Paris Jackson is seeking a $600 million transfer from her father’s estate to the Michael Jackson Family Trust, which was established to provide financial support for her and her brothers, Prince and Bigi Jackson. The request was made in an Oct. 29 court filing, according to documents reviewed by E! News.
The filing says that although the estate has generated billions of dollars since Michael Jackson’s death in 2009, the family trust remains unfunded. Paris is asking a Los Angeles judge to order a partial distribution of estate assets into the trust.
Under the trust’s terms, the siblings were due to begin receiving income from their respective shares at 21, with further portions scheduled at ages 30, 35 and 40. Paris’s filing alleges that, because the trust has not been funded, the siblings rely on payments determined by the estate’s remaining executor, John Branca. It accuses him of using that authority to discourage scrutiny of his conduct.
The estate disputes Paris’s account. In a statement to People, it said the trusts cannot be fully funded until legal matters are resolved, including ongoing litigation with the Internal Revenue Service over $700 million in taxes and penalties. The estate said it obtained a ruling that substantially reduced the amount, but that the matter remains unsettled and could change.
The estate also denied withholding or reducing beneficiaries’ payments, calling that allegation “a complete fabrication.” It said more than $200 million had already been distributed for their benefit and maintained that, under Michael Jackson’s will, his children do not receive distributions until they are in their 30s.
A spokesperson for Paris rejected the estate’s response, arguing that Branca had the ability and obligation to partially fund the trust earlier. The spokesperson said Paris had taken legal action after years of delay.
Sources: E! News.