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Michael Jackson Estate funding Trust 30 Million for Katherine & Kids

For the kids to get this money it has to go through Cathrine right - so I guess this is a good thing. As for now they are all too young to handle that amont of money, Mrs Jackson might not be the right person either but either way I don't see how else to go at this?
 
Autumn II said:
I think you are correct. Plus, as you said, the Estate is not obliged to pay full interest on the principal, and the principal most likely will still increase, staying well ahead of inflation.
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I think KJ will be getting a monthly stipend for the rest of her life even if her trust reach $1B. That's just the way MJ set up his will.
 
passy001 said:
Katherine does NOT take 40% of 30M. 30M is the principal. so the 40% of 30M is the pool size of her trust. she'll be getting interest on that amount only. Even so, the Estate is not obliged to pay her the full interest on the principal. They pay strictly based on her needs.
Maybe someone can correct me if i am wrong.
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"Even so, the Estate is not obliged to pay her the full interest on the principal. They pay strictly based on her needs."

That is right, Passy. Her apanage is only and exclusive for her PERSONALLY coste (pocket money).
If, however, Katherine wishes a golden wheel chair and has for it no money, she can get the money from the Katherine's-pot of Mr. Branca. (for example)....
And she can leave bequeath it later in LaToya...or Jermaine...

I ask myself, why she does not buy the new house herself...
 
Indra said:
For the kids to get this money it has to go through Cathrine right - so I guess this is a good thing. As for now they are all too young to handle that amont of money, Mrs Jackson might not be the right person either but either way I don't see how else to go at this?
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the kids dont get the money it goes into the trust and they get a monthly allowance were everything has to be accounted for.katherine will be prob long gone by the time they get any cash in hand so to speak
 
Mneme said:
"Even so, the Estate is not obliged to pay her the full interest on the principal. They pay strictly based on her needs."That is right, Passy. Her apanage is only and exclusive for her PERSONALLY coste (pocket money).If, however, Katherine wishes a golden wheel chair and has for it no money, she can get the money from the Katherine's-pot of Mr. Branca. (for example)....And she can leave bequeath it later in LaToya...or Jermaine...I ask myself, why she does not buy the new house herself...
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katherine said she had no money what so ever except for what mj gave her.when she dies the money stops.there is nothing to leave to jermaine etc.she gets a monthly allowance only
 
Mneme said:
"Even so, the Estate is not obliged to pay her the full interest on the principal. They pay strictly based on her needs."

That is right, Passy. Her apanage is only and exclusive for her PERSONALLY coste (pocket money).
If, however, Katherine wishes a golden wheel chair and has for it no money, she can get the money from the Katherine's-pot of Mr. Branca. (for example)....
And she can leave bequeath it later in LaToya...or Jermaine...

I ask myself, why she does not buy the new house herself...
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@the boldpart: That's because she cannot afford it. Plus, the new house will NOT be in her name. It will be in the Estate name. MJ set up his will so that KJ does NOT inherit any assets. and more importantly, she can't transfer such assets to anyone.
 
passy001 said:
@the boldpart: That's because she cannot afford it. Plus, the new house will NOT be in her name. It will be in the Estate name. MJ set up his will so that KJ does NOT inherit any assets. and more importantly, she can't transfer such assets to anyone.
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Right. She can't. That means the rest of the family, except for Michael's children, were TOTALLY left out of the will -- except for what Katherine can glean from "the grocery money." When she passes on, the rest of the family will be ENTIRELY cut-off from any possibility of money from Michael's Estate. His children get everything. That's the way Michael set it up, and I think it speaks volumes, i.e., "enough is enough." (I think this fact is what's spurred so many money-making ventures by other family members? Handwriting on the wall, so-to-speak?)
 
I still get the words that they don´t want to sell it. I guess an answer to this will come anytime soon.
 
moodyblue97;3482883 said:
I still get the words that they don´t want to sell it. I guess an answer to this will come anytime soon.
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You mean the estate doesn't want to or Katherine and the kids don't want to sell?
 
So if I get this straight. Say the debt was $400 million and they reduced the debt by 90 million by reducing interest rate so the new debt is $310 million? They pay $159 now and the new total is $151 million? That's pretty good and on the right track. The interest rates are what gets people and takes forever to pay off. Michael was smart having Branca and Mcclain. They clearly know what they are doing and the kids and Katherine are benefitting from it. These things take time.
 
Can katherine do what she wants with her allowance? When she passes how does it all go back to the kids?
 
When she dies the monthly allowance stops and thats it. i guess if shes got some stached away there could be a question over that.but considering its a monthly allowance and not a lump sum and all the money making scams shes involved in i presume she doesnt have much left at the end of the month. i always thought her allowance had to be accounted for but theres been mixed reports on this
 
moodyblue97;3482883 said:
I still get the words that they don´t want to sell it. I guess an answer to this will come anytime soon.
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the estate or the family? i'm hopping it won't be up for sale. after Neverland it's the next best place to make a museum of
 
marebear said:
Can katherine do what she wants with her allowance? When she passes how does it all go back to the kids?
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She doesnt recieve all the money in a lump sum but a stipend/ allwance if you will to support her needs.
she cant take full amount and do what she pleases. when she passes that part of the trust goes to children.
when they are of age they will have full control .. but she never will. It wasnt set up that way for thier protection
MJ was very wise in how he protected his childrens interest
 
I think she is greatful for estate having control becuase she does have a judgement against her
or any property she owns for a great amount from koreans. But they can not touch the money
in the estate or trust of Michael. Only her personal assets ..
 
maral said:
the estate or the family? i'm hopping it won't be up for sale. after Neverland it's the next best place to make a museum of
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Katherine and family doesn't want to sell. Katherine doesn't want to live there but she want to keep it for parties , weddings and such things.
 
elusive moonwalker said:
katherine said she had no money what so ever except for what mj gave her.when she dies the money stops.there is nothing to leave to jermaine etc.she gets a monthly allowance only
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Yes that is true.

Guys several people in the thread have explained how the trust works, but every 3 posts someone says something that is against the correct information. I know that it is hard to read big threads, but here you just have to go back about 2 pages.

Please remember this money cannot be taken out by Katherine or the kids. This money is to fund the trust. More money will be added to the trust, so you cannot do math by subtracting the cost of a house, etc., from the amount and say the kids will end up with X amount.
Katherine cannot go into it and take out money to buy a house, car, or give to the children.
Katherine cannot leave her share to her heirs. When she dies the money goes into the kids trust.
Katherine gets an allowance now and it will be continued.
Kids get an allowance and it will be continued.

If anyone thinks of more please add.
 
moodyblue97 said:
Katherine and family doesn't want to sell. Katherine doesn't want to live there but she want to keep it for parties , weddings and such things.
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Do Branca & McClain know that Katherine doesn't want to sell?
 
moodyblue97 said:
That is what I wonder too, haven't got answer on that. Sorry. I think they're gonna talk about it as soon as possible
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Thank you for your info! Do you ever hear them talk about Neverland and if the kids would like to have it back?
 
Petrarose said:
Yes that is true.

Guys several people in the thread have explained how the trust works, but every 3 posts someone says something that is against the correct information. I know that it is hard to read big threads, but here you just have to go back about 2 pages.

Please remember this money cannot be taken out by Katherine or the kids. This money is to fund the trust. More money will be added to the trust, so you cannot do math by subtracting the cost of a house, etc., from the amount and say the kids will end up with X amount.
Katherine cannot go into it and take out money to buy a house, car, or give to the children.
Katherine cannot leave her share to her heirs. When she dies the money goes into the kids trust.
Katherine gets an allowance now and it will be continued.
Kids get an allowance and it will be continued.

If anyone thinks of more please add.
Click to expand...

That pretty much covers it? I think the key point here is that Katherine will probably have NOTHING to leave to her other children. That situation is a combination of the Korean judgment against her, AND the way Michael wrote his will. Anything she accumulates, or owns (as in property), could be applied to the Korean debt. (doesn't look like the executors are inclined to pay off that debt, and I don't blame them!) NONE of her portion of the estate goes anywhere else but to the children, when she passes away. She's in her eighties, so I'd expect some of her adult children are sweating bullets! The Tribute concert was probably designed to line their pockets, as much as possible -- because, depending on how long Katherine lives, when she passes, they will be entirely on their own, will have to take care of their own kids, and so on.

Technically, the executors CAN sell the house, whether or not she wants them to. It's NOT in her name.
 
I wonder why the executors might want to sell it? I don't blame them it probably still costs a lot even though it isn't lived in.
Just wondering...

I wish they would get Neverland back.
 
ilmjj said:
Thank you for your info! Do you ever hear them talk about Neverland and if the kids would like to have it back?
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I don't have fresh info about that, but a few months back they had talked about Neverland and how they wanted to go there again. And they wanted to keep it back then. Hopefully it's still that way.
 
About wanting the house for weddings and parties, whose weddings and parties is she talking about? Does she mean members of the family or rent it out to friends to have parties and weddings there? It seems a waste to simply keep a house to have weddings and parties. How many weddings are we expecting from one family per month? Unless this is a super duper party family, how many parties is expected to take place per month, for this idea to be viable?

I know sometimes corporations keep a property for parties and meetings, but there is a way to deduct this on the books for tax purposes.
 
^^I would guess that whether or not to hold on to a house that is paid for (like Hayvenhurst) is for sentimental purposes. My family has kept our family home for sentimental reasons and family gatherings. It probably wouldn't make sense to people outside of the family, but to us it makes perfect sense.
 
qbee said:
She doesnt recieve all the money in a lump sum but a stipend/ allwance if you will to support her needs.
she cant take full amount and do what she pleases. when she passes that part of the trust goes to children.
when they are of age they will have full control .. but she never will. It wasnt set up that way for thier protection
MJ was very wise in how he protected his childrens interest
Click to expand...

Thank you.
 
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