Friday, September 18, 2009

Jacko's Estate: Mother Can Mount Challenge


Katherine Jackson and Michael in Santa Maria in 2005

The court in Los Angeles said Katherine Jackson can issue a challenge without losing her share in a lucrative family trust.
Lawyers for Mrs Jackson have said she wants a greater say in the way the estate - estimated to be worth about $400m (£242m) - is administered.
Jackson appointed his long-serving attorney John Branca and music executive John McClain as executors of his estate in a 2002 will.
Mrs Jackson's attorneys had asked the court to say whether she could make the challenge without violating a "no contest" clause in the family trust.
The family trust provides the 79-year-old with 40% of the estate, the singer's three children with another 40% and children's charities with 20%.
It was not immediately clear if Mrs Jackson would now formally lodge a challenge.
According to court documents, Judge Mitchell Beckloff ruled that Katherine Jackson would not violate the no contest trust clause by mounting a challenge.
In one instance of her misgivings, her attorneys last month objected to a deal struck by the executors with concert promoter AEG Live for a memorabilia exhibition, saying they questioned whether the deal generated enough money for the estate.

No comments:

Post a Comment