June 4th 2024.
A disagreement has arisen between the estate of the late Michael Jackson and the Internal Revenue Service, causing a delay in the distribution of funds to the singer's mother and children. According to People, the executors of Jackson's estate have clarified that while his mother, Katherine Jackson, and his three children, Paris, Prince, and Bigi, are unable to access their trust fund money at this time, it will not affect the amount they are entitled to once the issue is resolved.
Since Jackson's passing in 2009, his mother and children have been receiving an allowance from the estate. In fact, Katherine has received a substantial amount of over $55 million. The estate has assured that they have a cooperative relationship with Jackson's children and have been diligently providing for their needs as per the singer's wishes.
The dispute with the IRS stems from an audit of the estate's federal tax return. The IRS claims that the estate undervalued its assets and owes an additional $700 million in taxes and penalties. However, the estate has disputed these findings and was successful in their motion for reconsideration regarding the value of Mijac, Jackson's music catalog owned by Sony Music. As the court has yet to determine the estate's value for tax purposes, a portion of the estate remains subject to administration, which affects the Michael Jackson family trust.
This recent filing comes just two months after Jackson's son Bigi objected to his grandmother using estate funds to cover her legal fees in a separate ongoing dispute regarding the executors' handling of the sale of Jackson's catalog to Sony. Katherine argues that the executors are being too frugal in distributing funds to the beneficiaries and believes they can afford to cover her requested costs.
In response to these accusations, the estate stated, "it seems clear to [Katherine] that the Executors are holding all of the assets in the Estate in order to keep control over them, and to avoid the more liberal distribution requirements of the Trust." It should be noted that only Jackson's children are beneficiaries of the estate, while Katherine is the sole beneficiary of a sub-trust in the late singer's will.
In other news, the DMX estate has announced their partnership with Artist Legacy Group to ensure that the rapper's music will continue to live on. This serves as a reminder of the importance of handling an artist's legacy with care and consideration, especially in the tumultuous world of entertainment.
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