A controversial legacy
15 years have passed since the death of Michael Jackson, recognized in the entertainment industry as the King of Pop. However, his inheritance remains a topic of intense dispute and controversy. Although his relatives have not yet managed to enjoy the singer’s fortune, the distribution of the inheritance has been the subject of disagreement with the Internal Revenue Service (IRS) of the United States (USA).
The IRS maintains that the ‘Thriller’ singer’s assets were undervalued and, as a result, they are requiring his heirs to pay $700 million in taxes and penalties. Although the heirs challenged the assessments and won in the first instance in a tax court, the case is still pending a final resolution.
Those affected by the dispute
Michael Jackson’s children, Prince, Paris and Bigi, as well as his mother, Katherine Jackson, are the main ones affected by this situation. Although they had been assigned a million-dollar inheritance, legal uncertainty has prevented each of them from enjoying their share of his fortune. Furthermore, the executors of the will have decided that, while the legal disputes continue, no compensation will be distributed to the beneficiaries.
The latest that was released about this case is that Katherine Jackson’s lawyers requested six-figure compensation for the actions, but this was rejected by the defense. Leading her mother’s lawyers to consider that this decision was based on revenge for preventing the rights transaction.
An uncertain future
The resolution of this dispute is crucial to defining the financial future of Michael Jackson’s heirs. Meanwhile, the artist’s legacy continues to generate income, but the Jackson family must wait for legal issues to be clarified before they can access their rightful inheritance. Michael Jackson’s estate is a clear example of how legal and tax complications can hinder the succession process. Despite the years that have passed, the family continues to fight to obtain what was bequeathed to them, in the midst of a legal battle that seems to have no end. Only time will tell how this legal dispute will be resolved and if the grandchildren and grandmother will reconcile.