For all that’s been written of Michael Jackson’s questionable financial decisions, it looks like he learned his lesson – and didn’t want his kids to repeat his mistakes. He left a fortune to Prince, Paris and Blanket , but with long, long list of strings attached. Under the trust he left for them, the kids get 40 percent of MJ’s estate. His mother, Katherine Jackson, gets the use of 40 percent during her lifetime (when she dies, the remainder goes to the kids), and 20 percent goes to charity. The kids’ 40-plus percent isn’t going to be seen for decades, though. Prince, Paris and Blanket have no control of the money until they are 30. Until then, they only receive an allowance, determined solely by the estate’s trustee. Paris, Blanket and Prince will learn fiscal responsibility – something that their father showed limited ability to handle despite accumulating such a vast fortune . When each of the kids turns 30, the trustees must then give them a third of their share outright. When the kids reach 35, they get half of their share outright. If they screw up, Omer Bhatti gets it all. Just kidding. At age 40, they get whatever’s left. The late icon’s will refers to the trust he set up but the trust document itself is separate, and has just now been released. As for how much the kids will get? That amount, along with the value of the estate, grows every month, thanks to executors John Branca and John McClain. Jackson’s June 2009 death sparked a new generation of interest in his music, and various tributes, movies and song releases continue to rake in the dough.
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Michael Jackson Kids’ Trust Fund: Wisely Managed
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