Văn ToànThe People magazine reported that currently, there are disagreements between Michael Jackson's estate and the US Tax authorities on how to settle the unpaid taxes of the "king of pop".
This has resulted in the trust set up to provide financial support to Michael Jackson's mother and children being "frozen".
"King of Pop" Michael Jackson during his lifetime (Photo: People).
The money from Michael Jackson's estate cannot be transferred to the trust for his immediate family. Only when the tax disputes are resolved satisfactorily, the trust can operate normally.
During the time the trust is frozen, Michael Jackson's estate management company will provide basic living expenses for his mother and three children. This information has been formally announced to the media by the management company.
Although facing issues in transferring money to the trust, the total amount received by Michael Jackson's mother and children will not change. The management company stated that all financial requests from Michael Jackson's mother have been met over the years.
Katherine Jackson (93 years old) has been the guardian, caring for Michael Jackson's biological children after the "king of pop" passed away. It is estimated that Katherine has received over $55 million since her son's passing.
Michael Jackson's estate management firm also assures that Katherine and Michael Jackson's children will not be in financial distress, as they continue to receive assured funds for basic expenses.
Michael Jackson's 3 children (Photo: People).
Currently, the issue faced by Michael Jackson's estate management company is the disagreements with authorities in valuing the "king of pop's" estate.
The Tax authorities believe that the management company has undervalued the estate. Additionally, Michael Jackson owes $700 million in taxes and accumulated fines over the years.
Valuing the total assets of a deceased star is not simple, especially when it involves valuing the music assets of the artist.
Currently, the Jackson family is very concerned about financial matters. Two months ago, Michael Jackson's youngest son, Bigi Jackson (22), took his grandmother to court, due to disagreements over spending related to the estate left by his biological father.
Bigi requested the court to issue an injunction preventing Katherine from using the funds from the estate left by his father, to spend on the lawsuits she is pursuing.
Currently, Katherine is pursuing a lawsuit against the estate management firm of Michael Jackson. She believes that the firm is spending money for beneficiaries in a too restrictive manner and distributing funds unfairly.
Michael Jackson with his mother during his lifetime (Photo: People).
At the time of Michael Jackson's passing, the "king of pop" was believed to be heavily in debt. However, after his passing, the Jackson family has been regularly earning royalties from Michael Jackson's music products released during his lifetime.
It is estimated that the Jackson family has earned over $700 million in music royalties since Michael Jackson's passing in 2009. Currently, the total estate built from Michael Jackson's name and career is estimated to be around $1.8 billion.
In the face of the current issues, Michael Jackson's three children will have to temporarily budget carefully before fully inheriting the estate left by their biological father.
