Michael Jackson apparently realized that he didn't want his kids to suffer the same financial problems that he did. TMZ reports that Michael Jackson has set up his will such that his kids will not have control of their inheritances until they are 30 years old. Until then, the money will be under the control of trustees.
TMZ says that Michael Jackson's will stated that his children will get 40% of his estate. His mother Katherine will get 40% until her death, at which time the children get what is left. The other 20% will be donated to charity.
The kids will have no control over their money until they are 30. When the kids turn 30, they get 1/3 of their share of the money. At 35, they get 1/2. At 40 they will get the rest of the money.
Comments
He wanted to make sure that his brothers and the rest of his family didn't get their hands on the money so he wisely put it into a trust fund. Wonder how Joe Jackson feels about that?
what is this _ _ _ _ about people's wills being public knowledge ?
great the rest of the jacksons will get nothing! hahahahaha....
but he should have given more to charities!
Michael actually took a good decision. Joe should go and tell GOD! infact why should other family expect anything since he has kids?
It wasnt TMZ that reported that, it was NewsOfTheWorld.
MJs asset is worth over 1.5 billion dollars and with upcoming projects and new albums... his asset will increase up to 2.5 bill. dollars ... during 5-10 years...
And some people still think he was broke..., no, he just doesnt need to perform and release any new album every 2-3 years, like those so-called stars, including Madonna.... come on...., if he wanted and needed that, he would do it and earn more billions...
Mj is smart=)
Sounds like he made at least one good decision.
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