planned trust fund for Prince, Paris and Blanket remains empty three years after Jackson’s tragic demise, despite almost $600 million generated posthumously from Jackson’s music, legendary likeness and salvaged assets.

Lawyers and accountants are still sorting through the singer’s towering pile of debts and legal bills, and the process could take another two to five years, one lawyer told the Daily News.

In the meantime, Jackson’s kids live on a family allowance tightly controlled by estate executors and overseen by a judge.

“The probate is still pending, and although almost all of Michael’s personal debt has been or is about to be paid in full, the estate is technically still in debt,” estate lawyer Howard Weitzman said. “Once all of the creditors’ claims, taxes and pending litigations have been resolved, the trusts will be funded per court order.”

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