Paris Jackson seeks $600 million from her father’s estate as a trust funding dispute raises questions about her brothers’ inheritance.
Seventeen years after Michael Jackson’s death, his daughter Paris Jackson has returned to court with a blunt request: move $600 million from the late singer’s estate into the family trust created for his three children. The IRS initially sought about $700 million in taxes and penalties, although the estate says a ruling significantly reduced that amount, according to PEOPLE. Michael Jackson died in June 2009 at age 50, leaving behind three children: Prince, Paris and Bigi. Paris, now 28, says the trust was designed to give each child income from their share when they turned 21, followed by portions of the principal at 30 and additional distributions at 35 and 40. Prince is 29 and approaching 30, Paris turns 29 in April, and Bigi turns 25 in February. Paris also alleges that the executors said in 2011 that they would seek court approval to begin funding the trust, but that no such petition was ever filed. Paris Jackson files new documents in court and demands USD 600 million from her father’s estate; she alleges money has been withheld from being given to her and her siblings. She alleges that the executor of her father’s estate has full control over how she and her siblings get the money and how much is transferred despite the clear declaration in Michael Jackson’s will. (Instagram) The petition asks the court to order a preliminary transfer of $600 million to the Michael Jackson Family Trust, or another amount the judge considers appropriate. Michael Jackson regularly hosted children and families at Neverland, including groups supported by charitable organisations such as the Make-A-Wish Foundation. (Photo: Instagram) A judge is scheduled to hear Paris’s request on December 4.
In a petition filed in Los Angeles County Superior Court, Paris argues that the Michael Jackson Family Trust remains unfunded despite the estate generating billions of dollars through music deals, property sales and other business ventures, reported LA Times.
Her filing says that arrangement has not operated as intended. None of them has begun receiving the trust distributions contemplated by the estate plan, leaving them reliant on discretionary payments controlled by the estate’s remaining executor, John Branca, according to Paris. “More than seventeen years after his passing, Michael Jackson’s family trust remains unfunded,” the petition states, as quoted by PEOPLE.
The estate’s executors have pushed back, saying they cannot fully fund the trusts until several legal matters are resolved, including a long-running dispute with the Internal Revenue Service. The matter has not been settled, and the estate argues it could still change. Paris argues that the estate’s executors have kept the beneficiaries dependent on them by controlling when and how much money is distributed.
The hearing will not necessarily resolve the entire dispute, but it will determine whether the court believes a partial transfer to the family trust is justified before the estate’s outstanding legal matters are fully resolved.
