Michael Jackson's mother, Katherine, and her three children, Paris, Prince and Bigi, lost access to the legacy left by the King of Pop due to a legal dispute between the estate and the United States Federal Revenue.
Documents obtained by People magazine about the case state that, until the legal issue is resolved, the beneficiaries of the inheritance will not be able to access the assets left, but that this does not affect the distribution of money established by the estate.
The legal dispute began with a statement from the US Federal Revenue that alleges that the estate “undervalued its assets” and, as a result, owes “more than US$700 million in taxes and fines” to the government.
In 2021, the estate challenged this assessment and won a trial, in addition to filing a request for a reassessment of the judicial value of the music catalog owned by Sony Music.
This request remains pending to this day, which prevents the determination of Michael Jackson's estate for tax purposes. Until the legal issue is resolved, the inheritance has been frozen and the singer's family cannot access it.
Source: CNN Brasil
I’m Robert Neff, a professional writer and editor. I specialize in the entertainment section, providing up-to-date coverage on the latest developments in film, television and music. My work has been featured on World Stock Market and other prominent publications.
