Michael Jackson's Kids Given $70K Monthly Allowance; Trust Fund Reported 'Empty,' Used to Pay Off Debts? [DETAILS]
Paris, Prince and Blanket Jackson might not be getting the large trust fund that their father, Michael Jackson, was rumored to have left for them.
The children will live on a $70,000 a month allowance and the trust fund left for them is allegedly "empty," despite Jackson's accumulated wealth throughout his musical career and posthumously, reported by the New York Daily News on Sept. 3
The singer made $600 million since his 2009 death from his music and assets, none of which is being put at the moment in the trust fund for Paris, 14, Prince, 15 and Blanket, 10.
Instead, the children are on an allowance controlled by estate executors and overseen by a court judge.
The delay may be connected to the fact that a team of lawyers are trying to work out Jackson's debts and legal bills, which could reportedly take up two to five years, according to Rt.com.
"The probate is still pending, and although almost all of Michael's personal debt has been or is about to be paid in full, the estate is technically still in debt," estate lawyer Howard Weitzman told the Daily News. "Once all of the creditors' claims, taxes and pending litigations have been resolved, the trusts will be funded per court order."
The trust fund, if it ever accumulates the King of Pop's fortune, will be split 50 percent for his three kids while the other half will go to his mother, Katherine.
"(It's) too early to speculate on any precise number for a value. It will be a substantial number, I'm certain," Weitzman said.
Katherine, 82, also has not received her share of the trust fund and is also on an allowance. She is currently the kids' guardian. Before Michael's death, he ordered that the trust fund not be touched by his children until they were 21.
