All posts containing the tag: "trust"
Posted Oct 12th 2009 10:50AM by TMZ Staff
TMZ has learned Michael Jackson intended to provide for his mother during her lifetime, but once she dies her share of the estate will go directly to MJ's three kids.
As we first reported, under the trust, 40% of Michael's estate goes to Katherine. The kids get 40% and the remaining 20% goes to charity. But we've learned ... Katherine Jackson will not get 40% outright.
The trustees -- John Branca and John McClain -- decide what money should go to the beneficiaries. Katherine has no voice in those decisions. Whatever remains in Katherine's trust when she dies goes directly to the children.
Bottom line -- Katherine will get a healthy stipend for the rest of her life ... now she's getting a hefty allowance and when the trust kicks in she'll probably get more. But she will not inherit 40% of her son's estate.
Filed under: Michael Jackson, Exclusives
Tags: estate, inheritance, katherine jackson, KatherineJackson, michael jackson, MichaelJackson, paris jackson, ParisJackson, prince michael, PrinceMichael, trust
Posted Sep 28th 2009 2:01PM by TMZ Staff
Courtney Love is having trouble gaining access to her daughter's hefty trust fund -- and it's all because the bank claims she's not the only one trying to access the cash.
The First Republic Bank filed papers in federal court in San Francisco last week, claiming there's a dispute over who can access the funds in Frances Bean Cobain's trust -- Courtney or the Laird Norton Tyee Trustee Company.
The bank put a hold on all withdrawals from the trust -- worth over $1.2 million -- until the court can sort out who's really in charge.
Love's attorney, Keith Fink, calls the filling "childish and vindictive" -- telling us Courtney and the trustee agreed to move the $1.2 mil to a different bank ... but FRB doesn't want to lose such a large account, and just filed the papers to stall the transfer.
Filed under: Celebrity Justice
Tags: bank, courtney love, CourtneyLove, frances bean, FrancesBean, kurt cobain, KurtCobain, trust
Posted Sep 24th 2009 5:00PM by TMZ Staff
Richard Pryor's two children say they were never told their late father set up a trust for them -- and now they're going after a guy they say should have spilled the beans.
Steven and Kelsey Pryor filed court documents on Tuesday against Robert Philpott -- the guy Richard appointed to watch over the trust -- claiming he hid the existence of the trust from them after their father's death in 2005.
In the papers, filed in L.A. County Superior Court, Pryor's kids say they were forced to figure out the existence of the trust on their own -- and are worried Philpott "wrongfully took, concealed, or disposed of assets" during that time.
The trust was initially created in 1988, when Richard divorced their mother for the first time (they divorced again in 1992).
The Pryors are asking the court for any assets Philpott may have pilfered from the trust ... and they want him 86'd as trustee.
UPDATE: Sept. 25, 6:08 PM ET A spokesman for Bob Philpott told TMZ, "This is a ridiculous, absurd and meritless lawsuit. Mr. Philpott has had nothing to do with Richard Pryor and his trust for more than 15 years when he stopped working for Mr. Pryor as his business manager. At that time, he resigned as trustee from all of Mr. Pryor's trust and all of the files and documents for Mr. Pryor were transferred to the client as was requested."
Filed under: Celebrity Justice, Exclusives
Tags: richard pryor, RichardPryor, trust
Posted Jul 1st 2009 11:17AM by TMZ Staff
We now know what's in Michael Jackson's will -- for starters, he never said where he wanted to be buried.
We've learned the will -- which will be filed today -- is 5 pages long. As for who gets what -- Jackson's entire estate goes to the Michael Jackson Family Trust. The trust documents are not included in the will and the contents of the trust remain confidential.
We're told the trust provides for Michael's children and mother, and distributes money to several charities.
Filed under: Michael Jackson
Tags: burial, children, dead, death, funeral, Michael Jackson, MichaelJackson, trust, will
Posted Jun 20th 2006 2:44PM by TMZ Staff
Jennifer Aniston and Oprah Winfrey recently wore their emotions on their sleeves- er, wraps.
Anne Segal Wraps are one of the hottest celebrity items these days. Anne Segal, daughter of fashion icon Fred Segal, created the clothing line that supports a person's spirit, bearing words such as Patience, Faith, Passion and Grace. The wraps were designed for women to literally wrap themselves in a feeling. The hip wraps serves as pashmina-like, and can be a wrap, scarf, skirt, top or anything else you can imagine.
Aniston's choice- TRUST! Oprah's choice - COURAGE!
The duo both wore their Anne Segal Wraps to a party Oprah hosted at her estate. Aniston's Trust wrap was in navy and Oprah sported her Courage wrap in emerald green.
Anne Segal Wraps are available at actress Lisa Rinna's shop Belle Gray, which retails the wraps for $74 - $82.
Celebrity fans of Anne Segal Wraps include, Renee Zellwegger (Freedom), Paris & Nicky Hilton (Love & Courage), Drew Barrymore, Charlize Theron, Wendie Malick, Molly Sims and many more.
Filed under: Fashion Police, Oprah, Jennifer Aniston
Tags: anne segal, anne segal wraps, AnneSegal, AnneSegalWraps, belle gray, BelleGray, courage, fashion, jennifer aniston, JenniferAniston, oprah, oprah winfrey, OprahWinfrey, trust, wraps
