Michael Jackson Family Trust Not Yet Funded

Despite $600 million that has been generated posthumously, the trust fund of Michael Jackson’s three children remains empty three years after his death. Lawyers and accountants are still going through Jackson’s pile of debts, and they estimate that the process could take another two to five years.  Even though Jackson’s personal debt is nearly paid off, his estate is technically still in debt. 

In the meantime, Jackson’s children are not suffering.  They are living on a family allowance that a judge tightly controls.  That allowance keeps them in a gated mansion, and provides private schooling, security, and vacations.  

Once the estate’s debts are all settled, a certain sum of money will go into the “Michael Jackson Family Trust” for the three kids to share 50% of the trust amount, and Michael’s mother, Katherine Jackson, to receive the other 50%.  The estate lawyer, Howard Weitzman, reported that it is hard to report a precise figure that will ultimately funnel into the family trust fund, but he did say that it will be a substantial amount.  

In the long run, the Jackson children will end up being multimillionaires.  They will have to wait until they are 21 to access the trust funds, but they will receive regular handouts from that point on, getting lump sums at ages 30, 35, and 40.  

See James Desborough, Planned Trust Fund For Michael Jackson’s Children Remains Empty Three Years After King of Pop’s Tragic Demise, Daily News, Sept. 3, 2012. 

Special thanks to Craig M. Scalise (Attorney and Counselor at Law) for bringing this article to my attention.  Please click here to visit Craig’s blog.