BlogRead the Latest News

 

Following the Eclipse Herd

Would you have either of these guys draft your will? I ran into Chuck Meyer (Santen and Hughes) during the eclipse at the Banks.

 

They Might Still Get Away With It

A Mason family – Mitch, Patricia, and Candace Stevenson – was indicted by a federal grand jury in June for money laundering associated with the receipt of life insurance proceeds. Allegedly, Patricia and Candace were the beneficiaries of two policies totaling nearly $3 million on the life of Mitch’s sister, Tina.

The 2009 application for life insurance stated that Tina had never been diagnosed with diabetes nor had taken medication within the previous 12 months. A physical exam was performed on a woman in Texas weighing 170 pounds. Tina actually weighed 380 pounds when she was in an emergency room three weeks prior to the application. Tina died in early 2012. Patricia and Candace received the death benefits and used them to purchase a Bentley convertible, make a $280K down payment on a former Homearama house, and other purchases. Unrelated, or perhaps not, Mitch and his son, Steven, have also allegedly been involved in a scrap metal scan.

Whew. Several points.

1. In Ohio, life insurance policies become incontestable two years after the application even if there is fraud. Companies have to pay the death benefit.

2. The Stevensons are likely being charged with money laundering because they cannot be charged with insurance fraud.

3. Money laundering is the crime of hiding the source of proceeds from a crime. I am not sure that using funds from a life insurance policy to purchase lots of bling amounts to money laundering.

4. In the bizarre coincidence category, the house purchased by the Stevensons was the subject of bank fraud 10 years ago that caused the builder to spend time in prison.

5. The Stevenson parents remain unindicted for naming their son Steven Stevenson.

Photo Credit:  Keith Biery Golick (KBG) for the Cincinnati Enquirer

License:  Fair Use/Education

TML Again

I guest wrote Paul Daugherty’s TML blog today in the Cincinnati Enquirer. I cover Zach Cozart, OJ, some UC stuff, and a report from a family vacation (including a slideshow) that Doc suggested.

I hope you enjoy it. Thanks to Dan Izenson and Mark Sims for some topic ideas.

Photo:  Prague

Photo Credit:  Jay Brinker

License:  None   🙂 

New Sensation

The British press is abuzz with speculation that Tiger Lily Hutchence (full name – Heavenly Hiraani Tiger Lily Hutchence Geldof) will inherit “millions” when she turns 21 next week. She is the daughter of the late INXS frontman, Michael Hutchence, who died in 1997 with a net worth reportedly between “penniless” and $40 million. Tiger Lily’s mom, Paula Yates, died from a heroin overdose four years later. Tiger Lily was later adopted by Yates’ former husband, Bob Geldof, who founded Live Aid and was later knighted.

A few points, only one of them really relevant:

1. I always discourage my clients from allowing their children to inherit any money, much less “millions”, when turning 21. I advise releasing trust funds in increasing amounts over a period of years.

2. Apropos of nothing, I think it is commendable of Bob Geldof to raise the daughter of his ex-wife and the man she left him for after the little girl was orphaned.

3. Whatever she inherits from her dad, nothing can compensate Tiger Lily for the tragedy in her life – the deaths of her parents, the heroin overdose of her half-sister, and the silly name bestowed upon her by her parents.

Photo Credit:  Unknown

License:  Fair Use/Education

Back From Europe

Just returned from 10 days in Central Europe with Janice, Blair, and Jack. Visited Prague, Bratislava, Vienna, and Munich. Adjacent pic is my favorite from the trip. Post to follow later.

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.