Trust Funds for Michael Jackson’s Children Frozen Amid Dispute Over Estate Taxes

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    Michael Jackson’s Children Barred from Trust Funds Amid Estate Tax Dispute

    The ongoing saga surrounding Michael Jackson’s estate has taken a new turn as his children, Prince, Paris, and Bigi Jackson, are reportedly facing financial restrictions due to a dispute over the estate’s tax liabilities. Documents obtained by various outlets reveal that the late King of Pop’s offspring have been barred from accessing funds until the estate resolves a disagreement with the IRS.

    The dispute, which originated from a tax audit that alleged the estate undervalued its assets, has resulted in a claim of $700 million in unpaid taxes and penalties. Despite winning a court battle in 2021, the estate’s total value for tax purposes remains undetermined as a motion for reconsideration of Jackson’s music catalog, Mijac, is pending.

    Prince, Paris, and Bigi Jackson are beneficiaries of their father’s trust, but the distribution of funds has been put on hold until the tax issues are settled. This development follows reports of Prince Michael Jackson II taking legal action against his grandmother, Katherine Jackson, over alleged excessive legal fees depleting the estate.

    The intricate legal battles surrounding Michael Jackson’s estate continue to unfold, leaving his children in a precarious financial position. The uncertainty surrounding the estate’s tax liabilities has put a strain on the family, highlighting the complexities of managing the legacy of a music icon. Stay tuned as this story develops.