Michael Jackson’s kids have been blocked from receiving money from his trust until his estate and IRS settle a years-long dispute, according to court documents obtained by multiple outlets Thursday.
Prince, 27, Paris, 26, and Bigi Jackson, 22, are beneficiaries of his trust while the late King of Pop’s mother, Katherine, 94, is the sole beneficiary of a sub trust in his will.
Following a tax audit, the estate was reportedly “issued a note of deficiency” alleging the estate “undervalued its assets” and owed “$700 million in taxes and penalties.”
#MichaelJackson #Trust #Estate
Prince, 27, Paris, 26, and Bigi Jackson, 22, are beneficiaries of his trust while the late King of Pop’s mother, Katherine, 94, is the sole beneficiary of a sub trust in his will.
Following a tax audit, the estate was reportedly “issued a note of deficiency” alleging the estate “undervalued its assets” and owed “$700 million in taxes and penalties.”
#MichaelJackson #Trust #Estate
Michael Jackson’s kids have been blocked from receiving money from his trust until his estate and IRS settle a years-long dispute, according to court documents obtained by multiple outlets Thursday.
Prince, 27, Paris, 26, and Bigi Jackson, 22, are beneficiaries of his trust while the late King of Pop’s mother, Katherine, 94, is the sole beneficiary of a sub trust in his will.
Following a tax audit, the estate was reportedly “issued a note of deficiency” alleging the estate “undervalued its assets” and owed “$700 million in taxes and penalties.”
#MichaelJackson #Trust #Estate
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