Katherine Jackson Will Raise Michael's Children

Katherine Jackson, the 79-year-old mother of Michael Jackson, will receive full custody of the pop singer's three children - Prince, 12, Paris, 11, and Blanket, 7 - her lawyer told The Early Show Thursday morning.

"There is no situation better for these children than for them to be raised and reared in the loving care of Mrs. Katherine Jackson," L. Londell McMillan said.

He added that the issue of Debbie Rowe, who is the mother of Prince and Paris, will have visitation rights, but will not receive any money under terms of the pact.

McMillan addressed concerns that Michael's father, Joe Jackson, would be involved with raising the kids, saying, "I don't think it's valid at all. I think Joe Jackson is the husband of Mrs. Jackson, but he's not living in Los Angeles."

And what about speculation that the King of Pop left his family with more debt than money? McMillan said there's no reality to these rumors.

"That estate is worth, in my estimation, a couple of billion dollars. You hear $500 million. Don't buy it." He added, "I don't know where the broke issue comes -- came from. Mr. Jackson was very generous and provided for resources for his mother and his family and certainly his children."