It's been nearly four years since his death and Michael Jackson's children still haven't received any money from his estate...
More than three years after the death of Michael Jackson, the trust fund for his children, Prince, Paris, and Blanket, ages 15, 14, and 10, has to yet be dispersed. His estate is $600 million and Estate Street Partners (ESP) has this advice for others to avoid a Jackson-like disaster.
Rocco Beatrice, Managing Director of ESP, founders of the UltraTrust irrevocable trust, explains that “because of poor estate planning Michael’s family will have to still wait years until his probate, estate taxes, creditors’ claims, and other legal battles are finalized.”
The children are receiving almost a seven-figure allowance - annually. This includes the mansion, private schooling at the famous Buckley School near Beverly Hills with a yearly $29,000 tuition and vacations. These expenses amount to $70,000 per month according to the NY Daily News.
Family members are wondering where all the money is going. According to the NY Daily News, they are worried that people are stealing money.