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Monday, September 3, 2012

Michael Jackson's Children Are Penniless


Michael Jackson’s kids are penniless on
paper — until their famous dad’s £400million
estate is sorted out.

A trust fund for Prince, 15, Paris, 14, and
nine-year-old Prince Michael II – known as
Blanket – is empty as lawyers sift through
the late singer’s debts and legal bills.

And it could be up to five years before a
penny of the fortune amassed from his
recordings and assets goes into the fund.

The three children are living on an
allowance which is tightly controlled by
estate executors and overseen by a judge.

Estate lawyer Howard Weitzman said: “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.
“Once all of the creditors’ claims, taxes and
pending litigations have been resolved, the
trusts will be funded per court order.”

He refused to be drawn on the size of the
leftover fortune expected to flow into the
trust fund.
“It’s too early to speculate on any precise
number for a value. It will be a substantial
number, I’m certain.”

Despite the legal wrangles, the Jackson kids
have a lavish lifestyle in a gated mansion
with private schooling and round-the-clock
security — costing over £40,000 a month.
When the figures are settled, the Michael
Jackson Family Trust will be split between
his mother, Katherine Jackson, who will get
half, and the three children.

As yet Katherine, the children’s guardian,
has received none of the money either and
the situation has caused rifts in the family,
who launched a bitter battle over custody
this summer.

Michael’s brothers Randy and Jermaine and
sisters Janet and Rebbie took Katherine
away to an Arizona spa for “health reasons”
and demanded estate executors John
Branca and John McClain resign, citing
alleged fraud.

Paris, 14, launched a Twitter campaign to
get her grandmother home and a judge
temporarily stripped Katherine of
guardianship.

Although they claimed they were not
motivated by money, insiders say that
some of the family are keen to see
Katherine receive her share of the fund
soon, so she can pass it on to her own
children.

The source told a US paper: “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.
“This has been the case for a long time.
They always think the worst is happening
and people are taking money.”

In the long term Michael’s legacy — which
includes a 50 per cent stake in The Beatles
back catalogue – will make his children
multi-millionaires.

They will have to wait until they are 21 to
get access to their fortune.
They will then receive lump sums at ages
30, 35 and 40.

Wietzman said: “Multiple millions of dollars
from (estate) earnings have been spent for
the children and for Mrs. Jackson as well.”

Katherine Jackson’s lawyer Perry Sanders is
carrying out an audit of the estate’s
earnings.
He said: “My audit is being done to see the
details of where the money is coming from
and where it is going.

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