New financial documents also value Michael's assets at $500 million with tens of millions of dollars more expected

By Ken Lee
September 17, 2009 04:00 PM
Mark J. Terrill/Reuters/Landov

Michael Jackson’s mother and the singer’s three children are being well taken care of, financially speaking, after the singer’s death.

Court documents released Thursday in Los Angeles show that Katherine Jackson is receiving $86,804 per month from her son’s estate to support herself and her three grandchildren. A judge approved the payments last month.

The documents state that Katherine, 79, had been financially dependent on her son during his life, and that for years, Michael had paid for all her living expenses at the Jackson family’s Encino, Calif., home.

Specifically, Katherine will receive $26,804 per month for an assistant, housekeeper, driver, utilities, clothing, grooming and other expenses. The remaining $60,000 will be for the grandchildren, but details were scant on how that money would be spent.

Lawyers for the singer’s estate also estimated his total assets exceeds $500 million, and that future business agreements bearing Michael Jackson’s name could generate “tens of millions of dollars.”

Katherine Jackson has been named permanent guardian of the three grandchildren. All four are primary beneficiaries under the singer’s will, including some unnamed charities.