At a glance
- The New York Times reported that Prince and Bigi Jackson are not named in the filing.
- The petition accuses the remaining executor, John Branca, of mismanagement, alleging that earlier challenges to the estate's administration were met with litigation and a multimillion-dollar reduction in the money provided to her and her siblings.
- Court documents put the estate's value at $2 billion to $3 billion, and the estate says more than $200 million has already gone to beneficiaries.
Paris Jackson, 28, filed a petition in a Los Angeles court asking that about $600 million be moved from her father's estate into a family trust, WealthManagement.com reported. The New York Times reported that Prince and Bigi Jackson are not named in the filing.
The petition accuses the remaining executor, John Branca, of mismanagement, alleging that earlier challenges to the estate's administration were met with litigation and a multimillion-dollar reduction in the money provided to her and her siblings.
Court documents put the estate's value at $2 billion to $3 billion, and the estate says more than $200 million has already gone to beneficiaries. The petition states that each child was to begin receiving income from their trust share at 21, with further distributions at 30 and 40. The estate says unresolved IRS tax disputes prevent it from funding the trusts.
For advisors drafting trust terms, the Jackson petition shows that scheduled distributions to young beneficiaries can be delayed when the estate faces unresolved tax disputes.
Reported by the Tax & estate planning desk from WealthManagement.com and The New York Times. Published . Corrections