According to reports, Michael Jackson’s mother, Katherine has filed for legal papers, trying to gain full control over her late son’s properties.
Court documents show that the 86 year old woman has decided to ignore a mandate in the legend’s will that may disqualify her from receiving any more cash from his $1 billion estate.
However, she is reportedly not doing this for her own gain but for the sake of Michael’s siblings who she wants to see financially secure.
“Although I am a principal beneficiary of the Michael Jackson Family Trust, I was not informed by the executors of a letter [regarding others’ claims for ownership of the Trust]; nor did the executors keep me informed on the progress of the estate of Jackson,” Katherine wrote in the court documents filed on Friday.
Now, the woman is acknowledging her 10% share specified in the will but she is seeking to receive the full estate as her son promised years ago.
Meanwhile, the IRS is involved in a tax trial against Michael’s estate, meaning that before receiving their own share, Jackson’s children need to pay a $700 million tax bill.
Therefore, the late singer’s kids may lose up to half their inheritances in the legal battle against the Internal Revenue Service.
Furthermore, according to a banker who testified at the IRS trial, Jackson was close to bankruptcy at the time of his passing back in 2009.
Despite the banker’s claims, the Internal Revenue Service insists that the late singer’s estate may be a lot more valuable than it was evaluated, saying that the real value could be somewhere over $1 billion.