Michael Jr, Paris & Prince to start taking over estate when each turn 30

[Dangerous Incorporated]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

documents credibility (real or fake) could be an issue. We'll discuss that with the senior staff and make changes accordingly. please bear with us for the time being.

So it could be fake?

NotW have been very accurate lately with their exclusive of the death bed, an interview with MJ, the paramedics report and more.

 

[Dangerous Incorporated]

Re: The trust fund MJ created in 1995 was made public (see tabloid section)

This thread is to discuss the impact of the latest information on the family & their negativity towards the estate administrators & trustees.

Also, they've been claiming the will is fake or MJ was an addict who did not know what he was signing. Well, we now have an older document stating very clearly MJ would prefer a bank taking over his estate over his family. To quote Ivy, he's been actively planning his estate for 14 years...

Lastly, many fans were complaining about the fact that MJ's relatives had no say in his estate...I am curious to read these peeps' reaction to the trust. The last secret document is finally out.

I think we should keep the two threads separate.

Im sure people are capable of talking about both in the same thread being that they both are are regarding the Trust.

A thread to discuss the negativity of the family against the Admins? Is this in the right tone? I still dont get whats with all the attacks on The Jackson family. Yes they arent perfect and we dont agree with some of their decisions but we arent perfect either and dealing with this during this tough time in their life in the public eye while criticising them isnt conducive to the end goal is it?

 

[ivy]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

It looks real to me but of course everything could be faked. All I'm saying is that as a tabloid is the source there could be issues about credibility, let's wait for the senior staff decision.

 

[KingOfPop1]

Re: The trust fund MJ created in 1995 was made public (see tabloid section)

It's an amazing document. Very direct and to the point and now I hope the release of the full will/trust (which originated in 1995) will stop all the skeptics and naysayers.

 

[dianadebraga]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

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."

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.

Are you guys think those talk of Michael thought Rebbie as guardian of kids was real? Or only more an talk of Latoya?

"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."

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."

Are you guys think such "insiders" quoted are REAL? Maybe Brian Oxman? LOL

 

[Dangerous Incorporated]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

I'm confused. In the beginning it says MJ is both trustee & trustor? Then when it says that should the trustor be declared mentally or physically incompetent, the trustee will do...... and describes what the trustee will do. How can that be if they are the same person?

Joseph again!

 

[marc_vivien]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

the executors, by law, can not distribute any money during the probate.

all this article is BS

 

[ivy]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

I'm confused. In the beginning it says MJ is both trustee & trustor? Then when it says that should the trustor be declared mentally or physically incompetent, the trustee will do...... and describes what the trustee will do. How can that be if they are the same person?

Joseph again!

Like I said before when Michael was alive and well, he was the one that established and run the estate - hence he was both trustee and trustor. After his death or if he gets incapacitated executors become the trustees, later the children become trustees etc.

what about Joseph?

the executors, by law, can not distribute any money during the probate.

all this article is BS

you are right, article is BS. True executors cannot distribute any money during the probate - hence the allowances. In no where it says that Katherine is entitled to the principal (she should get $100M is BS to start with). Lisa was a remarried woman, nothing weird about her not being mentioned in the documents. Care of the minor children is mentioned in the documents, if Diana or whoever else gets the custody will get money from the estate for the minor children's care. Estate also paid for the funeral expenses (around $1M) such as plots, the casket etc, the only thing they didn't pay was the extra cost for the city in regards to the salary and overtime paid for cops etc for providing extra security (something around $1-3M) - so apparently Michael didn't plan for a public memorial and legally city cannot ask for costs associated with special events (however that law is being changed I think). And so what if he didn't include his family, friends and staff , apparently he didn't want to provide for them after life.

 

[jayde123]

Re: The trust fund MJ created in 1995 was made public (see tabloid section)

Very well thought out..MJ was a smart man.

But to be honest i was one of those that believed Mj's family should have a say-so...especially when he first died. With the tragic way that he died, and all the crazy media that first week.. i think a Trusted family member should be involved until PPB are old enough. and by invovled i mean in his legacy with the material and products that will be released. it wouldnt hurt anyone if MJ's nephews are involved with that aspect. It just doesnt have to be the Money side. (let the professionals deal with that)

Just put yourself in the families position. half of them believe MJ was murdered the other half thinks Murray is just a complete fukk up. had mj died of natural causes i really dont think any member of the family would protest this.

IM not trying to argue so dont come at me sideways....


And i have a ? isn't there a family trust that supplies the family with some type of money??

 

[Dangerous Incorporated]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

Like I said before when Michael was alive and well, he was the one that established and run the estate - hence he was both trustee and trustor. After his death or if he gets incapacitated executors become the trustees, later the children become trustees etc.

It says that if the Trustee becomes mentally incompetent, the trustor must do such and such. That is still Michael. Can you show me where it says that if Michael is incompetent, that the executors take over the as trustees? I must have missed that part, however Ive only skimmed over it.

what about Joseph?

Not his middle name.

 

[ivy]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

It says that if the Trustee becomes mentally incompetent, the trustor must do such and such. That is still Michael. Can you show me where it says that if Michael is incompetent, that the executors take over the as trustees? I must have missed that part, however Ive only skimmed over it.

It doesn't need to be said explicitly in the documents. It's how the law/trusts works.

This is a living trust (stated in 1995 when Michael was alive) and Michael is identified as a trustee- meaning that he's managing his own trust as long as he's alive and competent.

After a person dies or becomes incapacitated the executors become the trustee(in other words the person who manages the assets/estate) and when they reach the age his children will become trustees.

You have read it other way around.

Page 2 Paragraph labeled 2

"If trustor becomes physically or mentally incapacitated, trustee applies for benefit of the trustor" - meaning that executors(they become trustees) take over the estate/trust to look after Michael and his business as needed.
later in the paragraph "until trustor is able to manage is his own affairs" - meaning that executors once again leave the control to Michael when he was able to manage his business.

He just put a short term provision for executors to step in if he was incapacitated for any reason but protected his rights saying that management of the estate was to be returned to him once he's fine.

edit: Joe - Joseph is for the conspiracy buffs in the conspiracy section

 

[Thetruthbetold]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

Yes, I think they think it is suspicious because they did not get a thing! Serves them right for all of the crap they have been saying about him since he died. There is so much I can say about this. but I think the above will suffice for now.

Michael respect the grounds his kids walked on what i don't understand is why people just can see things for what it is he bless to have three children that he wanted to run everything that belongs to him. I will continue to pray that god has his hands on them

 

[ivy]

Re: The trust fund MJ created in 1995 was made public (see tabloid section)

And i have a ? isn't there a family trust that supplies the family with some type of money??

nope.

Just Katherine during her lifetime, his kids (later his grandkids) and charity (most probably a children's charity). If his mother, his kids (and grandkids) does not survive 6 of his cousins - 3T, Levon,Anthony and Elijah- (and later their kids) get the trust. that's it.

 

[clarac]

Re: The trust fund MJ created in 1995 was made public (see tabloid section)

thank u guys for the great job to summarize the documents.
this only proves that MJ has always been a savvy and wise bussinnes man,in charge of his life and affairs...it's pretty clear what role he wanted his family to have..or better...not to have!

 

[Sophielo]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

I know this was originally from the NOTW but sadly this is the only source for the document, as much as I hate that rag they have a lot of money and seem to get a lot of Jackson exclusives. Because it is a document and big news I'll allow it to be in news and happenings. But no discussion of the article itself, just the document.

 

[144000]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

MJ has to set a record. the first broke artist in history to leave a fortune to his kids.

in another life, a perfect life, there will have been an apocalypse, and the media will have been destroyed in it. why do people want to cause us pain by letting that filth fly all over the place, and then tell us to be robots, squash our tender feelings, and ignore it, in our time of grief? isn't there enough pain to go around?

 

[ivy]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

I know this was originally from the NOTW but sadly this is the only source for the document, as much as I hate that rag they have a lot of money and seem to get a lot of Jackson exclusives. Because it is a document and big news I'll allow it to be in news and happenings. But no discussion of the article itself, just the document.

I agree. Although I don't like the tabloid, this document itself is quite important to be ignored.

 

[rainny]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

FYI By the time Michael Jr takes control of his 1/3 (at age 30) Randy Jackson will be too old to pull any ish...well 62 is old..right???

Is it? What about Joseph's record label with Marshall at the age

of eighty?

 

[honeysucklejasmine]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

Ivy, thank you very much for the breakdown of the document you provided on page1 of this thread! :flowers:

 

[twinklEE]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

Well I ain't surprised.. the ones who didn't get anything well to bad.. it's due to ur own actions.. due to all the crap u've been pulling since 1982. Take care of urself and ur children Michael doesn't owe any of u ish go begging to Janet.

 

[StacyJ]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

I agree.. Rebbie and Latoya both have sold Mike down the river. why would he leave them anything?

 

[twinklEE]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

FYI By the time Michael Jr takes control of his 1/3 (at age 30) Randy Jackson will be too old to pull any ish...well 62 is old..right???

By the time Prince takes control of his 1/3 at the age of 30.. Randal will be 67 I believe, he was born in 19671.. ?

 

[max000]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

I am confused. MJ'S estate is only worth 300 million.?? What about the BEATLES CATALOG.?? And the MIJAC CATALOG.??

 

[noumene]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

Huge thanks to Ivy for all the explanations. And thanks to Memefan for posting the document, very interesting indeed.

So if the kids want to request money before they turn 18 (say to buy a car or something), they can go to the executors directly?

 

[Memefan]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

I am confused. MJ'S estate is only worth 300 million.?? What about the BEATLES CATALOG.?? And the MIJAC CATALOG.??

Assets minus liabilities.

In court documents, the executors estimated MJ's net assets (after you subtract liabilities) at time of death to be 500M$ (Assets - liabilities=500M)

20% of 500M =100 M to charities

out of the 400M$ remaining they have to pay estate & inheritance tax (Huge chunk of $$)

By the time Prince takes control of his 1/3 at the age of 30.. Randal will be 61 I believe, he was born in 1961.. ?

I stand corrected.

Well, someone already pointed out that Joe is 80 and still pulling ish...so my argument is void.



Whatever remains is to be split 50% Kate - 50% Kids.

But the estate has grown so much since last june...I am sure the value has since increased greatly.


I still want to hear what the conspiracy theorists have to say about the latest document to be released. I want to know if they also think the trust is fake.

 

[twinklEE]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

Assets minus liabilities.

In court documents, the executors estimated MJ's net assets (after you subtract liabilities) at time of death to be 500M$ (Assets - liabilities=500M)

20% of 500M =100 M to charities

out of the 400M$ remaining they have to pay estate & inheritance tax (Huge chunk of $$)




I stand corrected.

Well, someone already pointed out that Joe is 80 and still pulling ish...so my argument is void.



Whatever remains is to be split 50% Kate - 50% Kids.

But the estate has grown so much since last june...I am sure the value has since increased greatly.


I still want to hear what the conspiracy theorists have to say about the latest document to be released. I want to know if they also think the trust is fake.

I meant 67 not 61... but yeah Josephs 81 and still pulling crap.. so yeah ur right..... let's pray Randy won't be in any position to pull any crap..

 

[ginvid]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

I'm confused. In the beginning it says MJ is both trustee & trustor? Then when it says that should the trustor be declared mentally or physically incompetent, the trustee will do...... and describes what the trustee will do. How can that be if they are the same person?

Joseph again!

In page 17, first paragraph it says if the trustor dies or is incapacitated, then the co-trustees will take over. Which is Branca, McClain, and Seigel.

 

[Memefan]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

I meant 67 not 61... but yeah Josephs 81 and still pulling crap.. so yeah ur right..... let's pray Randy won't be in any position to pull any crap..

even better...He already took enough...albeit fraudulently. :cheers:

 

[HIStory]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

Who are Elijah, Anthony and Levon Jackson? Whose kids are they?

 

[Memefan]

Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

Who are Elijah, Anthony and Levon Jackson? Whose kids are they?

I think they are Michael's cousins. Some of them appeared in that Publix supermarket clip with Mj & the Malniks.