Katherine Jackson Won't Inherit MJ's Estate

[williamorange1]

Posted Oct 12th 2009 7:45AM by TMZ Staff

TMZ has learned Michael Jackson intended to provide for his mother during her lifetime, but once she dies her share of the estate will go directly to MJ's three kids.



As we first reported, under the trust, 40% of Michael's estate goes to Katherine. The kids get 40% and the remaining 20% goes to charity. But we've learned ... Katherine Jackson will not get 40% outright.

The trustees -- John Branca and John McClain -- decide what money should go to the beneficiaries. Katherine has no voice in those decisions. Whatever remains in Katherine's trust when she dies goes directly to the children.

Bottom line -- Katherine will get a healthy stipend for the rest of her life ... now she's getting a hefty allowance and when the trust kicks in she'll probably get more. But she will not inherit 40% of her son's estate.

http://www.tmz.com/2009/10/12/michael-jackson-katherine-jackson-kids-inheritance-trust/4#comments




Katherine Jackson Will Not Inherit Michael’s Money
October 12th, 2009 7:10 am / Author: Luisa Metcalfe




New details of the King of Pop’s estate have emerged. Michael Jackson provided for his mother Katherine Jackson during her lifetime but once she dies, her share of his estate will go to his three children.

TMZ reports that 40 percent of Michael’s estate goes to Katherine. His children Prince Michael, 12, Paris, 11, and 9-year-old Blanket inherit 40 percent and the remaining 20 percent will be left to charity.

However, there are conditions attached to the Jackson matriarch’s inheritance.

The trustees, John Branca and John McClain decide what money should go to the beneficiaries and Katherine will not get her 40 percent outright. Whatever remains in the 79-year old’s trust when she dies goes directly to the children.

Michael, who died aged 50 on June 25, has made sure his mother — who has full custody of his kids — is amply cared for with a healthy allowance of $86,804 per month for the rest of her life, but she won’t inherit a lump sum.

Lawyers for the singer’s estate have estimated his total assets exceed $500 million, and that future business agreements bearing Michael Jackson’s name could generate millions of dollars.





http://www.okmagazine.com/2009/10/katherine-jackson-will-not-inherit-michaels-money-outright/

 

[StaceyMJ]

I thought this was already well-known? Or am I confusing it with something else?

 

[Peter_Pan]

Even though I dont trus't TMZ.. This decision by MJ is the most obvious one..

Just the way I wanted it to be. MJ was always sure that he does not feel obliged to support his siblings financially.

 

[williamorange1]

well known between the fans but from reading the comments it seems the public had no idea this was the case.

 

[mjjmsc]

it's a good decision!no fight over who gets her part...

 

[twinklEE]

Good! It's the kids money Everyone else GET A JOB!

 

[meena76]

Good.

 

[Rockin.]

and? Is this supposed to be shocking or something?

its good

 

[williamorange1]

The trustees -- John Branca and John McClain -- decide what money should go to the beneficiaries. Katherine has no voice in those decisions. Whatever remains in Katherine's trust when she dies goes directly to the children.

see why the family wants Branca out or at least Randy in, because they want to maximize the profits distributed to beneficiaries regardless of the taxes and debts.

 

[shimar]

Good! It's the kids money Everyone else GET A JOB!

:hysterical::hysterical::hysterical::hysterical:

And hopefully not the job where they pimp out MJs kids either.

Michael, Jr. looks like he's gonna be VERY smart & discerning. And I KNOW that MJ is gonna protect his kids from the heavenly space he's in right now.

Katherine is what's called a short-term beneficiary, according to the trust info that TMZ leaked a few months ago, i.e., her share will go back to the kids.

 

[ivy]

see why the family wants Branca out or at least Randy in, because they want to maximize the profits distributed to beneficiaries regardless of the taxes and debts.

exactly. it is all about money and I liked the fact that MJ left the decision power out of his family.

 

[shimar]

see why the family wants Branca out or at least Randy in, because they want to maximize the profits distributed to beneficiaries regardless of the taxes and debts.

And of course Randy will run the estate to the ground just like he did to Neverland when Michael put him in charge in the mid-2000s - forcing MJ to make the Colony Capital deal.

 

[williamorange1]

Randy did not run neverland only to ground , he was responsible for many lawsuits concerning mj's share in the sony /atv that costed mj tens of millions of dollars because he did not agree with what his then manager Randy signed back then .

 

[elusive moonwalker]

I thought this was already well-known? Or am I confusing it with something else?

yeah tmz are just searching as its a quiet news day

 

[MJJLaugh]

Very smart decision!

W-O-R-K ( It never hurt anybody to work for a living)

 

[parli123]

Michael had many sleepless nights and hard work to make millions and it is for his children.Good! I would hate if freeloaders get any money. Hope the kids are smart enough to know what their uncles are up to. Paris is smart.
Cannot believe what Randy did? he needs to get a job..

 

[ivy]

I thought this was already well-known? Or am I confusing it with something else?

trust was private so nobody knew the exact details. over the time tmz said that either katherine will inherit 40% or the 40% will go back to the kids if she dies. Harvey Levin being a lawyer assumed that generally the 40% will go back to the next person in line - in this case the children. (At live chats he always said that it was his professional educated assumption that the trust will be written this way).

It looks like they just confirmed it and also additionally they are stating that even though trust states 40% it is still the executors who decide how much money the people will get - they are not turning in the whole amount of money to anybody. (my understanding is like this : for example if the estate earns $100 million in profit they don't turn in $40 million to katherine, they will give her a good allowance but still keep the majority of the money in the trust. and if something happens to her the money will be added to the children's share).

I guess this just provided more information in regards to why the Jackson's want to replace Branca with a family member.

 

[iblush]

ohh that's clever, maybe that's why they are objecting to branca handling the estate

 

[PurpleParrot]

Happy about this!
Michael's earned money belongs to him and his kids, not to other members of the family.
They get their own job if they want money.

 

[shimar]

ohh that's clever, maybe that's why they are objecting to branca handling the estate

Of course that's the reason! When Katherine goes, 80% will be the children's and even then, the trust will still be administered by John Branca & John McClain.

Not to mention the legal guardian appointed by the judge to look out for the children's interest too.

And Branca is just following MJs specific instructions.

And these babies here:

:baby::baby::baby:

will be JUST FINE as long no one gets their hands on the estate.

I'm more than sure that MJ placed specific rules within the trust to the kids as well when they grow up, so that the trust itself can perpetually grow for MJs grandkids & great-grandkids and great-great grandkids.

 

[terrell]

Like said, when it comes to money, NOTHIng is nailed in stone. Family members, even people who are suppose to look after things, take money. I will be this when I see it.

 

[williamorange1]

the most important thing from this article is even "40% of the profits to the mother" does not go automatically to her , the executors must approve such thing .

so yeah , millions won't go to the jackson family as profits because I'm more than sure Branca knows the kids don't need millions to grow up , the money will be very limited and definitely won't be enough to set the other siblings and their children for life.

no wonder Randy and Latoya are spreading rumours that those kids are not mj's biologically . they want to justify why they feel they are entitled to the money those kids are gonna enjoy in the future and it will be ALOT OF MONEY. I feel the kids life in that house won't be so much easy .

 

[*~MJ Loves MJ~*]

I thought this was already well-known? Or am I confusing it with something else?

Talking about stating the obvious. If this was the actual title, it's just a tool to make fans etc upset. They just wanna add more grief and drama to an already difficult situation.

Stating the obvious....*sighs*

The man is gone and they still wanna stir crap just to sell papers and get ratings...

 

[Thetruthbetold]

the most important thing from this article is even "40% of the profits to the mother" does not go automatically to her , the executors must approve such thing .

so yeah , millions won't go to the jackson family as profits because I'm more than sure Branca knows the kids don't need millions to grow up , the money will be very limited and definitely won't be enough to set the other siblings and their children for life.

no wonder Randy and Latoya are spreading rumours that those kids are not mj's biologically . they want to justify why they feel they are entitled to the money those kids are gonna enjoy in the future and it will be ALOT OF MONEY. I feel the kids life in that house won't be so much easy .

Yes i feel every word you are saying thats why them kids are offically MJ and latoya can't handle it if she did she wouldn't attack their mother like that on 20/20 about seeing her kids u can look at three and tell they are his and who the real parents of prince and paris is i know deep down inside a few family members and media wish they wasn't his but they are suck to be them MJ had the last laugh. as for randy his corny ass really needs to go back stacking Shelves at the supermarket

 

[music65]

Talking about stating the obvious. If this was the actual title, it's just a tool to make fans etc upset. They just wanna add more grief and drama to an already difficult situation.

Stating the obvious....*sighs*

The man is gone and they still wanna stir crap just to sell papers and get ratings...

AGREE old news, rest this thing about The Jackson clan wanting to control MJ's estate, they want to have a say which is no big deal. It quite obvious that they can never get control of the estate once the kids are around.

 

[terrell]

no wonder Randy and Latoya are spreading rumours that those kids are not mj's biologically . they want to justify why they feel they are entitled to the money those kids are gonna enjoy in the future and it will be ALOT OF MONEY. I feel the kids life in that house won't be so much easy . ----------------- Sorry but I do not think Ranyd or Latoya would say that about those kids if it was not true (and others have hinted on that about these kids from BIg boy to Steve Harvey and others. Sorry but the actions of Dr. Klein tells me alot as well). still it does not matter, Mj took on the responsibity to raise them. I am just sick and tire of the Jackson sibling being attack by fans. NONE OF KNOW what is going on behind the scene.

 

[williamorange1]

terrell agree with you on the klien thing , but what about that lil mini me called Blanket ?

 

[terrell]

Also, I think at this point, EVERYBODY needs to stay out of this family's finanical business. We are not getting none of it, it is none of our business, and we really do not know nothing about it. ALso, Michael was important, not his money. I am sure if the jackson could, they would give all that money back to have Michael back here. NO amount of money can make you happy in losing a love one.

 

[elusive moonwalker]

ut I do not think Ranyd or Latoya would say that about those kids if it was not true

in one interview she goes on about biology and in the same interview a minute later says prince has vitiligo. big coincedence there. if those werent mikes i doubt he'd tell anyone. i doubt they have a clue as to where blanket comes from.the fact they talk about this in interviews is bad enough and sums them up

 

[terrell]

terrell agree with you on the klien thing , but what about that lil mini me called Blanket ?

Regardless to what we say, this family know more about this situation with Michael than we know. All I am saying is that I am not going to judge his siblings. They know the facts, we only know what we WANT to believe and THink we know.