Michael Jackson‘s children—Prince (27), Paris (26), and Bigi (22)—along with his mother (94), Katherine, have been barred from accessing funds from the late singer’s trust until an ongoing dispute between his estate and the Internal Revenue Service (IRS) is resolved. The beneficiaries of the trust will not receive money until the legal battle concludes, according to a document dated May 28, 2024.
The dispute arose when the IRS examined the federal estate tax return and issued a note of deficiency to Jackson’s estate, alleging undervaluation of assets and claiming an additional $700 million in taxes and penalties. While the estate challenged these allegations and won a trial in 2021, a motion for reconsideration regarding the value of Mijac’s, Jackson’s music catalog owned by Sony Music, is still pending.
Despite the funds being held, Michael Jackson’s children and mother issued a statement emphasizing that they continue to receive payments through an allowance provided by the estate. The estate has a cooperative relationship with Michael’s children and ensures they are well taken care of, just as Michael would have wanted.
This new development comes months after Sony Music Group finalized a deal in February to purchase half of Michael’s music catalog for at least $600 million. Meanwhile, Bigi has also been involved in an ongoing dispute with his grandmother Katherine after she attempted to use money from the estate to pay legal fees for an undisclosed court battle.
