Family Trust Empty?
Loveunited
Posts: 370
Acc to this, debt not cleared so non $ for trust fund....<br /><br />http://articles.nydailynews.com/2012-09-03/news/33552315_1_katherine-jackson-trust-fund-estate-executors<br /><br /><br />Planned trust fund for Jacko's kids remains empty<br /><br /><br /><br />JAMES DESBOROUGH<br /><br />Monday, September 03, 2012<br /><br /><br /> LOS ANGELES — Their dad was the King of Pop, but Michael Jackson’s three kids remain paupers on paper. The planned trust fund for Prince, Paris and Blanket remains empty three years after Jackson’s tragic demise, despite almost $600 million generated posthumously from Jackson’s music, legendary likeness and salvaged assets. RELATED: EMAILS SHOW MICHAEL JACKSON WAS 'BASKET CASE'<br /><br /> Lawyers and accountants are still sorting through the singer’s towering pile of debts and legal bills, and the process could take another two to five years, one lawyer told the Daily News. In the meantime, Jackson’s kids live on a family allowance tightly controlled by estate executors and overseen by a judge. “The probate is still pending, and although almost all of Michael’s personal debt has been or is about to be paid in full, the estate is technically still in debt,” estate lawyer Howard Weitzman said. “Once all of the creditors’ claims, taxes and pending litigations have been resolved, the trusts will be funded per court order.” He declined to speculate on the size of the leftover fortune expected to flow into the trust fund. “(It’s) too early to speculate on any precise number for a value. It will be a substantial number, I’m certain,” Weitzman said. <br /><br /><br />
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