Winners and losers in Michael Jackson’s will
A look at who wins and loses in Michael Jackson's 2002 will, which aims to move all of his estimated $500 million-plus assets into a private family trust.
A look at who wins and loses in Michael Jackson’s 2002 will, which aims to move all of his estimated $500 million-plus assets into a private family trust.
SHUT OUT: Ex-wife Debbie Rowe; Jackson’s father Joe Jackson.
CLEAR WINNERS: Mother Katherine, 79, who also was named guardian of Jackson’s children; son Michael Joseph Jr., known as Prince Michael, 12; daughter Paris Michael Katherine, 11; and son Prince Michael II, 7. All were called trust beneficiaries in documents filed with the will.
POTENTIAL WINNERS: Several Jacksons were named “contingent remainder” beneficiaries, who usually gain once the main beneficiaries pass away. They include the three sons of brother Tito Jackson — Taj, Taryll, and T.J., who make up the band 3T.
CHARITIES: Unknown, but one of the people to be notified of the will is California Attorney General Jerry Brown, whose office oversees charitable gifts from estates.
MOTOWN MOM: Diva Diana Ross was named guardian of his children if Katherine passes away or is unable or unwilling to serve.
EXECUTORS: Three executors were named in the will, but one, Santa Monica accountant Barry Siegel, resigned in 2003. The remaining co-executors are John Branca, a longtime Jackson attorney who split from Jackson in 2006 but says he was rehired two weeks ago, and John McClain, a music executive and longtime friend.
INSURANCE: Documents indicate the existence of a “Michael Jackson Insurance Trust.” Estate lawyer Roy Kozupsky said if that trust holds a life insurance policy, the proceeds could be used to pay off the huge tax bill the estate could owe the federal government.
Copyright 2009 The Associated Press. Jackson’s will: Who wins and loses?
The Associated Press
A look at who wins and loses in Michael Jackson’s 2002 will, which aims to move all of his estimated $500 million-plus assets into a private family trust.
SHUT OUT: Ex-wife Debbie Rowe; Jackson’s father Joe Jackson.
CLEAR WINNERS: Mother Katherine, 79, who also was named guardian of Jackson’s children; son Michael Joseph Jr., known as Prince Michael, 12; daughter Paris Michael Katherine, 11; and son Prince Michael II, 7. All were called trust beneficiaries in documents filed with the will.
POTENTIAL WINNERS: Several Jacksons were named “contingent remainder” beneficiaries, who usually gain once the main beneficiaries pass away. They include the three sons of brother Tito Jackson — Taj, Taryll, and T.J., who make up the band 3T.
CHARITIES: Unknown, but one of the people to be notified of the will is California Attorney General Jerry Brown, whose office oversees charitable gifts from estates.
MOTOWN MOM: Diva Diana Ross was named guardian of his children if Katherine passes away or is unable or unwilling to serve.
EXECUTORS: Three executors were named in the will, but one, Santa Monica accountant Barry Siegel, resigned in 2003. The remaining co-executors are John Branca, a longtime Jackson attorney who split from Jackson in 2006 but says he was rehired two weeks ago, and John McClain, a music executive and longtime friend.
INSURANCE: Documents indicate the existence of a “Michael Jackson Insurance Trust.” Estate lawyer Roy Kozupsky said if that trust holds a life insurance policy, the proceeds could be used to pay off the huge tax bill the estate could owe the federal government.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
