Michael Jackson’s estate has cut off funding for the late King of Pop’s three children and cannot resume payments until tax issues facing the estate are resolved.
According to People , the IRS filed a claim against the estate on Tuesday (May 28), asking that no more funds be added to the beneficiary estate’s trust fund until issues with the federal agency are resolved.
In addition to his three children, Jackson’s mother, Catherine, is a beneficiary of his estate.
“In the public annual reports provided to the probate court, anyone can see that the estate has provided significant funds to support Michael’s mother and children,” the estate said in a statement to the media.
The conclusion was: “The estate has a very collaborative relationship with Michael’s children and whenever they need anything the estate works with them to ensure they are well looked after, just as Michael would have wanted. “
The Internal Revenue Service (IRS) claims that Michael Jackson’s estate owes more than $700 million in taxes.
Back in March, Katherine Jackson challenged John Branca and John McClain (co-executors of the late King of Pop’s estate) not to move forward with an unnamed deal.
The dispute cost her significant legal fees, and Jackson’s son, Blanket, believes it should not be a financial responsibility of Jordan’s estate, according to legal records.
“It is clear that the likelihood of a reversal on appeal is extremely unlikely,” the filing on behalf of the 22-year-old reads. “Given these possibilities, Biggie decided not to waste resources on an appeal. Nonetheless, Catherine decided to appeal the court’s decision. The decision was not favorable to the heirs.
The Jackson children – Prince, Blanket and Paris – initially sided with their grandmother in opposing Blanca and McClain’s deal. However, once the probate court approved the decision, all three children accepted the decision.
“While the controversial deal itself is not explicitly mentioned in the legal filing, it appears to be a deal that the Jackson estate estimates is worth $600 million to sell some of the singer’s recordings to Sony,” the outlet reported.
Michael Jackson has not released any new music since the untimely death of the legendary singer, whose legacy is worth billions of dollars.
