Michael Jackson is a music icon and despite the fact that he died several years ago, he is still known by millions of people around the world as the King of Pop. Recently, he has been back in the news because his three children, Prince, Paris, and Bigi, have been cut off from receiving any money.
The three kids of Michael Jackson, along with his mother, are not able to receive money from his estate at this time because of an ongoing dispute with the IRS. After Michael Jackson died in 2009, the three children became beneficiaries of the estate and his mother is the sole beneficiary of the sub-trust in his will.
The IRS did an audit of his federal estate tax return in 2021 and said that it had ‘undervalued its assets.’ That is when the IRS claimed that an additional $700 million was owed in penalties and taxes.
This was disputed by the estate successfully, but the IRS has filed a motion for reconsideration of the cost of Jackson’s music catalog, which is owned by Sony Music.
Since the case is still pending and is moving through the court system, all of his estate remains subject to administration.
Before the family can continue to receive any money, the dispute with the IRS needs to be resolved. As a result, his three children, who are in their 20s, will not receive any money from the estate until that resolution has taken place.
Executors are saying that is possible for the three children of Jackson’s mother to receive money using the family allowance. At least they won’t be in the soup line anytime soon.
