This primary distrubution is distrubuting the kids money? right? because correct me if im wrong but she gets an allowance and nothing more regardless of whether the estTe is in probate or not?
no it's not. according to trust 40% is put aside for KJ and 40% for kids. From that 40% Estate needs to cover KJ's living expenses and they could give her as much as they want if they see it proper and needed.
I believe last accounting showed over $20 Million in PPB Inc. So Estate have been putting money in trusts in my opinion.
I'm not sure, but Ivy can correct me if I'm wrong. I think KJ didn't ask preliminary distribution, she tries to get the court to pay her legal bills under "family allowance" or "atty fees in guardianship proceedings". Just like they pay her housekeep, driver secretary etc. If it was, her atty would have advised her to fill in the form for prelim distribution.
Court doesn't agree that this 300 thousand falls under the atty fees or family alowance and are suggesting it might be preliminary distribution of her 40% as beneficiary of MJ's will
If it is decided and KJ apply for preliminary distribution, they need to decide whether it comes from KJ's share, or is it going to be divided between KJ and PPB.
Ivy can clear this out The more I read stuff, the more confused I get
You are correct on what I quoted. even if it's family allowance or preliminary distribution it still comes out of Estate. The only difference is the effect on money balances. For example if this is determines as family allowance or legal fees and Estate is ordered to pay it, they pay it from their budget. IF this is determined as preliminary distribution estate pays it from KJ's trust and it reduces the amount in KJ's trust for future.
Ivy, I have a question.
I was wondering that we know KJ cannot will her share to anyone and she gets her allowance during her lifetime, but if she uses the allowance money to buy property, jewels or other valuable stuff, she then can will these to her other cubs?
Yes she can.