Michael Jackson's kids are not broke

Prince Jackson, La Toya Jackson, Prince Michael Jackson II and Paris Jackson attend the St. Paul...

Prince Jackson, La Toya Jackson, Prince Michael Jackson II and Paris Jackson attend the St. Paul Saints Vs. The Gary SouthShore RailCats baseball game at U.S. Steel Yard on August 30, 2012 in Gary, Indiana. Tasos Katopodis/Getty Images/AFP

WENN.COM

, Last Updated: 1:36 PM ET

A lawyer representing Michael Jackson’s estate has dismissed rumours suggesting the superstar's three children are struggling financially following their father's death.

The King of Pop passed away in 2009 and he left instructions for a trust fund to be set up to look after his children, Prince, Paris and Blanket, as well as his mother Katherine, who is co-guardian of the youngsters.

A new report published in the New York Daily News suggests the children's trust fund remains empty even though the singer's estate has generated more than $600 million since his death.

Howard Weitzman, a lawyer representing Jackson's estate, insists legal work is still being done to settle all of the singer's debts, but once the administration is complete, the children will all benefit from their late father's fortune.

He tells the publication, "The probate is still pending, and although almost all of Michael's personal debt has been or is about to be paid in full, the estate is technically still in debt. Once all of the creditors' claims, taxes and pending litigations (sic) have been resolved, the trusts will be funded per court order... (It's) too early to speculate on any precise number for a value. It will be a substantial number, I'm certain."

 


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