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Paris Jackson Fights Estate for $600M Trust Fund
3 Nov
Summary
- Paris Jackson petitioned court for $600 million trust distribution.
- She argues her siblings and she have waited over 17 years.
- The estate claims IRS issues and beneficiaries get funds in their 30s.
Paris Jackson has initiated legal action, petitioning a Los Angeles probate court to order a $600 million distribution from her late father Michael Jackson's estate to the Michael Jackson Family Trust. Jackson contends that she and her brothers, Prince and Bigi, have endured an unacceptable delay of over 17 years since their father's passing for the trust to be funded.
She highlighted that Michael Jackson's intention was for his children to receive income from the trust on their 21st birthdays and principal distributions on their 30th. Prince is approaching 30 in four months, Paris will turn 29 in April, and Bigi will be 25 in February.
The estate's executors have reportedly generated substantial cash through asset sales and business deals, including the sale of EMI Music Publishing and Neverland Ranch. Jackson's legal team asserts that approximately $600 million in distributable cash is available.
In response, the Michael Jackson Estate stated that they are unable to fully fund the trusts due to unresolved legal matters, particularly a dispute with the Internal Revenue Service that initially sought $700 million. The estate also refuted claims of withholding payments, calling them a "complete fabrication."
