Michael Jackson’s Kids Have Been Cut Off From Receiving Any Of His Money
Michael Jackson‘s children have been blocked from receiving any of his money as inheritance.
The King of Pop, left an indelible mark on the music world with his innovative sound, unparalleled performances, and charismatic persona.
Yet, beyond his public life, Jackson was also a devoted father to his three children: Michael Joseph ‘Prince’ Jackson Jr., Paris-Michael Katherine Jackson, and Prince Michael ‘Blanket’ Jackson II.
But now, it’s been confirmed that none of Jackson’s children will be able to receive his money, for a heartbreaking reason.
First, let’s take a look at the lives of Jackson’s three children…
Michael Joseph “Prince” Jackson Jr.
Born on February 13, 1997, Prince is the eldest of Michael Jackson’s children.
His mother, Debbie Rowe, was Jackson’s second wife. Prince’s early life was shrouded in an attempt to maintain privacy, often appearing in public with his siblings wearing masks to protect their identities.
He graduated from Loyola Marymount University in 2019 with a degree in business administration and has shown interest in the entertainment industry, working on various projects, including the creation of the King’s Son Productions, a company aimed at producing original content.
Paris-Michael Katherine Jackson
Paris Jackson, born on April 3, 1998, is the second child of Michael and Debbie Rowe.
Paris has been the most publicly visible of Jackson’s children, embracing the spotlight with a career in modeling, acting, and music.
Her striking beauty, combined with her candidness about her struggles with mental health, has made her a role model for many young people.
Paris has appeared in films, such as Gringo (2018), and released her debut solo album, Wilted, in 2020.
Prince Michael “Blanket” Jackson II
The youngest of Jackson’s children, Blanket, who now goes by the name Bigi, was born on February 21, 2002, via an anonymous surrogate.
His early years were marked by the infamous incident where Michael dangled him over a hotel balcony, an act that drew widespread criticism and concern.
Despite this rocky start, Bigi has managed to stay out of the limelight compared to his siblings.
He currently resides in California and is reportedly passionate about filmmaking and video production.
The death of Michael Jackson on June 25, 2009, was a pivotal moment for his children, thrusting them further into the public eye while grappling with the loss of their father.
Katherine Jackson, Michael’s mother, became their legal guardian, providing a stable environment for them to grow.
The Jackson family, known for its close-knit nature, has been a constant source of support for Prince, Paris, and Bigi.
But now, Jackson’s three children have found themselves in a financial bind as a result of an ongoing legal battle between the estate and the IRS.
These children, along with Jackson’s mother Katherine, were initially named beneficiaries of his estate following his death in 2009.
However, a recent dispute has led to a halt in their access to the funds.
The trouble began in 2021 when the IRS audited the estate’s federal estate tax return and concluded that the assets had been significantly undervalued, per People.
The IRS’s assessment suggested that an additional $700 million in taxes and penalties were owed.
Although the estate successfully disputed this assessment, the court’s valuation of Jackson’s music catalog, Mijac, which is owned by Sony Music, remains contested.
As a result, the estate’s value has not been finalized, and the executors, John Branca and John McClain, have been unable to determine the safe amount to distribute.
They emphasized that 20 percent of the estate’s value, as determined for federal estate tax purposes, must be donated to charity before any remaining assets can be allocated to sub-trusts, including those benefiting Jackson’s family.
Due to this uncertainty, the executors have denied requests to release funds to the beneficiaries, stating that it is impossible to safely distribute any amount at this time.
Consequently, Prince, Paris, and Bigi, now 27, 26, and 21 years old respectively, will not receive money from the estate until the issue is resolved.
The executors have, however, suggested that provisions for the children and Katherine Jackson could be made through the ‘family allowance’.
In a statement to PEOPLE, the singer’s estate claims: “In annual reports provided to the probate court, which are publicly available, anyone can see that the Estate provides Michael’s mother and children with very substantial amounts of money to support them.
“The Estate has a very cooperative relationship with Michael’s children and whenever they need anything, the Estate works with them to ensure that they are very well taken care of, just as Michael would have wanted.”
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