Sources are revealing the exact division of Michael Jackson's assets, according to his will.
As it stands, his mother, Katherine Jackson, will get 40% of his assets.
His three children will also get 40%.
The remaining 20% will be divided up for several children's charities.
No specific charities were specified in the document, so the California state Attorney General, who is in charge and regulates the state's charitable foundations, has filed legal papers, most likely to ensure that the allotted funds actually go to charity.
Still no word as to who has been bequeathed the 50% share holdings at Sony/ATV music publishing catalogue, which controls many of the songs from the Beatles.
A hearing had been scheduled for Monday to discuss the guardianship of Michael Jackson's three children, but at the request of their grandmother, Katherine Jackson, and Michael's ex-wife, Debbie Rowe, the hearing has been delayed.
Could Debbie and Katherine be trying to work out some type of $ettlement and arrangement????
Katherine will continue to retain temporary guardianship of the children until the rescheduled hearing on July 13.
It has been reported that Debbie Rowe will seek custody of the children and with that, implement a restraining order against Michael's father, Joe Jackson.
Despite earlier reports to the contrary, Debbie Rowe, self-proclaimed biological mother (not just the surrogate) of Michael Jackson's two eldest children, is asking for their custody following the singer's unexpected death.
Jackson's mother, Katherine, has been granted temporary custody of Prince, Paris, and "Blanket," and Jackson's will names her as the ultimate custodian, not Rowe, who receives no inheritance out of the contract either.
Rowe says that she is willing to submit to DNA and psychological tests in order to gain custody of the children. She also says that she is indeed concerned with splitting the kids up, and is willing to take on the youngest, whose surrogate mother was never identified.
New Delhi just passed a milestone in the battle for equal rights when its highest court overturned a centuries-old ban on gay sex.
Leftover from colonial rule, the ban on gay sex in India has existed since 1861, and while the law had not been used to prosecute anyone in modern times, it was used to "harass, blackmail and jail people." Then AIDS awareness group the Naz Foundation sued, and on Thursday, Section 377 was overturned.
The new ruling is just one battle in a decade-long war organized by global gay rights advocates, authors, celebrities, lawyers and AIDS awareness groups. India has one of the highest populations of AIDS patients in the world and Section 377 was seen as an AIDS prevention education obstacle.
So far, the ruling stands only in the city of New Delhi, but the rest of the country is expected to follow suit.
Advocates, however, maintain that the bigger challenge of undoing homophobia in the country still remains.
Early last year, we revealed that Victoria Beckham was the latest celeb to appear on a Marc Jacobs T-Shirt posing naked for skin cancer awareness.
Well, now, a man in uber-conservative Dubai has been arrested for wearing the tee!!!!!
WTF? Posh isn't even fully naked on the shirt!
You can't see any X-Rated parts!
It all started when Lebanese national Raffi Nernekian got in an argument with a local man at a bakery about the shirt, which he apparently purchased while on a trip to New York.
After the argument, Nernekian left to change, but when he returned he was was arrested and jailed for "offending public decency" and sentenced to a month.
And it gets worse!
Nernekian has lived in Dubai for about 5 years now, but after serving his sentence he's going to be deported!
Turns out Dubai's codes of conduct state "clothing shall not indecently expose parts of the body, be transparent, or display obscene or offensive pictures and slogans".
Documents have been obtained stating that as of two years ago, Michael Jackson had a net worth of $236.6 million, with less than $700,000 of that amount in cash.
That report was assembled around the time Michael had to refinance due to his large sums of debt and was "based in large part on estimates provided by Jackson's advisers that the accounting firm said it could not verify." However, the documents do not include any report of the incoming funds of that year or how much he was spending. Still, the information gives a glimpse into the mess of finances left behind for his family to deal with.
The documents also show some of Michael's more lucrative assets, including his share of the Sony/ATV Music Publishing catalog, which includes the rights to songs by the Beatles, Bob Dylan, Neil Diamond, Lady Gaga and the Jonas Brothers.
As we mentioned earlier, Michael's mother, Katherine Jackson is the caretaker of his estate for the time being. But we can see that the fight over Michael's estate will probably take a long time to iron out.
As of Wednesday afternoon, Michael Jackson's mother, Katherine Jackson was granted limited control of 2,000 items from Neverland Ranch until the next hearing on Monday. The judge is hoping that the time will help facilitate a compromise between Katherine's legal team and the two co-executors of Michael Jackson's will — lawyer John Branca and John McClain, a music executive and a family friend
The items in question had been slated for auction earlier this year, but the sale was stopped after Jackson sued. Now, Katherine retains a "slim" authority over the items. Branca and McClain attempted to overturn the ruling, saying the authority was "granted on the mistaken assumption that Jackson died without a valid will." But the judge said he saw no urgency to give the executors authority over the Neverland items at the present time.
The hearing on Monday will go into more depth about the extent of Jackson's personal and business finances.
It's good Katherine holds onto the property for as long as she can. The second it leaves the Jackson family, we foresee the auction reassembling without delay!
According to his will, Michael Jackson's assets will be placed in a family trust, but there are more beneficiaries than first reported.
The Michael Jackson Family Trust, which is said to be valued at $500 million, will be disbursed between his children and his mother Katherine.
Six relatives, which include his brother Tito's three sons, are listed as contingent remainder beneficiaries. Basically, they'd only share the estate if Michael's children or Katherine passed away before Michael did.
Just Tito's family?!
Jackson's wish was for his mother to be appointed guardian of his kids, but in the case that it was not possible, singer Diana Ross would look after them!!!!
Some new interesting details are coming out now that Michael Jackson's actual will has become public.
The biggest reveal so far was that Michael did indeed entrust the custody of his children to his mother, Katherine Jackson. However, the will also states that if his mother had died before him or could not serve as guardian, then the next in line for custody was Diana Ross.
We hope she knew about that!
For one thing, it is an honor to know someone trusts you that much, however, it would have been a rather shocking task to deal with had it had to come to pass.
