Michael Jackson's Children Blocked from Late Singer's Trust Over '$700m Tax Bill'
In a surprising and complex turn of events, Michael Jackson's three children and his mother have been blocked from accessing funds from the late singer’s trust until a significant tax bill is resolved. The legendary "Beat It" singer, who passed away in 2009 at the age of 50, had designated his children—Prince, 27, Paris, 26, and Bigi, 22 (formerly known as Blanket)—as beneficiaries of his trust. His mother, Katherine Jackson, 94, was named the sole beneficiary of a sub-trust in his will. However, recent legal documents obtained by People and filed on May 28 reveal that none of Jackson’s surviving family members will receive any funds from the trust until an ongoing dispute between his estate and the Internal Revenue Service (IRS) is settled. This dispute originated following an IRS audit of the estate's federal tax return, which led to the issuance of a notice of deficiency. The IRS alleged that the estate had "undervalued its assets" and claimed that it...
