Yesterday, TMZ announced that Michael Jackson’s mother Katherine will not inherit her son’s estate, but instead it will go to the people who probably deserve it the most: his three children. Well, mostly.
The plan that was originally drawn up was this: 40% goes to Katherine, 40% goes to the kids, and 20% goes to charity. However, the trustees of the estate get final ruling on how much of that 40% Katherine’s going to get and after she passes on, the kids get the rest of it. Seems OK.
One thing I don’t understand is this: Why does Katherine get any of it? While Michael was supporting her for the last many years of his life, now that she has taken on three children to raise for him, shouldn’t she get a standard percentage for that (like she already is) and nothing else? Wouldn’t it be best for the kids to have as much of that money as possible, and what exactly does an elderly woman need all that dough for?
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So….they all get to split his debt? I thought he was almost bankrupt.
I think the movie coming out and all that have made quite a bit of money. His death brought in alot of money :/
If Katherine inherits the money and dies before Joe, then legally Joe inherits the money from his deceased wife’s estate, and the kids won’t see a dime. This way the kids get the money and Joe gets nothing. I guess Katherine is a little miffed that her husband took a big boobied woman to MJ’s Grammy memorial instead of her.
Doesn’t it say in the article that after she passes the kids get the rest? Maybe I’m misunderstanding it.
And, “what exactly does an elderly woman need all that dough for”? What kind of a comment is that? Maybe because she’s raising the kids?
She said “shouldn’t she get a standard percentage for that (like she already is) and nothing else?” As in standard percentage to raise the children and for living. She shouldn’t be getting any more than that.
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Actually, it’s stated that he wanted nothing to go to Joe.
The will you can read for yourself at TheSmokingGun.com . Katherine was Michael’s basic caretaker and only unconditional supporter, and once he made it big, he wanted to take care of her. She was struck with polio and has a bit of a limp when she walks because of it. Eversince the days of the Jackson 5, she’s grown accustomed to a type of lifestyle, so in some aspects it’s a lot like Child Support. If you’re used to a rich lifestyle and have expensive things, for one reason or another, the court will try to make sure you can continue to do so. Michael’s money has ALWAYS taken care of her. She’d be screwed right now without it. (Big house, nice cars, beauty supplies, groceries, utility bills…)
Plus, the woman is in her eighties. She needs money for chauffers, maids, groundskeepers, and private nurses to take care of her. But if you look at the amount she’s asked for in Probate, it’s really not all that much. I think she deserves it. She’s really a lovely woman.
“One thing I don’t understand is this: Why does Katherine get any of it?”
Well she does have all those adult children to support.
I have three of those masks. You can buy them for a dollar apiece in the touristy gift shops on Bourbon Street. Has nothing to do with the story, but it was a little strange to see Snuggie and Plaster of Paris wearing them.