Michael Jackson's Kids Are Broke ... for Now: Do You Feel Sorry for Them?
SodaHead Celebs
2012/09/04 14:17:16
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They may live in a gated mansion and attend private schools, but Michael Jackson's kids are broke -- at least for now. The trust fund for Prince, Paris and Blanket is empty, despite the fact that the King of Pop has earned almost $600 million since his untimely death three years ago, The New York Daily News reports.
"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 told the News. "Once all of the creditors’ claims, taxes and pending litigations have been resolved, the trusts will be funded per court order."
But while it might take another two to five years to get things settled, the kids should end up with a "substantial number" in their trust fund, Weitzman said. The "Michael Jackson Family Trust" gives the children 50 percent of the trust; Jackson's 82-year-old mother, Katherine Jackson, gets the other half, the News reports.
Apparently, this doesn't sit well with Michael's siblings. "To some of Katherine’s children, this is a shocking situation. They see on paper that Michael has made $600 million and cannot understand why all of it is not going to the family," another source told The News.
But don't worry too much about Prince, 15; Paris, 14; and Blanket, 10. Not only do they currently live on about $70,000 a month, they should start receiving large sums of money by the time they are 21, and end up being multimillionaires. That said, no amount of money will bring their dad back ...
"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 told the News. "Once all of the creditors’ claims, taxes and pending litigations have been resolved, the trusts will be funded per court order."
But while it might take another two to five years to get things settled, the kids should end up with a "substantial number" in their trust fund, Weitzman said. The "Michael Jackson Family Trust" gives the children 50 percent of the trust; Jackson's 82-year-old mother, Katherine Jackson, gets the other half, the News reports.
Apparently, this doesn't sit well with Michael's siblings. "To some of Katherine’s children, this is a shocking situation. They see on paper that Michael has made $600 million and cannot understand why all of it is not going to the family," another source told The News.
But don't worry too much about Prince, 15; Paris, 14; and Blanket, 10. Not only do they currently live on about $70,000 a month, they should start receiving large sums of money by the time they are 21, and end up being multimillionaires. That said, no amount of money will bring their dad back ...
Top Opinion
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JS 2012/09/04 15:30:28
that's $270.000/ month, I wouldn't call that broke
but on the other hand why are their trusts empty?????
$ony is at it again they need to put money in there and NOW!!!!
that's not right Michael made plenty of money since his death :(
I'm a HUGE MJ Fan and proud of it,
I do feel bad for them kids because they lost their Daddy and all the bull they have to go through, but not about the money {except for the trust}