Katherine Jackson Files Papers For Full Control Of Michael Jackson's Estate

Katherine Jackson Files Papers For Full Control Of Michael Jackson’s Estate

Katherine Jackson put her signature on legal documents in an effort to gain full control of Michael Jackson, her deceased son’s estate, according to Radar Online. Katherine Jackson wants full control of the money generated by Michael Jackson’s estate, so she and her family can be financially secure. Mrs. Jackson health is not good. With total disregard to a mandate included in Michael Jackson’s will, Katherine’s actions could disqualify her from receiving any more money from the $1 billion legacy.

As Katherine’s health is not the best, she is worried about Michael’s siblings. She wants to ensure that they will be taken care of after she is long gone. This may be the reason why Katherine Jackson filed a lawsuit against John Branca and John McClain, the executors of Michael Jackson’s estate.

“Although I am a principal beneficiary of the Michael Jackson Family Trust, I was not informed by the executors of a letter [regarding others’ claims for ownership of the Trust]; nor did the executors keep me informed on the progress of the estate of Jackson,” Mrs. Jackson wrote in the court papers.

The Michael Jackson Company, or TMJC for short, formed in 2006. Katherine assumed the role as an officer in her late son’s company and she was given 10 percent of the company as well. But that was not enough for the mother of the late pop star. Katherine wanted full ownership of TMJC and she said Michael promised her that years ago.

According to Rolling Stone, Katherine Jackson claimed that many important matters of the Michael Jackson estate were made without her consultation. In 2013, the former associates of TMJC, Broderick Morris, Qadree El-Amin, Adean King, and Raymone Bain filed a lawsuit. These four men claimed that Michael Jackson promised them a combined percentage of 15 percent in his company.

“Mrs. Jackson deserves her ownership of The Michael Jackson Company and to make decisions on major company issues. It’s what Michael wanted — he trusted her more than anyone. She was left 40 percent of the Michael Jackson Estate and can make Branca and McClain pay her what she is entitled to and demand to be involved in decision making — if they don’t she has the power to fire them. They’re an amazing disgrace,” El-Amin said in a statement.

However, there is another battle going on over the Michael Jackson estate. The IRS wants their share of the wealth as well.

Investment banker David Dunn testified under oath that Michael Jackson was almost bankrupt when he died. Mr. Dunn was hired in 2007 in an effort to save the Jackson estate. David said he tried to salvage the dwindling finances and bring Michael back from the verge of losing everything. But Michael’s situation became worse when child molestation charges were filed against him in 2005.

Mr. Dunn said that in spite of his efforts, the singer often “undermined him at the last minute by signing unfavorable side deals that lured him in with upfront cash.” By 2008, Michael was headed for complete financial ruin. The Neverland Ranch was a breath away from foreclosure, and he was over $300 million in debt. To make the situation worse, the IRS stepped in and claimed that the Jackson estate owed money in back taxes and penalties. Radar Online reported that Michael Jackson’s children, Paris, Prince, and Blanket, face an IRS bill of $700 million. This could leave his children to lose over half their inheritance to the Internal Revenue Service.

Katherine Jackson recently battled other problems as well when she was in fear for her life. She filed papers against her nephew, Trent Lamar Jackson, and she was granted a restraining order against him. Katherine accused Trent of mental abuse. She described her nephew as “an abusive con-man” who wanted to “assume control of her finances.” Trent was ordered by the courts to move out of Katherine’s home, and he had to return all keys, combinations, and passwords connected with Katherine’s property.

After all the family members, IRS, and TMJC associates get through suing each other and the company, there may be nothing left of the Michael Jackson estate. What do you think will happen?

[Featured Image by Kevin Winter/Getty Images].

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