Michael Jackson's Trust Lacks Trust in Kids
Originally posted May 30th 2010 7:26 AM PDT by TMZ Staff
Michael Jackson apparently learned a lesson in finances -- his kids should not fall victim to consumer temptations that caused Michael himself to teeter on the brink of bankruptcy -- this, according to the details of the strings he attached to his children's inheritance.
News of the World got a copy of the Michael Jackson trust. TMZ broke the story ... under the trust the kids would get 40% of Michael's estate, Kartherine Jackson would get the use of 40% during her lifetime (when she dies the remainder of her share goes to the kids) and the final 20% goes to charity.
Here's what's interesting ... that we didn't know until now. Under the trust, Prince, Paris and Blanket have no control of the money until they are 30 years old ... until they turn 30 they just get income -- almost like an allowance -- determined solely by the trustee. When each of the kids turns 30, the trustees must then give them 1/3 of their share outright. When the kids reach 35, they get 1/2 of their share outright.
At age 40, the kids then get what remains of their share -- outright.
We've already published the will -- different from the trust. The will refers to the trust but the trust document has not been public until now.
As for how much the kids will get, that amount grows every month, as executors John Branca and John McClain wheel and deal in business ventures that include concerts, movies and song releases.
.....Michael was VERY smart......al there is left to be said is...Get a JOB Jackson's....oh sorry had to get that out...:lmao:......anyway I now hope that talk of the will and or trust being fake will stop..it is what it is and folks need to move on. If Michael left them nothing ...it tells you something..who the important people in his life were to him...his children..his mom...and his charities. RIP Michael.
