Michael Jackson's Trust Lacks Trust in Kids
Originally posted May 30th 2010 7:26 AM PDT by TMZ Staff
Michael Jackson apparently learned a lesson in finances -- his kids should not fall victim to consumer temptations that caused Michael himself to teeter on the brink of bankruptcy -- this, according to the details of the strings he attached to his children's inheritance.
News of the World got a copy of the Michael Jackson trust. TMZ broke the story ... under the trust the kids would get 40% of Michael's estate, Kartherine Jackson would get the use of 40% during her lifetime (when she dies the remainder of her share goes to the kids) and the final 20% goes to charity.
Here's what interesting ... that we didn't know until now. Under the trust, Prince, Paris and Blanket have no control of the money until they are 30 years old ... until they turn 30 they just get income -- almost like an allowance -- determined solely by the trustee. When each of the kids turns 30, the trustees must then give them 1/3 of their share outright. When the kids reach 35, they get 1/2 of their share outright.
At age 40, the kids then get what remains of their share -- outright.
We've already published the will (<!-- m -->http://www.tmz.com/2009/07/01/michael-j ... -mentioned<!-- m -->) -- different from the trust. The will refers to the trust but the trust document has not been public until now. (<!-- m -->http://www.newsoftheworld.co.uk/showbiz ... -each.html<!-- m -->)
As for how much the kids will get, that amount grows every month, as executors John Branca and John McClain wheel and deal in business ventures that include concerts, movies and song releases.
Source: <!-- m -->http://www.tmz.com/2010/05/30/michael-j ... tee-money/<!-- m -->
Peace
Michael Jackson apparently learned a lesson in finances -- his kids should not fall victim to consumer temptations that caused Michael himself to teeter on the brink of bankruptcy -- this, according to the details of the strings he attached to his children's inheritance.
News of the World got a copy of the Michael Jackson trust. TMZ broke the story ... under the trust the kids would get 40% of Michael's estate, Kartherine Jackson would get the use of 40% during her lifetime (when she dies the remainder of her share goes to the kids) and the final 20% goes to charity.
Here's what interesting ... that we didn't know until now. Under the trust, Prince, Paris and Blanket have no control of the money until they are 30 years old ... until they turn 30 they just get income -- almost like an allowance -- determined solely by the trustee. When each of the kids turns 30, the trustees must then give them 1/3 of their share outright. When the kids reach 35, they get 1/2 of their share outright.
At age 40, the kids then get what remains of their share -- outright.
We've already published the will (<!-- m -->http://www.tmz.com/2009/07/01/michael-j ... -mentioned<!-- m -->) -- different from the trust. The will refers to the trust but the trust document has not been public until now. (<!-- m -->http://www.newsoftheworld.co.uk/showbiz ... -each.html<!-- m -->)
As for how much the kids will get, that amount grows every month, as executors John Branca and John McClain wheel and deal in business ventures that include concerts, movies and song releases.
Source: <!-- m -->http://www.tmz.com/2010/05/30/michael-j ... tee-money/<!-- m -->
Peace
Comments
3 + 0 + 2 + 1 + 7 + 2 + 6 = 21 -> 777
And they are early too
Blood returning? Blushing? Angry? Alive?
TMZ creative as ever... <!-- s
Harvey has had the Trust papers for months and months but never released them. Harvey has mentioned the "no contest clause" dozens of times, yet that clause is not in the will but in the trust.
It sounds like the tabloids are patronising him, to me..
i mean.. are they having a laugh, or what?? All that money is money that MJ earned himself! Michael is the one who pulled his family out of poverty with his talent and his business sense!
It was Michael who brought the Sony catalogue.. he made himself rich. So to say he needed to learn a lesson in finance is just laughable.
where is 5-May? shouldn't be added too to be complete if you consider from numerology point of view?
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I NEED TO KNOW WHERE THE CONCERTS WILL BE AND WHEN???
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Well, it wont be Jermaine and Tito at those concerts, thats for sure.. they have already proved they are as useful as a chocolate teapot at organising concerts... the amount of Tribute concerts that have been planned and pulled are laughable!
Funny how the kids are looking great at the memorial... <!-- s:roll: -->:roll:<!-- s:roll: -->
I mean 30 and then 40 is a very good plan becuase byt he time they are allowed to have the full amount the pot will be built to billions. Michael is very smart very very smart for what he did and TMZ just made it look like he didnt trust his children. TMZ is a stupid place who always try to make someone look bad. Yes what they say is truth sometimes but they always turn it around to where it looks bad.
PS Does this mean its the end now becuz wouldnt be illegal to get financial gain from your death if you faked it. Michael wouldnt break the law. I think this is the end.
Also, here is another article thats more nicely put. Although they make the family who didnt recienve anything sound like they are sooo mad becuz they get any money and make them look money hungry and they are doubting the will but anyways, this article is much nicely written compared to GAY TMZ!!!
This one is from SHOWBIZ so you can atleast have more truth to it then lame tmz...they are gay ugh i cant even think of TMZ right now eww. They are all about getting the most website views and MJ is the way to do it.
Here is a better article...please please read it.
http://showbiz.peacefmonline.com/news/201005/44325.php
the article clearly say that katherine not have the money yet and she is not asking for this money, the kids are not old enough, nothing for the brothers... i don´t see financial gain here... <!-- s:roll: -->:roll:<!-- s:roll: -->