Michael Jackson leaves his kids more than $33 million each
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Michael Jackson leaves his kids more than $33 million each in will
By James Desborough, US Editor, 30/05/2010
MICHAEL Jackson has left his children a multi-million dollar fortune - despite dying BROKE, we can reveal.
The three kids could even become BILLIONAIRES through the trust funds he set up in his will.
But Prince, now 13, Paris, 12, and Blanket, 8, will be at least 30 before they can get their own hands on the money.
Meanwhile Jacko's mother Katherine is already entitled to $99m (£68m) from the legacy, which we can disclose for the first time.
The astonishing never-before-seen document shows the King of Pop left:
NOTHING to his ex-wives Debbie Rowe and Lisa Marie Presley
NOTHING to his brothers Jermaine, Jackie, Tito, Marlon and Randy.
NOTHING to sisters LaToya, Rebbie and Janet
NOTHING to his dad Joe and
NOTHING to his staff or closest friends.
Last night a family insider said: "Michael had his fallings out with his father and brothers but, being the generous soul he was, it's almost unbelievable he left them with nothing."
The 23-page file shows how Jacko's legacy has been completely transformed since he died drug-addled and heavily in debt.
Lawyers running his estate have managed to cash in on his death to push his bank balance back into the black. Movie, music and other deals have made his estate worth an estimated $300m.
The will splits proceeds 40 per cent to the children, 40 per cent to Katherine and 20 per cent to charity.
The family insider said: "Michael's mother and his children were the dearest thing to him in his life, so he made sure that they would benefit when he died.
"In truth those children will never have to want for anything - and that's what Michael wished for.
"And they will be old enough and hopefully wise enough when they get their hands on the money."
Under the terms of the Michael Jackson Family Trust fund, first drafted before he had children, and signed off in 2002, the three kids are today each worth $33m (£23m).
That will be boosted by the proceeds from the share of Katherine, 80, when she dies.
The children can apply to fund trustees for cash when they reach 21, but they will have to be 30 before they get free access to a third of their share.
At 35 they get a half share and the full amount at 40.
Marketing experts reckon that with Katherine's cash, future commercial ventures and interest, they will have $300m each in the pot by 30.
And by the time they are 40 that could easily have soared to a billion, especially for youngest Blanket who will have to wait until 2042 for the full sum.
But the documents have caused disquiet among Jackson family members. One said: "There are many strange things in this trust. Rebbie and LaToya were so very close to their brother that he would've wanted to leave them with something.
"It's weird too how he mentions Debbie Rowe, but his first wife Lisa Marie is not mentioned."
Debbie is blocked from cash by the testament - Lisa Marie is totally ignored.
"There was shock too in the family ranks. It seems like whoever put it together made many mistakes in terms of names and correct spellings too - Michael certainly knew which were right and wrong.
"The family are staggered that Michael signed - or even agreed to it."
There was concern, too, that Katherine has still not received her share.
"Katherine should be due her $99m now - and we are wondering why she hasn't received that yet. The money is in the bank from the deals, and Michael's orders are clear on the documents. As yet the estate administrators and Katherine have not even discussed this.
"There is much ill-feeling in the family over this, because for years Katherine has always relied on Michael's money. As of today it is not around.
"The house needs improvements, security could be improved and Katherine would want to lavish money on her grandchildren and give to good causes.
The law and paperwork is on her side - and she has given up challenging the estate to get the money she deserves."
Despite their paper windfall the Jackson children are paid a total of $81,000 a month to cover their living fees.
That sum is handed to their grandma Katherine from the estate executors - who upped the amount late last year owing to the family's money problems.
Family members speaking off the record to us said that the maintenance fees are 'disgracefully low'.
One furious family insider told us: "The monthly sum seems large, but this includes the kids' fees for schooling, clothes, food, staff, security and living expenses.
"For the past few months money in the household has been tight.
"But while there is a struggle in that world the estate has been making vast amounts of money from Michael's legacy.
"Michael would be furious about this. If he were alive and knew how much money was available to them he would fire those people in charge - that is a certainty."
Jacko left provision for his kids to choose a charity of their choice to give 20 per cent of his estate. It was to be sanctioned at a meeting with the trustees.
The family member says no meetings have been arranged.
The Jacko estate is run by LA lawyers John McClain and John Branca. They pocket 10 per cent on all ventures.
Among others who missed out in the will were Jacko's PA and round the clock nursemaid Grace Rwaramba and his "fourth child" Omer Bhatti - who lived on and off with the star for years.
Star singer Diana Ross was named as a guardian for the children if Katherine died, but was left no money to help her to carry out the duties.
Other chums omitted were Marlon Brando's son Brando, spiritualist Deepak Chopra, child star Macaulay Culkin and kid pal Frank Casio - who looked after him in 2008.
And Jacko even forgot his own funeral, leaving nothing to pay for his send off. The city of Los Angeles ended up forking out millions for his farewell last July after he died aged 50.
CLICK HERE TO READ WILL IN FULL: <!-- m -->http://www.newsoftheworld.co.uk/showbiz ... -will.html<!-- m -->
Michael Jackson leaves his kids more than $33 million each in will
By James Desborough, US Editor, 30/05/2010
MICHAEL Jackson has left his children a multi-million dollar fortune - despite dying BROKE, we can reveal.
The three kids could even become BILLIONAIRES through the trust funds he set up in his will.
But Prince, now 13, Paris, 12, and Blanket, 8, will be at least 30 before they can get their own hands on the money.
Meanwhile Jacko's mother Katherine is already entitled to $99m (£68m) from the legacy, which we can disclose for the first time.
The astonishing never-before-seen document shows the King of Pop left:
NOTHING to his ex-wives Debbie Rowe and Lisa Marie Presley
NOTHING to his brothers Jermaine, Jackie, Tito, Marlon and Randy.
NOTHING to sisters LaToya, Rebbie and Janet
NOTHING to his dad Joe and
NOTHING to his staff or closest friends.
Last night a family insider said: "Michael had his fallings out with his father and brothers but, being the generous soul he was, it's almost unbelievable he left them with nothing."
The 23-page file shows how Jacko's legacy has been completely transformed since he died drug-addled and heavily in debt.
Lawyers running his estate have managed to cash in on his death to push his bank balance back into the black. Movie, music and other deals have made his estate worth an estimated $300m.
The will splits proceeds 40 per cent to the children, 40 per cent to Katherine and 20 per cent to charity.
The family insider said: "Michael's mother and his children were the dearest thing to him in his life, so he made sure that they would benefit when he died.
"In truth those children will never have to want for anything - and that's what Michael wished for.
"And they will be old enough and hopefully wise enough when they get their hands on the money."
Under the terms of the Michael Jackson Family Trust fund, first drafted before he had children, and signed off in 2002, the three kids are today each worth $33m (£23m).
That will be boosted by the proceeds from the share of Katherine, 80, when she dies.
The children can apply to fund trustees for cash when they reach 21, but they will have to be 30 before they get free access to a third of their share.
At 35 they get a half share and the full amount at 40.
Marketing experts reckon that with Katherine's cash, future commercial ventures and interest, they will have $300m each in the pot by 30.
And by the time they are 40 that could easily have soared to a billion, especially for youngest Blanket who will have to wait until 2042 for the full sum.
But the documents have caused disquiet among Jackson family members. One said: "There are many strange things in this trust. Rebbie and LaToya were so very close to their brother that he would've wanted to leave them with something.
"It's weird too how he mentions Debbie Rowe, but his first wife Lisa Marie is not mentioned."
Debbie is blocked from cash by the testament - Lisa Marie is totally ignored.
"There was shock too in the family ranks. It seems like whoever put it together made many mistakes in terms of names and correct spellings too - Michael certainly knew which were right and wrong.
"The family are staggered that Michael signed - or even agreed to it."
There was concern, too, that Katherine has still not received her share.
"Katherine should be due her $99m now - and we are wondering why she hasn't received that yet. The money is in the bank from the deals, and Michael's orders are clear on the documents. As yet the estate administrators and Katherine have not even discussed this.
"There is much ill-feeling in the family over this, because for years Katherine has always relied on Michael's money. As of today it is not around.
"The house needs improvements, security could be improved and Katherine would want to lavish money on her grandchildren and give to good causes.
The law and paperwork is on her side - and she has given up challenging the estate to get the money she deserves."
Despite their paper windfall the Jackson children are paid a total of $81,000 a month to cover their living fees.
That sum is handed to their grandma Katherine from the estate executors - who upped the amount late last year owing to the family's money problems.
Family members speaking off the record to us said that the maintenance fees are 'disgracefully low'.
One furious family insider told us: "The monthly sum seems large, but this includes the kids' fees for schooling, clothes, food, staff, security and living expenses.
"For the past few months money in the household has been tight.
"But while there is a struggle in that world the estate has been making vast amounts of money from Michael's legacy.
"Michael would be furious about this. If he were alive and knew how much money was available to them he would fire those people in charge - that is a certainty."
Jacko left provision for his kids to choose a charity of their choice to give 20 per cent of his estate. It was to be sanctioned at a meeting with the trustees.
The family member says no meetings have been arranged.
The Jacko estate is run by LA lawyers John McClain and John Branca. They pocket 10 per cent on all ventures.
Among others who missed out in the will were Jacko's PA and round the clock nursemaid Grace Rwaramba and his "fourth child" Omer Bhatti - who lived on and off with the star for years.
Star singer Diana Ross was named as a guardian for the children if Katherine died, but was left no money to help her to carry out the duties.
Other chums omitted were Marlon Brando's son Brando, spiritualist Deepak Chopra, child star Macaulay Culkin and kid pal Frank Casio - who looked after him in 2008.
And Jacko even forgot his own funeral, leaving nothing to pay for his send off. The city of Los Angeles ended up forking out millions for his farewell last July after he died aged 50.
CLICK HERE TO READ WILL IN FULL: <!-- m -->http://www.newsoftheworld.co.uk/showbiz ... -will.html<!-- m -->
Comments
I'm gonna read.
"For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places."Makes you wanna go Mmmmmm... I sick with my believe that the 2002 will is not THE will. Still waiting for the 7/7/7 one...
Second: Weird ( fake) autograph.. Your regular signature will do. And we know its not Joseph..
2 march 2002> on a saturday..hmm weird.. what a way to spend your weekend <!-- s:| -->:|<!-- s:| -->
Brr its fake too
LMP is not mentioned, but we already discussed that their marriage could have been a hoax as well, so that's nothing strange IMO.
The document does mention the funeral costs, so I think they need some glasses at NOTW:
The document has the name Michael Joseph Jackson again, so that makes it invalid anyway, and I am sure that Mike would have updated the will on 7/7/7, so this document is merely to make people think again, JMHO.
And why was this signed in March, and did he wait with the will until July? If you sum up the dates (2/3/2002 and 7/7/2002) you get 999.
Well that is because the trustor needs to DIE first, which he didn't, so no money yet for Katherine. I wonder when people will finally start to realize that this is all a hoax....
"For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places."MJJ is trustor and trustee and makes an amended and restated declaration of trust.
<!-- s:D -->:D<!-- s:D -->
And Janet sang "Trust in me, Trust in me".
"For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places."This is the first thing that had to be done, yet it was never done, again because he didn't die.
Now that's a contradiction. If this is a fake, then there's a chance that these aren't Mike's wishes.
I read it the same way as you. I believe that if MJ did have any other children in the world (that he knew was legit) that he would have wanted to care for them. I guess this means it wouldn't have mattered if Malachi Jackson would have been granted a DNA test because he would have been born before this date, making it null and void anyway, right?
Also, the part where Katherine is not requesting her funds and the children have not met to establish the charities tells me that they have good reason for not doing so. Either Michael is alive (which we believe) or they are trying to find the most recent will.
I'd like to see writing of Branca and McClain - maybe we can tell if they are the ones who forged MJ's signature.
Okay Mo! Think about the Jackson Family as a whole and the relationship Michael had with his siblings over the years. Yes! they had fallings out and resolved their issues. If, there was one thing about Michael it was that he had a difficult time getting beyond the past and moving forward. Do you honestly think he would leave anything to his dad? How about LaToya? Let's not forget Jermaine who wrote the infamous book that was never published? As far as the rest I can only speculate that he felt they were grown adults able to take care of themselves. He was the only one of the Jackson five that invested his money wisely. Janet is wise as well with her wealth. So ask yourself, who did he have to really be concerned about other than his children and his mom who was always there for him. The truth will prevail in the end. Keep the Faith!
i'm confused - i thought ALL of MJ's children were born before 3/2/02????
They might just have scanned his signature in.
Please keep in mind that none of us know what exactly went and goes on within that family. For all we know they could have come to terms before Mike hoaxed his death. I'm just speculating just as much as you do.
Next to that I don't believe that the 2002 will is THE will, as I have stated before. If there's a more recent will, then I would think there's a more recent trust as well.
About the funds, obviously Michael trusted his mother's judgment. He gave her such a big share so that she could pay for whoever she was looking after at that moment or whoever was in need. Katherine does take care of all the kids in the family who are left hungry as we have heard before even if it is with grocery cards. So if any of his siblings or father was in need they would get something from his mother. Else why would she need such a big amount.
If you read the actual article from the newspaper it says this: