Michael Jackson’s estate halts trust fund payments to his 3 kids over tax dispute

The three children of the late pop icon Michael Jackson will not get financial support from their father’s estate until the estate’s tax problems are handled.

The estate was served with a claim by the IRS on Tuesday (May 28), according to PEOPLE, requesting that the beneficiaries’ trust assets not be enriched until the federal agency’s issues are settled.

The heirs to Jackson’s estate include not just his three children, but also his mother, Katherine.

According to a statement given by the estate to the news source, “The Estate provides Michael’s mother and children with very substantial amounts of money to support them” in annual reports that are made public and are thus accessible to anybody.

It came to this conclusion: “The Estate has a very cooperative relationship with Michael’s children and whenever they need anything, the Estate works with them to ensure that they are very well taken care of, just as Michael would have wаnted.”

More than $700 million in unpaid taxes is allegedly owed by Michael Jackson’s estate, according to the IRS.

Katherine Jackson prevented the co-executors of the late King of Pop’s estate, John Branca and John McClain, from proceeding with an undisclosed transaction in March by suing them.

Legal documents show that she is spending a significant penny on legal bills related to the issue, which Blanket, Jackson’s son, claimed shouldn’t be paid out of MJ’s estate.”A reversal on appeal would be an extreme longshot,” said the paperwork filed on behalf of the 22-year-old, according to the docs. With such chances in his favor, Bigi opted not to fritter away his resources on an appeal. But Katherine will be appealing the decision of this court. The heirs will not profit from that choice.

At first, Prince, Blanket, and Paris Jackson opposed Branca and McClain’s deal alongside their grandmother. All three children, however, were satisfied with the judgment once it was approved by the probate court.

The contested deal, according to the outlet’s reporting, is the estimated $600 million sale of portion of the singer’s repertoire to Sony, but the arrangement is not specifically stated in legal filings.

Even though the late musician hasn’t put out any new music in the years following his tragic deаth, his estate is still worth billions.