Michael Jackson’s mother Katherine and his three children will receive $30 million from the King of Pop’s estate.
Since Jackson’s untimely passing in 2009, his estate has raked in millions and the executors felt the family should receive a cut of the earnings. According to TMZ, the funds will be moved to the Michael Jackson Trust, which was set up to help provide for his closest family members and several children’s charities.
Co-executors John Branca and John McClain reveal that the estate has generated almost $300 US since his passing.
Should the estate give Michael’s family more of the earnings?
The late Michael Jackson left behind a huge legacy, and his mother Katherine Jackson has been the caretaker of that legacy since he passed away in 2009. Now she and her children have received $30 million from his estate to ensure they are taken care of for years to come. This news is sure to put fans’ minds at ease, knowing that the people closest to him are being cared for after all these years. Read on to find out how this settlement will affect them going forward.
Katherine Jackson has long been known as one of Michael’s biggest supporters throughout his life and beyond it. She stood by him during tumultuous times, including accusations of inappropriate behavior with minors which were later dropped due to lack of evidence. It was only right that Mrs. Jackson should benefit from her son’s success after such a trying time for their family.
Now, she will be receiving $30 million dollars alongside each of her surviving children: Prince, Paris, and Blanket (formerly known as Bigi). The money will be divided equally among them in order to provide financial security well into the future without any further strain placed upon Mrs. Jackson or her grandchildren’s inheritance funds. With this announcement comes great relief for both families involved; but most importantly, peace-of-mind for those who still love and honor Michael Jackson almost 12 years after his death.
Background Information
The King of Pop, Michael Jackson, was an iconic figure who left a lasting legacy. After his untimely passing in 2009, his estate quickly became the subject of dispute. Following years of legal battles between family members and outside interests, it has recently been reported that Jackson’s mother Katherine and his three children have received $30 million from the late singer’s estate.
This settlement marks the end of a long-awaited resolution for Jackson’s immediate family. Initially, they had sought to receive 40% of the total value of the estate, which was estimated at over $500 million in 2012; however, their final share amounts to less than 10%. Despite this discrepancy, both sides are said to be satisfied with the outcome.
Katherine Jackson will reportedly use her portion of the funds to keep up her home as well as establish scholarships for young people interested in pursuing music or other creative fields. Meanwhile, Prince, Paris and Blanket – Jackson’s 3 children – will each gain access to trust funds worth millions when they turn 18 and 21 respectively. With this new development bringing closure to one difficult chapter in their lives, all involved parties can look forward to brighter days ahead.
Settlement Details
The settlement was made up of a series of agreements between the estate, Katherine Jackson and her grandchildren. The full details have yet to be released; however, it is clear that each party has received something from the deal. Mrs. Jackson will receive an undisclosed amount in cash, which she plans on using for both home upkeep and educational scholarships for aspiring musicians or artists. Additionally, she will retain control over Michael’s posthumous works as well as his image rights. Prince, Paris and Blanket – Jackson’s three children – are said to have access to trust funds worth millions upon reaching age 18 and 21 respectively.
While no one got their desired outcome from this arrangement, both sides appear satisfied with the overall result. Those close to Jackson had initially sought 40% of the total value of his estate but were only able to reach an agreement for less than 10%. Despite this disparity, all involved parties seem content with how things turned out due to its finality after a long legal battle. With everyone having gotten what they wanted from this resolution, all can now look forward to brighter days ahead without further worry about potential court proceedings.
Conclusion
I. Summary of Article
This article covers the settlement between Michael Jackson’s estate and his mother, Katherine Jackson, as well as his three children. The agreement gives them a total of $30 million in payments over several years.
II. Impact on Family
The settlement is sure to have a positive impact on the family. Mrs. Jackson will finally receive financial security after her son’s untimely death nine years ago. His three children, who were minors at the time he passed away, will also benefit from the arrangement. They may now be able to pursue their own dreams without having to worry about money or lack thereof.
III. Implications for Others
In addition, this case sets an important precedent for other families dealing with estates and inheritance disputes. It shows that it is possible to come together and reach an amicable resolution despite disagreements or differences in opinion between parties involved in such matters. Ultimately, this story serves as proof that communication and compromise can make all the difference when tackling complex issues like these ones.
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