Michael Jackson, the King of Pop, continues to captivate millions of people even years after his passing. However, his recent appearance in the news is not due to his music or legacy, but rather because his three children – Prince, Paris, and Bigi – have been cut off from their inheritance.
After Michael Jackson’s death in 2009, his three children and his mother became beneficiaries of his estate. However, an ongoing dispute with the IRS has led to the suspension of any financial support from the estate.
The IRS conducted an audit of Michael Jackson’s federal estate tax return in 2021 and claimed that the estate had undervalued its assets. Consequently, they imposed a hefty penalty and taxes amounting to an additional $700 million.
The estate successfully contested the IRS’s claims, but the battle is far from over. The IRS has filed a motion for reconsideration of the value of Jackson’s music catalog, which is owned by Sony Music.
As the case is still pending and working its way through the court system, the administration of Michael Jackson’s estate remains in limbo. Until the dispute with the IRS is resolved, his three children, who are in their 20s, will have to wait for their rightful share.
However, there is a glimmer of hope. Executors of the estate suggest that the children could utilize the family allowance to access funds. This may provide some relief and ensure they aren’t left in financial hardship.
While the future is uncertain for Michael Jackson’s children, they remain resilient and hopeful. Despite their famous lineage, they may need to weather this storm before they can fully access their inheritance.
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