Were Leo Tolstoy alive today and wanted to write another long novel about family drama, he could use the Michael Jackson estate battle as a template. The estate still has not settled its dispute with the IRS over the estate tax. His family also has still not come to terms with and completely accepted the decisions he made about his estate.
Jackson chose to cut his siblings and his father completely out of his estate.
Instead, the estate goes to his mother, Katherine Jackson, and to his children. The estate pays Katherine monthly. The remainder will be divided between his children and charity, when she passes away.
The latest battle centers around allegations that Jackson's other relatives are trying to use Katherine to get to Michael's fortune, according to TMZ in "Katherine Jackson Proposal For Grandson To Settle Family War."
Katherine Jackson recently filed a complaint against Trent Jackson, Michael's cousin, accusing him of elder abuse and taking her money. Trent claims that she is being pushed to do so by other relatives, who want him out of the way so they can get to her money.
Trent is proposing that Katherine have a meeting with a nephew, TJ Jackson. He believes that TJ will be able to figure out the truth. Trent promises to get out of the way, if TJ believes there was elder abuse.
Regardless of how this turns out, it is doubtful that it will be the last battle over the fortune Michael Jackson left behind.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: TMZ (March 3, 2017) "Katherine Jackson Proposal For Grandson To Settle Family War."