Paris Jackson seeks $600M from Michael Jackson estate to fund family trust
Michael Jackson’s daughter Paris is taking legal action against her father’s estate.
Jackson, 28, is asking her father’s estate to release $600 million to a family trust for her and her two brothers, Prince Jackson, 29, and Bigi Jackson, 24, and accusing the estate’s managers of incompetence and financial mismanagement, according to court documents obtained by the New York Times, People and E! News.
Global News has not independently viewed the court documents.
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In the filing, Jackson said that the estate has generated billions of dollars since her father’s death in 2009, but the trust intended to provide for his children has yet to receive funding, People reports.
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Jackson is asking a Los Angeles judge to order a partial distribution of the estate’s assets to the Michael Jackson Family Trust, according to People.
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According to the petition, Michael Jackson instructed that each of his three children should begin receiving income from the trust shares when they turned 21, the New York Times reports.
More money would reportedly be distributed to each child at the age of 30 and again at 40.
In a statement to Global News, the estate claims that more than $200 million has already been distributed to benefit Jackson and other beneficiaries.
“Ms. Jackson’s counsel is well aware that the Estate is prevented from fully funding the philanthropic giving and individual trusts for the beneficiaries until several legal hurdles have been removed, including in particular the ongoing IRS litigation where they sought $700 million in taxes and penalties from the Estate,” the Michael Jackson Estate said.
The Michael Jackson Estate said that it was able to “secure a ruling to significantly reduce that amount, but the matter has not been settled and could still change.”
“Further, the claim that the executor has withheld or ‘cut’ payments is a complete fabrication. In fact, more than $200 million has already been distributed for the benefit of Paris and the other beneficiaries,” the Michael Jackson Estate continued.
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“Michael Jackson’s will is clear. None of his children receive a distribution until they are in their 30s. The Estate looks forward to the time when all issues are resolved so that their trusts can be fully funded as Michael wanted,” the statement concluded.
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Jackson’s petition alleges that the executor failed to take action and reportedly asks the court to order a “reasonable, partial distribution” to the family trust.
After the singer died in 2009, a court appointed John Branca and John McClain, who died in May, as coexecutors of the estate.
Jackson claims that the lack of funding has left her and her siblings dependent on Branca for money.
“They instead receive lesser amounts dictated by the remaining Executor,” the documents allege, according to E! News, “who uses this power to deter them from checking his abuses.”
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A spokesperson for Jackson told People that the estate “is once again deflecting from its own incompetence.”
“Paris called for the trust to be partially funded, something Mr. Branca had the ability and obligation to do long ago. After years of delay, Paris had no choice but to step in herself,” the spokesperson told People.
A hearing is scheduled for Dec. 4.
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