Michael Jackson Kids' Trust Fund: Wisely Managed
For all that's been written of Michael Jackson's questionable financial decisions, it looks like he learned his lesson - and didn't want his kids to repeat his mistakes.
He left a fortune to Prince, Paris and Blanket, but with long, long list of strings attached. Under the trust he left for them, the kids get 40 percent of MJ's estate.
His mother, Katherine Jackson, gets the use of 40 percent during her lifetime (when she dies, the remainder goes to the kids), and 20 percent goes to charity.
The kids' 40-plus percent isn't going to be seen for decades, though.
Prince, Paris and Blanket have no control of the money until they are 30. Until then, they only receive an allowance, determined solely by the estate's trustee.
Paris, Blanket and Prince will learn fiscal responsibility - something that their father showed limited ability to handle despite accumulating such a vast fortune.
When each of the kids turns 30, the trustees must then give them a third of their share outright. When the kids reach 35, they get half of their share outright.
If they screw up, Omer Bhatti gets it all. Just kidding.
At age 40, they get whatever's left. The late icon's will refers to the trust he set up but the trust document itself is separate, and has just now been released.
As for how much the kids will get? That amount, along with the value of the estate, grows every month, thanks to executors John Branca and John McClain.
Jackson's June 2009 death sparked a new generation of interest in his music, and various tributes, movies and song releases continue to rake in the dough.
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June 1st, 2010 9:14 PM
Michael Jackson was not only a musical genius but a very astute business man. What a lovely way to show his children how much he loved them by protecting their inheritance so well. John Branca is a wonderful trustworthy man and will honour Michael's wishes and keep Joe Jackson from getting his hands on any of their money. I miss you Michael and I hope you have found peace at last. God Bless You!!!
June 1st, 2010 9:13 PM
Michael loved his Mother and his children dearly. Katherine please take care of those kids for your son. Keep your husband Joe as far away from them and their father's money or it will be all gone before you can bat an eye. I'm really surprized that Michael didn't remember Janet as they did seem close but I guess when she tried to get him help he didn't want it and that tore them apart. Michael was such a great performer I only wished he had true friend around him. He died in the same manner as Elvis and he had spoken to Lisa Marie about he thought he would. God Bless Michael , Janet , Katherine and his 3 children.
June 1st, 2010 7:06 PM
michael loved his children and this shows how much. he wanted to make sure that they were taken care of. i just hope that someone keeps papa joe's hands out of the pot,because he has already stated that he needs more money to live on. love u michael
June 1st, 2010 4:14 PM
Just keep that leech Joe Jackson away from any of the money. He's hanging around with his tongue hanging out.
June 1st, 2010 1:40 PM
I don't care what others may think, Michael was extremely intelligent - he would not have gotten where he was otherwise. However, what brought him down was his over the top generosity and trust in people. He loved his children, and I hope his will shows that. RIP, Michael Jackson!!!
Love always...
June 1st, 2010 11:16 AM
THIS JUST GOES TO SHOW HOW MUCH MICHAEL JACKSON LOVED HIS KIDS AND WANTED THEM PROVIDED FOR. HOWEVER I'M SURE THEY WOULD RATHER HAVE HIM STILL AROUND RATHER THAN THEIR FUTURE TRUSTFUNDS.