Michael Jackson may have struggled with money issues during his own life — reportedly dying severely in debt — but in the just uncovered Michael Jackson Family Trust, he’s set out a schedule to provide his children with money across their lifetimes.
In what is reported to be the late King of Pop’s official Trust, published on News of the World’s Web site on Sunday, after giving 20 percent of his money to charity, and another undetermined sum for taxes (including federal state and inheritance) Prince Michael I, Paris and Blanket will receive 50 percent of the remaining monies to take care of them over each of their lifetimes.
News of the World claimed the children are worth $33 million each under the Trust, which the paper originally misidentified as a will (the will was filed last year and gave Michael’s estate over to his Trust), but a source close to the family told Access Hollywood that number was not accurate. No one knows how much the estate will be worth when the children become adults, the source said.
A host of money has come into Michael’s estate since his death thanks to the “This Is It” film and various deals for his music, and the children, along with Michael’s beloved mother, Katherine, are in for a windfall.
Upon his death, 50 percent of the King of Pop’s remaining assets transferred into the Michael Jackson Children’s Trust. Overseen by John Branca, John McClain and Barry Siegel, this trust will provide for the children. However, the value of the trust will change depending on how much his estate earns after his death. The Trust will split the monies into three equal portions.
The Trustees will ensure the children are provided for until they turn 21. At that age, the Trustees shall distribute to each child an income to help them as they transition to adulthood.
At the age of 30, the children will receive one-third of the remaining balance of their portion of the estate. Five years later, at 35, the children receive another sum – half of their share. Finally, when the children turn 40, there are no more financial limits and they receive the entirety of their share.
Additionally, at Michael’s death a trust was set up for his mother --- the Katherine Jackson Trust. According to the documents, she, like the children receives 50 percent of what is left following the initial charity gift and tax payments. The Trustees will distribute to Katherine an amount necessary for her “care, support, maintenance, comfort and well-being,” the document on the News of the World Web site reads.
Upon her death, her share of her son’s money then transfers into the children’s trust, again, distributed equally among the pop star’s brood.
The Trust notes that Michael’s ex-wife, Debbie Rowe, was specifically left out. Michael’s brothers and sisters are not included in the Trust, however, if Katherine and his children were to all pass away, a third trust would be set up – the “Michael Jackson’s Relatives Trust.” The beneficiaries of that Trust are relatives including Levon, Elijah, Anthony, Taj, Tarylle and T.J. Jackson.