Following the pop icon’s death in 2009, Michael Jackson’s inheritance has yet to be distributed among his beneficiaries due to the Internal Revenue Service’s claim that Michael Jackson’s fortune has been undervalued.
The beneficiaries of Michael Jackson’s estate are his three children: Prince, Paris, and Bigi, as well as his 94-year-old mother, Katherine.
The problems began when the U.S. government audited Michael Jackson’s taxes and asserted that the family owed significantly more money. Although they won an initial court battle, a dispute over the true value of Michael’s song catalog, owned by Sony Music, still persists. Until this matter is resolved, the exact value of the estate and the amount of taxes owed remains uncertain.
The Power of Testamentary Trusts.
This case is a prime example of the power of testamentary trusts. After a successful career, the King of Pop amassed a vast fortune, estimated at over $500 million. His estate was at risk of being devoured by debts and legal disputes. However, thanks to a carefully structured trust, his beneficiaries can still fight for their right to receive their rightful inheritance.
But what is a testamentary trust?
Testamentary trusts are legal contracts that ensure that after your death, your assets are distributed according to your specific wishes, avoiding disputes among heirs or family members.
At Pura Vida Escrow and Trust, we provide a reliable and personalized solution for planning the distribution of your estate. With our testamentary trust service, you have the option to appoint us as administrators of your estate and ensure that your assets are delivered to the beneficiaries under the established conditions.
Our specialized team provides expert guidance and is committed to ensuring the proper execution of your instructions. With our experience and dedication, we offer peace of mind and protection in the distribution process of your assets, providing security and support to your loved ones.
Contact us today and secure your family’s future.
