Trust Fund for Michael Jackson’s Kids Remains Empty: Report
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Although Michael Jackson has made nearly $600 million since his 2009 death, the planned trust fund created for his three children remains empty, according to the New York Daily News.
The paper reported today that lawyers and accountants believe it could take years before they’re able to sort through all of Jackson’s debts and legal bills and put money in the trust fund. In the meantime, Paris Michael, Prince Michael, and Prince Michael II (better known as Blanket) live on a $70,000 per month family allowance controlled by estate executors and overseen by a judge. Katherine Jackson, who was re-established as their legal guardian in August after a guardianship dispute earlier this summer, has control over those funds.
The Daily News said Jackson’s family trust calls for the King of Pop’s three kids to share 50-percent of the trust balance, while the other half will go to Katherine Jackson during her lifetime. The 82-year-old Jackson family matriarch also has yet to receive anything from the trust.
Meanwhile, a batch of emails obtained by the Los Angeles Times shows that the people plotting Michael Jackson’s 2009 comeback were seriously concerned about his stability. 250 pages of messages between executives at the Anschutz Entertainment Group (AEG), the group financing Michael Jackson’s 50-show engagement in London, describe the pop king as “drunk and despondent” and an “emotionally paralyzed mess.” The emails will likely factor into two lawsuits set to go to trial next year.