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Sunday, 19 February 2017

Michael Jackson’s Kids Battle A $700 Million Tax Bill

Michael Jackson‘s children are facing a $700 million tax bill that could wipe out much of their inheritance, according to a new report. The Sunday Express has calculated that the late singer’s kids, daughter Paris,  18, and sons Prince, 20, and Blanket, 14, could lose more than half their inheritance in the legal battle with the Internal Revenue Service.

As Radar readers know, the IRS is involved in a tax trial in Los Angeles against Michael’s estate, with the agency demanding back cash in back taxes and penalties.
The court verdict is expected in weeks and, as the Sunday Express notes, could put the King of Pop’s children into a financial crisis.

A Jackson family friend told the publication that if the IRS wins it could “have a dramatic impact on a lot of lives.”

Michael’s unexpected death at age 50, while trying to mount a concert comeback, shocked the world in 2009.  Dr. Conrad Murray was convicted of involuntary manslaughter after he gave Michael a lethal dose of anesthesia. Now, the star’s kids, including high profile daughter Paris, a singer/actress, are facing losing a lot of the money he left to them.

Their inheritances are reportedly due to be paid in stages from the time each child turns age 21. Other Jackson family members, including Michael’s mom Katherine, 86, could also be impacted, the Sunday Express said.
According to sources, the “Thriller” singer was nearly bankrupt before he died.
“He was on the edge,” investment banker David Dunn said under oath in the U.S. Tax Court in Los Angeles, as Radar has reported. “He was desperately trying to figure out what he could do to address his financial crisis.”

After his death, executors John Branca and John McClain filed documents claiming the musician’s image was virtually worthless due to his drug use and other allegations.
But a court battle first began in 2013 when the IRS claimed Michael’s estate had undervalued multiple assets, including the worth of MJ’s likeness and image at the time of his death.

The estate is now worth more than $1 billion, based on the value of Michael’s name and image, experts have said.

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