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

ivy said:
It's just that the creation of the trust was in 1995. He started planning for the future at that time. He was able to update and change the trust any way he wanted. For example Lisa could have been in the initial version but then later removed from the trust. The file is for the 2002 version of the trust.
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Ok thanks for the explanation!
 
I think if I read the document correctly that with the charities the kids can choose them just as long as they are childrens charities? 20% of Michael's estate though, wow, god that man gives to others in death as much as he did in life. How I love and miss that man.
 
sloride said:
I think if I read the document correctly that with the charities the kids can choose them just as long as they are childrens charities? 20% of Michael's estate though, wow, god that man gives to others in death as much as he did in life. How I love and miss that man.
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yep. 20% to "charities for the benefit of children or children's causes" (the IRS section mentioned in the trust refers to charities about education, encouragement of art, prevention of cruelty against children as well so it could be a charity to improve education of children , a children art program etc) or the estate can form a children's charity themselves and give the money to that charity. However the charities are determined by Branca, McClain and Katherine. and you are right it would be a huge amount as well.
 
ivy said:
You are right about the 25%, when the refinancing deal was done in 2006 (for $300M) Michael gave the Sony the option to buy the 25% of the catalog (leaving him with 25%). Sony at any time can exercise that option.
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Thanks again Ivy for all your info in this thread - it's been very helpful :)

I just had a query about the above - I thought the option for Sony to purchase half of Michael's share of the catalogue expired in 2008 as per your last post on this page?

http://www.mjjcommunity.com/forum/showthread.php?t=80812&highlight=john+branca+sony&page=2

I think Elusive Moonwalker also mentioned somewhere that Sony's option to buy had a time limit which has now expired. Has this situation changed to your knowledge?
 
honeysucklejasmine said:
Thanks again Ivy for all your info in this thread - it's been very helpful :)

I just had a query about the above - I thought the option for Sony to purchase half of Michael's share of the catalogue expired in 2008 as per your last post on this page?

http://www.mjjcommunity.com/forum/showthread.php?t=80812&highlight=john+branca+sony&page=2

I think Elusive Moonwalker also mentioned somewhere that Sony's option to buy had a time limit which has now expired. Has this situation changed to your knowledge?
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very good question..I want to know the answer as well.

Also, they can only exercise that option IF MJ had defaulted on loan payments. They couldn't decide to buy the 25% if payments had been on schedule.
 
Re: Michael Jr, Paris & Prince will start taking control of their father's estate when each turn 30

xthunderx2 said:
Michael was a very very smart man..he KNEW that the family would waste the money...he KNEW about Joe's bad business adventures..we heard him say this himself. He has left sufficient amount of money to take care of the only people that he wants to ..and that is his children..and Katherine. I also think it was smart of hin to put the an age of 30 for his children...he knew that most times people are not level headed enough through their 20's to handle such a large sum. again I will say..Michael knew exactly what he was doing.


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Brilliant post xthunderx2, I'm exactly where you are.
 
Re: **see post#14 for summary** Michael Jr, Paris & Prince to start taking over estate when each tur

ivy said:
No need to specifically mention distribution of the assets or name them. "Michael Jackson Family Trust" is the combination of the all assets - anything he owned + anything earned after his death. (See the first page when it says he transfered assets to the "MJ Family Trust" ).

The profitable assets will be kept and when the children come to the predetermined age, they'll become the owners of the such assets. Ex: when it's time Prince, Paris and Blanket will become equal owners of the catalog.

There's a provision for selling the unprofitable assets/property and another one saying that everything must be sold at market value (another protection btw : executors cannot sell anything at a lower price than it's actually worth). If any asset is sold, the money from the sale goes to the money in the pot and once again at the predetermined age the kids gets equal shares from the money.

In short everything will be equally distributed to his kids.
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So the execs can claim that the Sony/ATV or the Mijac catalog are unprofitable assets and sell them? Can the beneficiaries object this decision?
 
Re: **see post#14 for summary** Michael Jr, Paris & Prince to start taking over estate when each tur

honeysucklejasmine said:
Thanks again Ivy for all your info in this thread - it's been very helpful :)

I just had a query about the above - I thought the option for Sony to purchase half of Michael's share of the catalogue expired in 2008 as per your last post on this page?

http://www.mjjcommunity.com/forum/showthread.php?t=80812&highlight=john+branca+sony&page=2

I think Elusive Moonwalker also mentioned somewhere that Sony's option to buy had a time limit which has now expired. Has this situation changed to your knowledge?
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Memefan said:
very good question..I want to know the answer as well.

Also, they can only exercise that option IF MJ had defaulted on loan payments. They couldn't decide to buy the 25% if payments had been on schedule.
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exact details of the agreement between Sony and Michael about the 2006 refinancing never been made public. So all we can do is go with the information reported by the press. However I have seen conflicting info regarding the subject.

I don't think I said that their option expired (I don't remember seeing anything saying that there's an expiration of that right). Looking at my post I see that I was saying "Sony had the option to buy the 25% starting at 2008" and they didn't use it and they still haven't.

@Memefan - the option might not be dependent on defaulting on the loan.

Honestly and in a short format : We (and I) don't know the exact details for that agreement. Anything could be possible.

Maria MJ said:
So the execs can claim that the Sony/ATV or the Mijac catalog are unprofitable assets and sell them? Can the beneficiaries object this decision?
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Like I said to sell it has to be unprofitable or not advisable (businesswise it doesn't make sense to hold on to such asset) or they are required / forced to sell it (such as there's a debt and they have to pay it) so there might be other reasons to sell an asset other than whether it is profitable or not. (Business advisable term covers a larger domain than just profits).

and OF COURSE in any case, in any estate if the executors are lying (fraud and intentional wrongdoing), not following the trust's provisions and the law (illegal activities) beneficiaries can object and take them to court...

btw as long as the estate is in probate process, a judge is already overseeing every deal/decision made, every money spent..
 
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Re: **see post#14 for summary** Michael Jr, Paris & Prince to start taking over estate when each tur

I know Michael's trust is a very sensitive subject, but I want to thank all of you who took the time to post information about the trust and clarify it for the rest of us.

I was under the assumption (incorrectly) that Katherine Jackson was going to be given 40% of the estate. It would be hers to do with as she wished. I thought that when she died that money ( approx. $99 million) would go to her heirs which would probably be her other children, Michael's siblings. So I thought that eventually Michael's brothers and sisters would get millions from his estate. That will not happen according to the way the will is written.

Thank you for the clarification.
 
first off thanks ivy. i find it hard reading this with great insight cause its all so wrong and one part of me doesnt really care about the fine print. and what happens cause what matters is gone.so everything else seems pointless. but thanks for going through it so it gives us a good idea. considering oxman has been leaking stories/info to the NOTW over the last few months i presume this comes from him as theres not really any other suspects.

Thanks again Ivy for all your info in this thread - it's been very helpful :)

I just had a query about the above - I thought the option for Sony to purchase half of Michael's share of the catalogue expired in 2008 as per your last post on this page?

http://www.mjjcommunity.com/forum/sh...ca+sony&page=2

I think Elusive Moonwalker also mentioned somewhere that Sony's option to buy had a time limit which has now expired. Has this situation changed to your knowledge?
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yeah i was gonna comment on this. back in the day the documents releated to the deal were released as mj tried to have them sealed but the judge refused. some posters on kop board got the documents and did a great job like ivy does on here in going through everything. it was those posters who stated sony had an option to buy out i think only if he defaulted and the option only lasted for x amount of months maybe upto 18 months from when the deal was done.so thats where the info came from.

re the trust. nothing really surprising we knew the kids would inherit at different stages like lisa presley. any other way would be daft.intresting re bank of america. although that gives me the willies abit! considering their past history with mj and with it just being a bank. and not singular ppl.

a question.would the executors under value the estate to get away with paying less tax etc. is that the norm and can they easily be caught out. i find it strange that the court docs from 2007 approx from the refinancing stated his worth at 1.7 bill. b4 debts were taken off.not that it matters

and for those asking levon and elijah are the sons of mark jackson,mjs cousin. they are mjs second cousins. mark is the son of one of joes brothers. cant remember which one. they are in the home movies as kids pushing mj into the swimming pool at the ranch where mjs going on about just having a shower. they were with him in gary in 2003 aswell. anthony comes from one of joes bros aswell. and i maybe guessing here but in the mid 90's another anthony jackson was killed in a car crash. im guessing this was his dad. anthony jr was with mj in sydney when he married debbie so i guess mj added him to the trust as he took him under his wing when his dad died. hes also in the home movies with the others in the supermarket where they put ice cream on mikes head.
 
elusive, thanks for info on the cousins. I had no idea who they were. well, this also shows Michael's kind and generous heart. god bless him.
 
How old does Prince have to be once he turns 18 before he can take over the estate and make all the decisions regarding his fathers legacy?
 
*MissChanel* said:
How old does Prince have to be once he turns 18 before he can take over the estate and make all the decisions regarding his fathers legacy?
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At 30 he can start gaining control.. and by the age of 40 he will be in total control.. in other words in 27 years from now Prince will be in total control! Hhm.

...and here is a post from Ivy about the beneficiaries power/involvement

ivy said:
Executors cannot do whatever they want with the assets. 1) they have to follow the provisions (rules) mentioned in this trust 2) they have to follow California laws related to trusts and 3) they have to report to the beneficiaries (Katherine and the MJ's kids - currently through their lawyer, directly to them after they turn 18).

If they don't follow the provisions, laws and participate in fraud or intentional wrongdoing beneficiaries can take them to court.
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Vici said:
At 30 he can start gaining control.. and by the age of 40 he will be in total control.. in other words in 27 years from now Prince will be in total control! Hhm.
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Prince will be in control of his 1/3.
 
elusive moonwalker said:
a question.would the executors under value the estate to get away with paying less tax etc. is that the norm and can they easily be caught out. i find it strange that the court docs from 2007 approx from the refinancing stated his worth at 1.7 bill. b4 debts were taken off.not that it matters
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I wouldn't take the numbers in the NOTW article seriously, if that is what you are referring to. I think there would be a lot of scrutiny of the valuation of the estate as it all has to filed with the court.
 
I just finished taking my final on Trusts & Estates. This document should be an interesting read, although it appears from the posts here that Michael and his lawyers put together a very well thought-out financial plan for the people Michael wanted to receive his money and control his estate.
 
How do you respond to people that say the money/share the kids will recieve and the estate are two separate things and that the kids wont enherit the estate.. they will "just" get their share at different stages throughout their lives.

Some people wont bug out!
 
Some people wont bug out!
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I know right! You are trying to tell them over and over again that it is what Michael wanted, it's his last wish!!! and they reply "it's just a document, I am not convinced"' Just a document! can you believe it??
 
I just finished reading this whole thread. Ivy, you really are a gem! Thankyou so much for ironing out the jargon and helping us to understand. :)

As for Michael, wow he really was an intelligent man. Everything was so well thought out so that everything is taken care of for his babies. I would probably put money on Oxman being the one to leak it at this point.

Thanks everyone for the intelligent discussion. :)
 
Annie123 said:
I wouldn't take the numbers in the NOTW article seriously, if that is what you are referring to. I think there would be a lot of scrutiny of the valuation of the estate as it all has to filed with the court.
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yeah im talking about the 300 mill comment i dont know if that was in the docs or just the NOTW article. i presume it was just the article as the trust was set out years ago.

also a question re the charities 20% is that 20% of what the estate was worth on june 25th or 20% after probate is over?
 
How do you respond to people that say the money/share the kids will recieve and the estate are two separate things and that the kids wont enherit the estate.. they will "just" get their share at different stages throughout their lives.
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the money/assets are the estate. they will get full control of the estate at 40
 
Vici said:
How do you respond to people that say the money/share the kids will recieve and the estate are two separate things and that the kids wont enherit the estate.. they will "just" get their share at different stages throughout their lives.

Some people wont bug out!
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Estate is a name given to a person's all assets.
Trust has provisions/rules how this assets are going to be managed and distributed. In other words trust tells us what to do with the estate.
so an estate and a trust is two complementary things.

also tell them this

Page 3 - item 3 - "if the trustor (Michael) has one or more children to survive him 50% of the remaining balance (40% after charity share) of the trust estate shall be set aside for benefit of the said children and administrated and distributed according to the provisions in article 5.

Here we can see that by saying trust estate, they are talking about all the assets.

Then go article 5 starting at page 5 and see how the document continues to mention "get their share of the trust estate" and getting the "principal" , that all means that they are inheriting the "estate" in other words "all of the assets (money, property, business, valuables) that Michael had or the estate will earn after his death.
 
elusive moonwalker said:
yeah im talking about the 300 mill comment i dont know if that was in the docs or just the NOTW article. i presume it was just the article as the trust was set out years ago.
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Branca and McClain wrote in the court papers last year "that the estate assets consist of real and personal property exceeding $500 million and that the Estate is solvent".
 
I was wondering if the estate is taking any legal action against the source of this leak.
I mean a trust is a very private document and should be protected, right?
 
Maria MJ said:
I was wondering if the estate is taking any legal action against the source of this leak.
I mean a trust is a very private document and should be protected, right?
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That's true. It is private. I've not seen any legitimate news source confirm this alleged document so I put no stock in it.
 
so there is no news about who leaked it or if estate is taking any action about it? :thinking:
 
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