MICHAEL JACKSON’S TRUST MONEY REPORTEDLY WITHHELD FROM CHILDREN AND MOTHER UNTIL IRS DISPUTE IS SETTLED

0
19

Michael Jackson’s three children and his mother, Katherine, are unable to access funds from his estate due to an ongoing dispute with the IRS.

Court documents reveal that the executors of Jackson’s will, have denied requests to distribute money, citing uncertainty over how much can be safely allocated.

The IRS audited the estate’s federal tax return, concluding that the estate had undervalued its assets, resulting in an estimated $700 million in taxes and penalties.

Although the estate successfully contested the IRS findings in 2021, it has requested a reconsideration of the valuation of Jackson’s music catalog, which Sony partially purchased for at least $600 million.

This pending request has left the estate’s value unresolved, preventing distributions to the beneficiaries.