Paris Jackson sues estate for $600 million trust funding
Paris Jackson has filed a lawsuit seeking a partial $600 million distribution from her father's estate to fund a family trust for her and her brothers, while the estate says the will limits payouts until the children reach their 30s.
Paris Jackson, 28, has filed a petition in Los Angeles court requesting that the Michael Jackson estate release $600 million to a family trust for herself and her brothers, Prince (29) and Bigi (24). The filing alleges that the estate, which has generated billions since Michael Jackson’s death in 2009, has not yet funded the trust intended for the children.
According to court documents cited by media outlets, Michael Jackson’s will directs that each child begin receiving income from the trust at age 21, with additional distributions at ages 30 and 40. The estate, however, says that the will specifies no distributions until the children are in their 30s and that more than $200 million has already been paid to the beneficiaries.
"Ms. Jackson’s counsel is well aware that the Estate is prevented from fully funding the philanthropic giving and individual trusts for the beneficiaries until several legal hurdles have been removed, including in particular the ongoing IRS litigation where they sought $700 million in taxes and penalties from the Estate," the estate said.
"The Estate looks forward to the time when all issues are resolved so that their trusts can be fully funded as Michael wanted," the statement added.
The petition claims that the executor has delayed funding, leaving the siblings dependent on the co-executor John Branca for money, and asks the judge to order a "reasonable, partial distribution" to the family trust. A hearing on the matter is set for Dec. 4.