Michael Jackson’s children—Paris, Prince, and Bigi—and his mother, Katherine, are currently barred from accessing funds from the late singer’s trust due to an ongoing legal dispute with the IRS. A document dated May 28, 2024, obtained by PEOPLE, states that the beneficiaries will not receive any money until the dispute is resolved.
The issue began when the IRS scrutinized the federal estate tax return and issued a deficiency notice to Jackson’s estate, claiming the assets were undervalued and demanding an additional $700 million in taxes and penalties. Although the estate won a trial in 2021, a motion regarding the valuation of Mijac Music, Jackson’s catalogue owned by Sony Music, is still pending.
The document clarifies that while the estate’s value for tax purposes remains undetermined, an agreement between the IRS and the estate on deduction values is required before a final judgment can be entered. Meanwhile, Katherine Jackson’s requests for care or maintenance have not been declined, and the family continues to receive an allowance provided by the estate, ensuring they are well-supported according to Michael’s wishes.
Michael Jackson, known as the “King of Pop,” left an enduring legacy in music history. His passing in June 2009 marked the end of an era, and the current legal battles continue to influence his estate’s management and distribution.
The High Court of Kenya has temporarily halted a government directive requiring school-going children to register with the Social Health Read more
Kenya and India are in advanced talks for a loan facility of Sh32.2 billion (USD 250 million) to enhance trade Read more
Governor Johnson Sakaja recently distributed 1,000 title deeds in a ceremony held at Charter Hall. This event marks another significant Read more
Police officers in Lodwar town seized bhang worth Sh50,000 bundled up as fish, intended for transport to Kitale. The interception Read more
Israeli security services have announced the arrest of an Israeli citizen suspected of being involved in a plot orchestrated by Read more
Russia and Rwanda have solidified their diplomatic and economic partnership, most notably in nuclear energy and cybersecurity. This growing cooperation Read more