According to recent sources, there is a dispute over the estate’s tax liabilities, which has prevented Michael Jackson’s children, Prince Michael Jackson II, Paris Jackson, and Bigi Jackson, from receiving monies from their late father’s trust.
Documents obtained by many outlets, including Page Six, indicate that the King of Pop’s descendants are not allowed to access assets until the estate resolves an ongoing dispute with the IRS. The estate reportedly underestimated its assets during a tax audit, which led to a claim of $700 million in unpaid taxes and penalties. This is the basis for the dispute.
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The estate successfully challenged the audit findings and won the case in tax court in 2021, but the issue is still open because the estate has filed a motion to reassess the valuation of Michael Jackson’s music collection, or Mijac. The estate’s total value for tax purposes is unknown until this request is fulfilled.
Michael Jackson’s mother, Katherine Jackson, is the only beneficiary of a subtrust created in his will; Prince, Paris, and Bigi Jackson are the beneficiaries of his trust. The transfer of the trust to the late singer’s children has been postponed until the estate’s tax problems are rectified, according to court filings.
This news follows prior rumors that Prince Michael Jackson II had sued Katherine Jackson, his grandmother, alleging that she had spent excessive legal fees and so depleted the estate. Until the complex legal issues surrounding Michael Jackson’s estate are resolved, his children will remain in a vulnerable financial situation.
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