After nearly two decades since the terrible death of Michael Jackson, the famous King of Pop, his vast estate continues to generate significant revenue and spark discussion. Today is Jackson’s 66th birthday, and his legacy is regrettably enmeshed in legal problems, preventing his children from receiving their rightful inheritance.
Since Jackson’s death in 2009, his estate has accumulated approximately half a billion dollars through various enterprises. These include the popular “This Is It” film, which alone grossed $60 million, as well as lucrative contracts like the $250 million recording agreement. Cirque du Soleil’s “Immortal World Tour” brought in an additional $75 million in income in 2012, demonstrating his artistry’s enduring appeal.
Despite the continued flow, Michael Jackson’s three children—Prince, 27, Paris, 26, and Bigi (previously known as Blanket), 22—have yet to receive any of the $85 million set aside for them. The main issue for the payments to be held up is a long-standing legal dispute with the IRS. This argument centers on the estate’s asset assessment, which has resulted in a lengthy audit and tax battle.
The story began shortly after Jackson died, when the IRS decided to audit the estate’s federal tax return. An official notice was sent, claiming that the estate had miscalculated the worth of its assets. This may make the estate responsible for an additional $700 million in taxes and penalties. In a recent trial, the estate was awarded a favorable ruling. However, additional demands for reassessment of asset appraisals, notably the worth of Sony Music’s Mijac collection, have made the final estate value unknown.
The current situation in the financial sector has far-reaching implications. According to Jackson’s will, a portion of the estate, valued for federal estate tax reasons, must be donated to charity before any distributions are made to the heirs. The executors, John Branca and John McCain, have indicated that the distribution of monies to Jackson’s family trust or the charity listed in his will is now stalled due to unresolved tax disputes.
Jackson’s will, drafted in 2002, aimed to give long-term financial security to his family. The stipulation was meant to ensure that his mother, Katherine Jackson, and his children received the remaining assets after he made philanthropic contributions. Despite existing procedures, continued legal disputes and the difficulties of estate management have hampered any disbursements.
Recent legal records have revealed family differences over estate management, adding to the complexity. Bigi has launched legal action against his grandmother, Katherine, to keep estate monies from being used for her legal battles. These disputes focus around a contentious agreement with Sony to sell a portion of Michael’s song collection for $600 million, which both Bigi and Katherine initially opposed.
Given the existing circumstances, the estate executors have offered a strategy to ensure the well-being of Michael’s children and mother by providing them with a family allowance until a final judgment is reached. This temporary solution ensures that the family’s essential needs are met, despite the fact that they do not receive the full inheritance they deserve.
As the legal and financial scenario progresses, it graphically highlights the difficulties of dealing with a notable figure’s legacy. Michael Jackson’s heirs are still unable to get their inheritance because of the intricacies of estate law and the considerable riches at stake. This is a sad reminder of his artistic legacy’s long-term impact, as well as the personal struggles he faced throughout his life.
