Re: Michael Forever Tribute/ MJJC Official Statement / Discussion / Estate statement / Fan letter @p
The tone of the letter shouldn't surprise us. Mr Hunt is working with people who have no respect for the legitimacy of Michael's Estate.
There were many offensive things for me in that letter but the one that stands out is that the whole notion of GLE taking better financial care of Michael's children than the Estate, THAN MICHAEL HIMSELF ARRANGED. The attack on the Estate is an attack on the wishes of Michael Jackson.
funny enough like I mentioned before GLE
isn't taking better financial care of Michael's children. They are just either totally clueless or totally delusional. and here's why
- The net income .. which is set aside for the benefit of the children shall be paid or used for the benefit ... at the discretion of the trustee
until said child attains the age of
21. - translation : executors determine their allowance until the children are 21 yrs old
- Thereafter (meaning
after they turn 21) trustee
shall pay or apply for their benefit
the net income of his/her share of the trust estate in convenient installments but at least annually. - translation: children get the net income of the estate when they turn 21.
- furthermore if such person
shall be in need of funds to purchase a home, start a family or commence, invest in or engage in a business , the trustee may
accelerate distribution... - translation: if children need more money then the income they are getting, executors can give it to them from their shares earlier.
in short when children turns 21 and whenever they need money, they'll be better taken care of than the GLE's $100 K.
edited to add: Elvis Estate earns $50 million annually - Assume for a while that when the MJ's kids turn 21 this will be the yearly amount. Assume that half of it goes to taxes and another half goes into costs of managing the estate and they are left with $12 million. divide it to 3 and they'll be getting like $4 million per year. So you see that the $33,000 per kid is a joke in MJ Estate's earning potential.
