Why Michael Jackson's Family Can't Access Their Trust Funds Right Now

The late singer's estate has massive unsettled debts.

By Brenda Alexander

None of Michael Jackson's three children, nor his beloved mother Katherine Jackson, are currently able to access their trust funds. In the meantime, they are supported with money from Michael Jackson's estate, per a report from PEOPLE. The reason they aren't allowed to access the trusts is due to unsettled debts between the estate and the IRS.

All three of Jackson's children: Prince, Paris and Blanket – are beneficiaries. His mother Katherine is a life beneficiary of a portion of the trust. She has reportedly received more than $55 million since the King of Pop's 2009 death. "Virtually no request of Mrs. Jackson for her care or maintenance has been declined," the estate contends in recent filings, obtained by PEOPLE.

In a statement to PEOPLE, the "Beat It" singer's estate said that his family members still receive payments through an allowance. "In annual reports provided to the probate court, which are publicly available, anyone can see that the Estate provides Michael's mother and children with very substantial amounts of money to support them," the statement reads in part. "The Estate has a very cooperative relationship with Michael's children and whenever they need anything, the Estate works with them to ensure that they are very well taken care of, just as Michael would have wanted."

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Jackson's estate owes a reported $700 million in taxes and penalties," the filing notes. John Branca and John McClain are the executors of the estate.

The news comes just two months after Katherine responded to her grandson Bigi's objection to her using funds from Michael's estate to pay her legal fees in a separate ongoing dispute with the executors over the singer's catalog sale to Sony. The catalog is reportedly worth $600 million and was sold for $1.2 billion; it includes half of the late star's publishing and recorded masters catalog.

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