Michael Jackson - Estate Lawyer Insists Michael Jackson's Kids Are Not Broke

A lawyer representing Michael Jackson's estate has dismissed rumours suggesting the superstar's three children are struggling financially following their father's death.
The King of Pop passed away in 2009 and he left instructions for a trust fund to be set up to look after his children, Prince, Paris and Blanket, as well as his mother Katherine, who is co-guardian of the youngsters.
A new report published in the New York Daily News suggests the children's trust fund remains empty even though the singer's estate has generated more than $600 million (£375 million) since his death.
Howard Weitzman, a lawyer representing Jackson's estate, insists legal work is still being done to settle all of the singer's debts, but once the administration is complete, the children will all benefit from their late father's fortune.
He tells the publication, "The probate is still pending, and although almost all of Michael's personal debt has been or is about to be paid in full, the estate is technically still in debt. Once all of the creditors' claims, taxes and pending litigations (sic) have been resolved, the trusts will be funded per court order... (It's) too early to speculate on any precise number for a value. It will be a substantial number, I'm certain."


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Comments

jo98b's picture

jo98b

Instead the new York Daily News changed completely the story writing a BS story full of nonsenses. Thank you for reporting this!
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Lauren Trainor's picture

Lauren Trainor

The Estate is legally bound to pay debts as described first...that's the purpose for probate. Trust funding and charity donations must wait until probate is finished. Simple.
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Lauren Trainor's picture

Lauren Trainor

The Estate is legally bound to pay all debts before probate is closed. Trust funding and charity donations will occur at that time. Pretty simple.
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njmralo's picture

njmralo

give the children and family a break!!! PERSONAL means NOT public
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konnie's picture

konnie

Since the children are not covering their appearence anymore as MJ did to them and that situation has changed; the children need to stop living large. I can understand they having body guards, but the extra spenting is as bad MJ did, though I don't believe he knew any better. Mrs K. Jackson, should know, why after all, she has raise her children and did not have mega bucks. AS for the children, I believe they are Spoiled, and it needs to stop, with everytime you turn around someone is suing MJ's estate, and God Only knows how long the list is, or will be. Base on the time of what a personal normally has usually(I think) is how the person write in a will or living trust, and at the time MJ suppose to have written the will/trust, he owed more money out, so how could he have set up any kind of funding for his mother/ or those children. IT DOES NOT MAKE SENSE.
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jo98b's picture

jo98b

LMT wrote:The Estate is legally bound to pay all debts before probate is closed. Trust funding and charity donations will occur at that time. Pretty simple._______________________________Exactly
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justice4MJ's picture

justice4MJ

I agree the children are spoiled but you know grandparents want to spoil their grandchildren so their for they get whatever they want, not good Mj didn't want his kids to be spoiled like that I wish he was still here to raise his children the way he wanted them to be raised. Its a shame no one honoring his wishes of how he wanted the children to be raise. I have notice a change in the 2 older ones especially Paris. I was hoping they would be more like their dads personality
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sjessmess's picture

sjessmess

Geez, good news for the most part, but I find fault with the wording of this that they will "benefit" from his estate, and the trust fund will be 'substantial" although no number has been given! Now, I feel that that if all the debts are settled, that the children should receive ALL that their father intended for them and their mother, not an "unknown" amount. You cannot tell me that that number will not be the same. I don't think executors have the right to simply set a number as to how much the children receive, and I may be wrong about it, but it seems shaky to me. Please comment.
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