Micheal Jackson's three children Prince, Paris, and Blanket are completely broke on paper...
Their trust funds are completely empty, and they are on a tight allowance controlled by the estate executors...
Their dad was the King of Pop, but Michael Jackson’s three kids remain paupers on paper.
The planned trust fund for Prince, Paris and Blanket remains empty three years after Jackson’s tragic demise, despite almost $600 million generated posthumously from Jackson’s music, legendary likeness and salvaged assets.
In the meantime, Jackson’s kids live on a family allowance tightly controlled by estate executors and overseen by a judge.
“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,” estate lawyer Howard Weitzman said. “Once all of the creditors’ claims, taxes and pending litigations have been resolved, the trusts will be funded per court order.”
The “Michael Jackson Family Trust” calls for the singer's three kids to share 50% of the trust balance, with the other half going to the Gloved One’s mother, Katherine Jackson, during her lifetime.
Katherine — the kids’ 82-year-old guardian and co-estate administrator — has not received a dime from her portion of the trust, either.
She, too, remains on an allowance, and the financial situation has sparked issues among some members of the Jackson clan, who went to war over Katherine this summer.
Michael’s disinherited brothers Randy and Jermaine and sisters Janet and Rebbie whisked Katherine away to an Arizona spa for “health reasons” and demanded estate executors John Branca and John McClain resign, citing alleged fraud.
Do you think the estate executors are up to something?
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