Jackson's Estate Will Go To Kids
By
WENN.com
|
Monday, October 12, 2009
Michael Jackson's estate will provide for his mother Katherine throughout her lifetime, but after her death the matriarch's share will pass to the superstar's three children, according to a new report.
Previous reports claimed Katherine Jackson had been left 40 percent of the net value of the singer's assets, following his tragic death in June, with another 40 percent going to the children and the remaining 20 percent donated to charity.
But now TMZ.com is claiming Katherine, 79, will not receive her share outright -- the estate will give her an allowance until her death, when the remaining portion will be given to Prince Michael, 12, Paris, 11 and Prince Michael II (aka Blanket), 7.
A court in Los Angeles last month granted Katherine a monthly allowance of $86,000 to cover living expenses for her and those of the singer's three children, who she was given guardianship of in July.
(c) 2009 WORLD ENTERTAINMENT NEWS NETWORK LTD. All global rights reserved. No unauthorized copying or re-distributing permitted.
MORE NEWS: Is the Leno Effect a Game of Dominoes?
Photo(s) by AP Photo/Mark J. Terrill- © 2009- All Rights Reserved
Bookmark this news story with:
News Archive