Jackson Estate Opposes Allowance for Joe Jackson

The estate of late singer Michael Jackson has opposed a bid from his father Joe Jackson to receive a monthly allowance, stating that it would take money away from Michael Jackson's three children. Joe Jackson is seeking to get more than $15,000 each month from his son's estate. The papers that were filed fail to show that Micheal supported him while he was alive and that Michael omitted his father as a beneficiary in his will and trust. Joe filed for the monthly stipend in November claiming that he had very little income and relied on his son to help him with his living costs. He wants $1,200 per month for rent for his Las Vegas home, $2,500 to eat out, $1,000 for entertainment expenses, gifts, and vacations, $2,000 for air travel, and $3,000 for hotel expenses.

Any money that would be paid to Joe would reduce the estate's assets that are for Micheal's mother and his children. The beneficiaries of the estate are Michael's children, his mother, and various unnamed charities. Micheal's mother, Katherine Jackson, and his children are receiving more than $86,000 per month and administrators want to increase the monthly stipends.

Judge Orders Wesley Snipes to Reimburse Government

Last week, the U.S. District Court Judge William Terrell Hodges ruled for the actor Wesley Snipes to reimburse the government $217,000 in prosecution costs for his recent tax conviction. Wesley Snipes is objecting to the cost. He was convicted in February of three counts of willfully failing to file his income taxes. He has appealed the convictions and a three year prison sentence.

XM Satellite and Sirius Completes Merger

XM Satellite and Sirius Satellite Radio have completed their merger. The merged company will change its name to Sirius XM Radio Inc. Their stock will continue to be traded on the Nasdaq under the symbol SIRI. The company now has more than 18.5 million subscribers and expects to save about $400 million in costs in 2009.

The High Costs of Raising Children

It is found that the average cost of raising a child to the age of 21 is $338,000. Providing shelter will cost about $105,000 until the age of 18. Food will cost about $41,400 and health care costs will be about $17,400. The overall average cost also includes the cost of college.