Michael Jackson’s children – Paris, Prince, and Bigi, along with his mother, Katherine, have been barred from accessing funds from the late singer’s trust until the ongoing dispute between his estate and the Internal Revenue Service (IRS) is resolved. The beneficiaries of the trust, which include Jackson’s mother and children, will not receive money until the legal battle concludes, according to a document dated May 28, 2024, obtained by PEOPLE.
The document reveals that the executors have made it explicit that funds cannot be allocated to the beneficiaries as long as the legal dispute continues. It also states that Mrs. Jackson’s requests for care or maintenance have not been declined.
The legal conflict arose when the IRS examined the federal estate tax return and issued a note of deficiency to Jackson’s estate, alleging undervaluation of assets and claiming an additional $700 million in taxes and penalties. While the estate challenged these allegations and won a trial in 2021, a motion for reconsideration regarding the value of Mijac’s, Jackson’s music catalog owned by Sony Music, is still pending.
The report clarifies that the estate’s value for tax purposes has not been determined, and an agreement between the IRS and the estate regarding deduction values is necessary before a final judgment can be entered.
Despite the funds being held, Michael Jackson’s children and mother issued a statement emphasizing that they continue to receive payments through an allowance provided by the estate. The statement highlights the substantial support provided to Jackson’s mother and children, ensuring they are well taken care of in accordance with Michael’s wishes.
Michael Jackson, known as the “King of Pop,” was a globally beloved singer, songwriter, dancer, and philanthropist. His passing in June 2009 marked the end of an era in music history.
