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Old 30-05-2010, 10:06
sophloz
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Michael Jackson leaves his kids more than $33 million each in will


MILLION-HEIRS: Kids get more than $33 million each

By James Desborough, US Editor, 30/05/2010

MICHAEL Jackson has left his children a multi-million dollar fortune - despite dying BROKE, we can reveal.

The three kids could even become BILLIONAIRES through the trust funds he set up in his will.

But Prince, now 13, Paris, 12, and Blanket, 8, will be at least 30 before they can get their own hands on the money.

Meanwhile *****'s mother Katherine is already entitled to $99m (68m) from the legacy, which we can disclose for the first time.

The astonishing never-before-seen document shows the King of Pop left:

NOTHING to his ex-wives Debbie Rowe and Lisa Marie Presley

NOTHING to his brothers Jermaine, Jackie, Tito, Marlon and Randy.

NOTHING to sisters LaToya, Rebbie and Janet

NOTHING to his dad Joe and

NOTHING to his staff or closest friends.

CLICK HERE TO READ WILL IN FULL
Last night a family insider said: "Michael had his fallings out with his father and brothers but, being the generous soul he was, it's almost unbelievable he left them with nothing."

The 23-page file shows how *****'s legacy has been completely transformed since he died drug-addled and heavily in debt.

Lawyers running his estate have managed to cash in on his death to push his bank balance back into the black. Movie, music and other deals have made his estate worth an estimated $300m.

The will splits proceeds 40 per cent to the children, 40 per cent to Katherine and 20 per cent to charity.

The family insider said: "Michael's mother and his children were the dearest thing to him in his life, so he made sure that they would benefit when he died.

"In truth those children will never have to want for anything - and that's what Michael wished for.

"And they will be old enough and hopefully wise enough when they get their hands on the money."

Under the terms of the Michael Jackson Family Trust fund, first drafted before he had children, and signed off in 2002, the three kids are today each worth $33m (23m).

That will be boosted by the proceeds from the share of Katherine, 80, when she dies.

The children can apply to fund trustees for cash when they reach 21, but they will have to be 30 before they get free access to a third of their share.

At 35 they get a half share and the full amount at 40.

Marketing experts reckon that with Katherine's cash, future commercial ventures and interest, they will have $300m each in the pot by 30.

And by the time they are 40 that could easily have soared to a billion, especially for youngest Blanket who will have to wait until 2042 for the full sum.

But the documents have caused disquiet among Jackson family members. One said: "There are many strange things in this trust. Rebbie and LaToya were so very close to their brother that he would've wanted to leave them with something.

"It's weird too how he mentions Debbie Rowe, but his first wife Lisa Marie is not mentioned."

Debbie is blocked from cash by the testament - Lisa Maria is totally ignored.

"There was shock too in the family ranks. It seems like whoever put it together made many mistakes in terms of names and correct spellings too - Michael certainly knew which were right and wrong.

"The family are staggered that Michael signed - or even agreed to it."

There was concern, too, that Katherine has still not received her share.

"Katherine should be due her $99m now - and we are wondering why she hasn't received that yet. The money is in the bank from the deals, and Michael's orders are clear on the documents. As yet the estate administrators and Katherine have not even discussed this.

"There is much ill-feeling in the family over this, because for years Katherine has always relied on Michael's money. As of today it is not around.

"The house needs improvements, security could be improved and Katherine would want to lavish money on her grandchildren and give to good causes.

The law and paperwork is on her side - and she has given up challenging the estate to get the money she deserves."

Despite their paper windfall the Jackson children are paid a total of $81,000 a month to cover their living fees.

That sum is handed to their grandma Katherine from the estate executors - who upped the amount late last year owing to the family's money problems.

Family members speaking off the record to us said that the maintenance fees are 'disgracefully low'.

One furious family insider told us: "The monthly sum seems large, but this includes the kids' fees for schooling, clothes, food, staff, security and living expenses.

"For the past few months money in the household has been tight.

"But while there is a struggle in that world the estate has been making vast amounts of money from Michael's legacy.

"Michael would be furious about this. If he were alive and knew how much money was available to them he would fire those people in charge - that is a certainty."

***** left provision for his kids to choose a charity of their choice to give 20 per cent of his estate. It was to be sanctioned at a meeting with the trustees.

The family member says no meetings have been arranged.

The ***** estate is run by LA lawyers John McClain and John Branca, They pocket 10 per cent on all ventures.

Among others who missed out in the will were *****'s PA and round the clock nursemaid Grace Rwaramba and his "fourth child" Omer Bhatti - who lived on and off with the star for years.

Star singer Diana Ross was named as a guardian for the children if Katherine died, but was left no money to help her to carry out the duties.

Other chums omitted were Marlon Brando's son Brando, spiritualist Deepak Chopra, child star Macaulay Culkin and kid pal Frank Casio - who looked after him in 2008.

And ***** even forgot his own funeral, leaving nothing to pay for his send off. The city of Los Angeles ended up forking out millions for his farewell last July after he died aged 50.


http://www.newsoftheworld.co.uk/show...sons-will.html
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Old 30-05-2010, 12:08
Hera
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What a sh*t write up from NOTW!

Why would he leave any money for Lisa Marie? They had no children together and she has all her daddy's money.

Suprise, suprise the family are upset that they were left with nothing. Michael was right to leave the money for his children and obviously for his mother Katherine so why would he left money for his father and siblings?

and this part shows the stupidity of this article -

And ***** even forgot his own funeral, leaving nothing to pay for his send off. The city of Los Angeles ended up forking out millions for his farewell last July after he died aged 50.
LA didn't pay for the funeral you morons!!! It was the memorial. And the estate ended up paying for Michael's funeral in the end!
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Old 30-05-2010, 21:19
Tiron
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Good on him for rightly providing well for his children and mother.
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Old 31-05-2010, 00:14
AWESOM-O 4000
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20% to charity, nice to see that gets pretty much ignored as usual.

MJ gave over $500 million to charity during his life and not a word is written about it, how incredibly sad.

What a legend. Nothing more to be said.
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Old 31-05-2010, 00:22
bowen9999
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Agree with both posts above!

MJ has provided for his children & mother, which is as it should be. The rest of the family & friends should stop trying to sponge & earn their own money!

20% to charity (with an emphasis on children's charities)... unbelieveably generous.
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Old 31-05-2010, 10:03
sophloz
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20% to charity of Michael's estate, gees, that's alot of money. Michael was so smart here. He had so many leeches in his life after his money at least his kids will always be protected financially. How I love that man!
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Old 31-05-2010, 10:07
Taboo
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I'm quite surprised Michael hasn't left anything to Diana Ross.Esp as if god forbid,anything happens to Katherine,she's going to have to look after the children
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Old 31-05-2010, 11:41
i4u
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Why does the paper print details of the 'FAMILY TRUST' but refer to it as the will?

The 'Family Trust' was set up 1 Nov 1995 and Article 2 Para 1 states the 'Trustor' ie Michael while alive had access to the fund for his personal use.

The charities mentioned in Article 3 appears to be only those set up by the trustees which reduce the tax payable by the estate?

The 'Heal The World Foundation' had tax exemptions but were withdrawn by the authorities because the Foundation failed to comply with certain rules.

Mention of Debbie Rowe may be related to the fact as to when the Trust was first drawn up and her being the mother of two of his children.

The way the section re Debbie Rowe is written and no mention of Lisa Marie does make it interesting.

Is it relevant who the money would have gone to if Katherine and the children were not around.....Levon Jackson, Elijah Jackson, Anthony Jackson, Taj Jackson, Tarylle Jackson and T.J Jackson?

Finally where does the paper get its money figures from, if correct it confirms the value of the music catologues is nowhere nowhere that stated at the child molestation trial in 2005?
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Old 31-05-2010, 17:46
bowen9999
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Why does the paper print details of the 'FAMILY TRUST' but refer to it as the will?
Because the News of the World are useless at reporting!

The charities mentioned in Article 3 appears to be only those set up by the trustees
I'm not sure how you've come to that conclusion. It simply states the charities should benefit children.

Is it relevant who the money would have gone to if Katherine and the children were not around.....Levon Jackson, Elijah Jackson, Anthony Jackson, Taj Jackson, Tarylle Jackson and T.J Jackson?
Not sure what you mean?

Finally where does the paper get its money figures from, if correct it confirms the value of the music catologues is nowhere nowhere that stated at the child molestation trial in 2005?
Don't know where they get there figures from. I actually think the esate could be worth far more than $300 million. http://en.wikipedia.org/wiki/Sony/ATV_Music_Publishing
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Old 31-05-2010, 20:52
sophloz
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That catalogue alone is worth well over $300 million. The estate is going to be worth a ridiculous amount by the time the kids are 30. Its already been said by many fiancial advisers that the MJ estate is going to far outmake anything the Elvis estate ever did. One deal signed by the estate was worth $250 million alone. You take into account merchanidse, royalties, catalogue, names etc and you're looking at way more than $300 million.
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Old 08-06-2010, 18:48
MsLurker
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I'm quite surprised Michael hasn't left anything to Diana Ross.Esp as if god forbid,anything happens to Katherine,she's going to have to look after the children
He didn't need to leave her anything. Diana would just to go the estate and they would pay for the children's expenses.

Diana is rich in her own right. I can't see her wanting his money for herself, just the children's upkeep.

Very telling he choose her over his other family members. But the way they have been acting since his passing it all makes sense now.
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Old 08-06-2010, 20:02
geniedi
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I was reading Randy Jacksons twitter the other night he was answering questions - apparently - he said he believes the will is fake....
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Old 08-06-2010, 20:30
sophloz
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I was reading Randy Jacksons twitter the other night he was answering questions - apparently - he said he believes the will is fake....
Randy says a lot of things though!
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Old 08-06-2010, 22:04
MsLurker
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I was reading Randy Jacksons twitter the other night he was answering questions - apparently - he said he believes the will is fake....
Only because he isn't in it.
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Old 08-06-2010, 22:31
dory22
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Only because he isn't in it.
well its dodgey thats for sure, it was signed in LA supposledy by mj on the day he was in new york, the kids names names are wrong on there, debbie rowes middle names changes from page to page and if you are a excutor of an estate for that person you cant sign a will for them as it makes the will invalid, john branca has signed it. would you sign your will that didnt have the right details on. like the kids names?

i think randy and the others are under the familey trust that katherine gets and out of all the brothers randy is the one who mj tended to trust the most, randy remortgaged his house to help mj out, which compared to the rest of the brothers says a lot.
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Old 08-06-2010, 22:38
dory22
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That catalogue alone is worth well over $300 million. The estate is going to be worth a ridiculous amount by the time the kids are 30. Its already been said by many fiancial advisers that the MJ estate is going to far outmake anything the Elvis estate ever did. One deal signed by the estate was worth $250 million alone. You take into account merchanidse, royalties, catalogue, names etc and you're looking at way more than $300 million.
the catalogue is going into the billions mark, there was an article printed a couple of years ago that i read during the investigation stuff we were doing on the other board, a member of sony said 'we want that catalogue back and will go to extreme measures if needed to get it off michael' or something similar will see if i have the article still.
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Old 08-06-2010, 22:49
lucy mane
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Seeing how some of his family are behaving now, he was no mug.
He only trusted his mother, and maybe Janet. She is already a multi millionaire.
That is not going to do down well with a lot of his family.
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Old 08-06-2010, 23:14
MsLurker
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well its dodgey thats for sure, it was signed in LA supposledy by mj on the day he was in new york, the kids names names are wrong on there, debbie rowes middle names changes from page to page and if you are a excutor of an estate for that person you cant sign a will for them as it makes the will invalid, john branca has signed it. would you sign your will that didnt have the right details on. like the kids names?

i think randy and the others are under the familey trust that katherine gets and out of all the brothers randy is the one who mj tended to trust the most, randy remortgaged his house to help mj out, which compared to the rest of the brothers says a lot.
It was cleared up why the will was signed in LA when MJ was in New York. Plus the will that MJ had before was the same just some minor details changed like Blanket and Pairs added. Branca was always going to be an executor.

If there is is a another will where is it? Surely if MJ didn't trust Branca all he had to do was write another and put in the hands of a different lawyer.

And Randy never had his brothers back. Michael was sued after trial all because of Randy's dodgy dealing in fact one of Randy's friends is suing the estate now,cost MJ a lot of money. Not only that Randy and friend tried to force Michael to sign away the Beatles catalogue at the trial. I trust Randy as far as I can throw him.
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Old 08-06-2010, 23:24
dory22
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It was cleared up why the will was signed in LA when MJ was in New York. Plus the will that MJ had before was the same just some minor details changed like Blanket and Pairs added. Branca was always going to be an executor.

If there is is a another will where is it? Surely if MJ didn't trust Branca all he had to do was write another and put in the hands of a different lawyer.

And Randy never had his brothers back. Michael was sued after trial all because of Randy's dodgy dealing in fact one of Randy's friends is suing the estate now,cost MJ a lot of money. Not only that Randy and friend tried to force Michael to sign away the Beatles catalogue at the trial. I trust Randy as far as I can throw him.
i know on tmz they were discussing how the will could of been of signed when mj was in new york but it i didnt realise they'd found out, because they said they didnt think he would of flew back to LA, was branca always going to be an excutor concidering mj fired him because branca and mottola had set up an off shore account and was filtering mjs money into, and if he was always going to be an executor then why did he sign the will, it doesnt make sense, and iv thought the same about a new willand maybe someone somewhere is keeping it hidden.
that last will had all kids names on it, but wrong, prince birth certifice says michael jackson jnr and blankets is prince michael joseph jackson so i still find it odd that the lawyers who drew this up got this wrong on one page it has debbie rowes middle name as jean and on another as jeanne, with thing like wills you have to be so careful.

and if branca was always going too be an executor of the estate why was he allowed to the sign the will? im sure a lawyer person on another forum mentioned it would make the will invaid
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Old 08-06-2010, 23:27
sophloz
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Goodness knows what the hell is going on with the will. Yeah some things are wrong on it like Prince's legal name being wrong being the glaring example but I don't think its fake.
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Old 08-06-2010, 23:31
MsLurker
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If the Will is fake I would think a lawyer as smart as Branca wouldn't make mistakes. I think he was just following what MJ told him. How the family has acted since MJ's passing the Will makes total sense to me. I think deep down Mrs Jackson knows it to hence the reason why she got herself a lawyer and dropped the contesting of it. Much to Joe and Oxman's despair.
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Old 09-06-2010, 14:29
geniedi
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Randy says a lot of things though!
Only because he isn't in it.
A lot of sour grapes going on, all about money and them not getting their greedy hands on it...
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