BlogRead the Latest News

 

iPhoneJD

Jeff Richardson is a New Orleans attorney who writes a blog named iPhoneJD. He posts about matters concerning iPhones (and other iOS devices) and the practice of law. He asked me to write a post about the apps I prefer. Because I have too much free time, I obliged.

His Old School

Peter Knoll was the heir to the Hans Knoll furniture fortune. After his father died when he was 13. Peter dropped out of Columbia University after a few semesters and allegedly never worked a day in his life. Knoll died earlier this year from hypothermia in his $10 million NY townhouse which was without heat since 2014.
 
Described as complicated and eccentric, and suffering from diabetes and melanoma, Knoll left $50K to each of his 3 children who reside in Florida and $100K to each of his grandchildren. He also left various sums to other friends and acquaintances and the bulk of his estate to a boarding school he attended in Vermont in his teens. His son is contesting the will alleging that the boarding school unduly influenced him into leaving most of his estate to it.
 
Three points:
 
1. Complicated and eccentric does not mean mentally incompetent.
 
2. Complicated and eccentric people do complicated and eccentric things such as ignoring their children in favor a boarding school they attended long ago.
 
3. We all know that NY is cold in the winter while Florida is warm, but if the children had visited their dad in the winter and realized he did not have gas in his house, he might have left them more than $50K.
 
Photo Credit:  Handout (from linked article)
License:  Fair Use/Education

Don’t Go Crazy

 

 
In a story unreported, and for good reason, by almost every major news outlet, a woman filed a claim with Prince’s estate claiming to be his daughter. She was adopted in 1975 and has no knowledge of her birth parents, but thinks she might be The Purple One’s daughter because she “possess(es) substantial physical, temperamental and aspirational similarities to Prince” and she is “very artsy and . . . has been described as flamboyant, natural-born star and performer made for the stage.” The woman submitted a photo of herself with purple hair and purple lipstick as proof of her physical resemblance to Prince. The estate is rejecting the claim because it was filed the day after the deadline for making such a claim.
A few points:
1. Prince would have been 16 years old and 1,000 miles from his Minneapolis home at the time the woman was conceived.
2. Even if the woman is Prince’s daughter, she has no rights to his estate because adopted children sever all ties with their biological parents and lose their right to inherit from them. They are entitled to inherit from their adoptive parents.
3. If purple hair and lipstick are enough to allege paternity, Kelly Osbourne should have filed a claim against Prince’s estate.
 
Photo Credit:  TheBlast.com (linked in linked article)
License:  Fair Use/Education

(Not) Gentle On His Mind

After Glen Campbell died last year of Alzheimer’s disease, his fourth wife of 35 years presented a will to the probate court which excluded his 3 children from his second marriage. The will, which was executed in 2006, did provide for his wife and all of his children from his first, third, and fourth marriages. Naturally, his excluded children are contesting his mental capacity to execute the will.

Several brief points:

1. Campbell’s disinherited children will have to prove that Alzheimer’s caused him to forget that they were his children, or to harbor animus to them.

2. Their case will be difficult to prove because the will was executed five years prior to him telling the public that he was suffering from Alzheimer’s.

3. Their case will be doubly difficult because Campbell’s 2001 will also excluded them.

4. As a general rule, if you want to inherit from your father, do not sue him while he is alive (as they were alleged to have done over publishing rights).

Photo Credit:  Calli Shell for The Tennessean (in linked article)

License:  Fair Use/Education

Will, Trust, and Net Worth Unknown

Reports of the net worth and estate plan of celebrity chef and television host, Anthony Bourdain, are being circulated in various media outlets. The reports state that Bourdain, who was estranged from his wife at the time of his death, left his $1.2 million estate to his 11 year old daughter. His estate supposedly consisted of $450K in bank accounts, $250K of household goods, and $500K of goodwill associated with his name. Other reports state that he had a trust for his daughter and his estranged wife is the trustee of the trust. Also, if his daughter pre-deceased him, his estate was to go to the nanny of his daughter.
Several points:
1. At the time of his suicide, Bourdain was reportedly worth $16 million which is 10X more than the value listed in the probate filings.
2. The value of personal property and celebrity goodwill are often overstated which means that Bourdain might only have been worth $450K at the time of his death, half of which would have gone to his estranged wife after the finalization of their divorce.
3. The trustee of the trust for his daughter was his estranged wife. I never have an estranged or former spouses control the funds for a child because the spouse could use the funds for himself/herself.
4. In spite of trusting his wife with the funds or his daughter, Bourdain must have disliked her immensely if he wanted his money to go to the daughter’s nanny if his daughter was not living.
 
Photo Credit:  Joe Brier for USA Today
License:  Fair Use/Education (in linked article)

Contact Me

All Posts By Jay Brinker

I am an attorney located in Cincinnati, Ohio who practices in the areas of estate planning, probate, asset protection, and small business advice. I make a difficult and bewildering process as simple as possible. Most importantly, I provide "more for less" for my clients.