Michael Jackson / Conrad Murray in the news > Michael Jackson's Trust


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31 May 2010

http://www.tmz.com/2010/05/30/michael-jackson-will-trust-kids-prince-paris-blanket-trustee-money/ 

Michael Jackson's Trust Lacks Trust in Kids

Michael Jackson apparently learned a lesson in finances -- his kids should not fall victim to consumer temptations that caused Michael himself to teeter on the brink of bankruptcy -- this, according to the details of the strings he attached to his children's inheritance.


News of the World got a copy of the Michael Jackson trust. TMZ broke the story ... under the trust the kids would get 40% of Michael's estate, Kartherine Jackson would get the use of 40% during her lifetime (when she dies the remainder of her share goes to the kids) and the final 20% goes to charity.

Here's what's interesting ... that we didn't know until now.  Under the trust, Prince, Paris and Blanket  have no control of the money until they are 30 years old ... until they turn 30 they just get income -- almost like an allowance -- determined solely by the trustee.  When each of the kids turns 30, the trustees must then give them 1/3 of their share outright.  When the kids reach 35, they get 1/2 of their share outright.   

At age 40, the kids then get what remains of their share -- outright.  

 

We've already published the will -- different from the trust.  The will refers to the trust but the trust document has not been public until now.

As for how much the kids will get, that amount grows every month, as executorsJohn Branca and John McClain wheel and deal in business ventures that include concerts, movies and song releases.

 

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Michael Jackson leaves his kids more than $33 million each in Trust

CLICK HERE TO READ TRUST IN FULL

 
 
 
MILLION-HEIRS: Kids get more than $33 million each
MILLION-HEIRS: Kids get more than $33 million each
 
 

MICHAEL Jackson has left his children a multi-million dollar fortune - despite dying BROKE, we can reveal. 

The three kids could even become BILLIONAIRES through the trust funds he set up in his will.

But Prince, now 13, Paris, 12, and Blanket, 8, will be at least 30 before they can get their own hands on the money. 

Meanwhile Jacko's mother Katherine is already entitled to $99m (£68m) from the legacy, which we can disclose for the first time. 

The astonishing never-before-seen document shows the King of Pop left: 

NOTHING to his ex-wives Debbie Rowe and Lisa Marie Presley 

NOTHING to his brothers Jermaine, Jackie, Tito, Marlon and Randy. 

NOTHING to sisters LaToya, Rebbie and Janet 

NOTHING to his dad Joe and 

NOTHING to his staff or closest friends.

 

CLICK HERE TO READ TRUST IN FULL

 

Last night a family insider said: "Michael had his fallings out with his father and brothers but, being the generous soul he was, it's almost unbelievable he left them with nothing." 

The 23-page file shows how Jacko's legacy has been completely transformed since he died drug-addled and heavily in debt. 

Lawyers running his estate have managed to cash in on his death to push his bank balance back into the black. Movie, music and other deals have made his estate worth an estimated $300m. 

The will splits proceeds 40 per cent to the children, 40 per cent to Katherine and 20 per cent to charity. 

The family insider said: "Michael's mother and his children were the dearest thing to him in his life, so he made sure that they would benefit when he died. 

"In truth those children will never have to want for anything - and that's what Michael wished for. 

"And they will be old enough and hopefully wise enough when they get their hands on the money." 

Under the terms of the Michael Jackson Family Trust fund, first drafted before he had children, and signed off in 2002, the three kids are today each worth $33m (£23m). 

That will be boosted by the proceeds from the share of Katherine, 80, when she dies. 

The children can apply to fund trustees for cash when they reach 21, but they will have to be 30 before they get free access to a third of their share. 

At 35 they get a half share and the full amount at 40. 

Marketing experts reckon that with Katherine's cash, future commercial ventures and interest, they will have $300m each in the pot by 30. 

And by the time they are 40 that could easily have soared to a billion, especially for youngest Blanket who will have to wait until 2042 for the full sum. 

But the documents have caused disquiet among Jackson family members. One said: "There are many strange things in this trust. Rebbie and LaToya were so very close to their brother that he would've wanted to leave them with something. 

"It's weird too how he mentions Debbie Rowe, but his first wife Lisa Marie is not mentioned." 

Debbie is blocked from cash by the testament - Lisa Marie is totally ignored. 

"There was shock too in the family ranks. It seems like whoever put it together made many mistakes in terms of names and correct spellings too - Michael certainly knew which were right and wrong. 

"The family are staggered that Michael signed - or even agreed to it." 

There was concern, too, that Katherine has still not received her share. 

"Katherine should be due her $99m now - and we are wondering why she hasn't received that yet. The money is in the bank from the deals, and Michael's orders are clear on the documents. As yet the estate administrators and Katherine have not even discussed this. 

"There is much ill-feeling in the family over this, because for years Katherine has always relied on Michael's money. As of today it is not around. 

"The house needs improvements, security could be improved and Katherine would want to lavish money on her grandchildren and give to good causes. 

The law and paperwork is on her side - and she has given up challenging the estate to get the money she deserves." 

Despite their paper windfall the Jackson children are paid a total of $81,000 a month to cover their living fees. 

That sum is handed to their grandma Katherine from the estate executors - who upped the amount late last year owing to the family's money problems. 

Family members speaking off the record to us said that the maintenance fees are 'disgracefully low'. 

One furious family insider told us: "The monthly sum seems large, but this includes the kids' fees for schooling, clothes, food, staff, security and living expenses. 

"For the past few months money in the household has been tight. 

"But while there is a struggle in that world the estate has been making vast amounts of money from Michael's legacy. 

"Michael would be furious about this. If he were alive and knew how much money was available to them he would fire those people in charge - that is a certainty." 

Jacko left provision for his kids to choose a charity of their choice to give 20 per cent of his estate. It was to be sanctioned at a meeting with the trustees. 

The family member says no meetings have been arranged. 

The Jacko estate is run by LA lawyers John McClain and John Branca. They pocket 10 per cent on all ventures. 

Among others who missed out in the will were Jacko's PA and round the clock nursemaid Grace Rwaramba and his "fourth child" Omer Bhatti - who lived on and off with the star for years. 

Star singer Diana Ross was named as a guardian for the children if Katherine died, but was left no money to help her to carry out the duties. 

Other chums omitted were Marlon Brando's son Brando, spiritualist Deepak Chopra, child star Macaulay Culkin and kid pal Frank Casio - who looked after him in 2008. 

And Jacko even forgot his own funeral, leaving nothing to pay for his send off. The city of Los Angeles ended up forking out millions for his farewell last July after he died aged 50.

 

CLICK HERE TO READ TRUST IN FULL

 

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