Michael Jackson’s kids are said to have been blocked from receiving funds from his trust.
Insiders can confirm how this would ensure until his estate and the IRS set a battle or dispute that has been in the works for years.
As per court documents that were received by a few outlets, the kids were blocked from getting funds from the trust and that means Paris, Prince, and Bigi Jackson who are the real beneficiaries of the trust would need to wait for the legal battle to end.
The news comes following a major tax audit conducted on the estate where it received a warning in the form of a note of deficiency that alleged that the estate undervalued all assets. This meant it owed up to $700 million in the likes of taxes and penalties.
The filing continued to argue how the estate does not agree with the claims and therefore went to tax court where they were deemed to be victorious in the year 2021.
Since then, the estate filed a motion for such values that needed to be considered and on that request, we still have a pending status. This meant the estate’s value wouldn’t be finalized for certain purposes like taxes.