Tuesday, 4 September 2012

Michael Jackson's Kids Left 'Penniless' Until Singer's Debts Are Cleared

 Michael Jackson's children stand to inherit half of his fortune - but for the time being they are "penniless" and living off an allowance.
Prince Michael, Paris and Blanket haven't seen a penny of MJ's estimated $400 million fortune and currently live off an allowance tightly controlled by estate executors and a judge, according to The Sun newspaper.
MJ's kids are unlikely to receive any money until the King Of Pop's debts are cleared, which could take up to five years when they will be young adults.
Estate lawyer Howard Weitzman told the newspaper: "The probate is still pending, and although almost all of Michael’s personal debt has been or is about to be paid in full, the estate is technically still in debt”.
"Once all of the creditors' claims, taxes and pending litigations have been resolved, the trusts will be funded per court order”.
Weitzman refused to give an estimate on the size of the fortune after the debts are cleared, but it is expected to be split between MJ's mother Katherine - who will get half - and his three children.
"It’s too early to speculate on any precise number for a value. It will be a substantial number, I’m certain", he said.

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