Entertainment

Michael Jackson’s Children Blocked from Trust Funds Over $700M Tax Dispute

Published

8 months ago

June 3, 2024

Michael Jackson’s three children – Prince, 27, Paris, 25, and Bigi, 22 – along with his mother Katherine, 94, have been barred from accessing funds from the late singer’s trust due to an ongoing legal battle between Jackson’s estate and the Internal Revenue Service (IRS) over a $700 million tax bill.

The dispute arose when the IRS audited the estate’s federal estate tax return and claimed that it had “undervalued its assets,” resulting in an additional $700 million in taxes and penalties owed. While the estate initially won in court in 2021, it later filed a motion for reconsideration regarding the court’s valuation of Jackson’s music catalog, which is still pending.

Michael Jackson and children

Until this case is resolved and the value of Jackson’s estate is determined, the IRS and the estate cannot agree on the deduction amount for the federal estate tax return. Consequently, the estate’s co-executors, John Branca and John McClain, have denied requests from the beneficiaries to release funds, citing the ongoing IRS audit.

Family Feud Over Legal Fees

The situation is further complicated by a separate legal feud between Katherine Jackson and her grandson Bigi. Katherine has been attempting to use funds from the estate to cover legal fees incurred while challenging the $600 million sale of Jackson’s music assets to Sony, a move supported by Bigi and approved by a judge.

Katherine’s lawyer, Adam Pines, accused the executors of “trying to punish” her for contesting their actions and claimed they would have paid the legal fees if they were related to other litigation. Pines suggested the executors are intentionally withholding payments until Katherine passes away.

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Trust Distribution Requirements

According to the court filing, Jackson’s trust stipulates that 20% of his estate, as valued for federal estate tax purposes, should be donated to charity, with the remaining assets distributed to subtrusts. However, Katherine’s filing disputes the executors’ belief that charitable donations must be made before any distributions to beneficiaries, arguing that “nothing in the Trust requires those payments to be made before any preliminary distribution to other beneficiaries.”

Bigi, on the other hand, has requested the court deny Katherine’s request, stating that “a reversal on appeal would be an extreme longshot” and that her decision to appeal is “not for the benefit of the heirs.”

As the legal battle continues, the estate is providing for Jackson’s children and mother through a “family allowance,” but no funds from the trust itself will be distributed until the tax dispute is resolved and the estate’s value is finalized.

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Entertainment

Ye’s Super Bowl Ad Followed by Swastika T-Shirt: Controversy Escalates

Published

19 hours ago

February 11, 2025

Bolanle Media Staff

Kanye West, now legally known as Ye, has sparked widespread outrage following a Super Bowl commercial promoting his website, which is currently selling a single item: a $20 white T-shirt featuring a black swastika. This move has drawn sharp criticism from organizations like the Anti-Defamation League (ADL) and social media users, further escalating concerns over Ye’s recent behavior and statements.

Key Details of the Controversy:

Super Bowl Ad: The ad aired in select markets, including Los Angeles, and featured Ye reclining in a dentist’s chair, showing off jewel-encrusted teeth. He directed viewers to visit his website, Yeezy.com, which initially offered various items but soon displayed only the swastika T-shirt.
Antisemitic Remarks: The ad followed Ye’s recent tirade on X (formerly Twitter), where he called himself a Nazi and expressed admiration for Adolf Hitler. He deactivated his account shortly after.

Symbol Debate: While the T-shirt design features the Nazi Hakenkreuz (“hooked cross”), it has been widely misidentified as a swastika. Some social media users highlighted the distinction between the sacred Hindu swastika and the Nazi symbol.
ADL Condemnation: The ADL criticized Ye for promoting hate and using a symbol that continues to instill fear among those targeted by antisemitism and white supremacy.

Public Backlash: Many have pointed out Ye’s hypocrisy, as he previously claimed he would never sell such merchandise to avoid putting fans at risk. Critics argue this stunt reflects either desperation or deliberate provocation.

The controversy underscores Ye’s increasingly erratic behavior and his ongoing alienation from fans and collaborators.

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Entertainment

Taylor Swift Booed at Super Bowl

Published

2 days ago

February 10, 2025

Bolanle Media Staff

At Super Bowl LIX in New Orleans, Taylor Swift, supporting her boyfriend Travis Kelce of the Kansas City Chiefs, was met with boos when shown on the jumbotron at the Caesars Superdome. The crowd’s reaction, largely attributed to Philadelphia Eagles fans, occurred during the game between the Chiefs and the Eagles.

Swift, accompanied by friends like Ice Spice, seemed surprised but remained unbothered by the negative reception. She gave the crowd a side-eye as she shook off the negativity. Serena Williams quickly came to Swift’s defense, posting on X, “I love you @taylorswift 13 don’t listen to those boos!!!”.

The booing has been attributed to several factors:

Eagles Fans: Many believe the boos came primarily from Eagles fans. Some suggest it was due to her support for Kelce, while others believe it was related to her past support for the Eagles.
Excessive Camera Time: Some speculate that the excessive camera time Swift receives during NFL broadcasts contributed to the negative reaction.

Chiefs Fatigue: With the Chiefs making their fifth Super Bowl appearance in six years, some speculate that the public is growing weary of the team.

Following the incident, Donald Trump also commented on the situation, sharing a post mocking Swift on Truth Social and claiming that his “Make America Great Again” (MAGA) movement was responsible for the boos. He contrasted the crowd’s reaction to Swift with the cheers he received when shown on the jumbotron.

Entertainment

Decoding Kendrick Lamar’s Super Bowl LIX Performance

Published

2 days ago

February 10, 2025

Bolanle Media Staff

Kendrick Lamar’s Super Bowl LIX halftime show was a groundbreaking performance that redefined expectations for the event. The Compton rapper delivered a complex, narrative-driven set that blended artistic expression with pointed social commentary.

Key Elements of the Performance

Samuel L. Jackson as Uncle Sam: The show opened with Jackson dressed as Uncle Sam, representing traditional American expectations for the halftime show. This character served as a foil to Lamar’s performance throughout the set.

Musical Choices: Lamar surprised audiences by heavily featuring tracks from his recent album “GNX” rather than relying solely on older hits. He also performed an unreleased track called “Bodies” at the start of his set.

Visual Storytelling: The performance incorporated intricate choreography and visual elements, including dancers in red, white, and blue forming an American flag during “HUMBLE”.

Political Commentary: Lamar’s set included subtle and overt political messages, addressing themes of race and cultural divide. He referenced Gil Scott-Heron’s “The Revolution Will Not Be Televised,” flipping it to say, “The revolution ’bout to be televised”.