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I Have My Stuff, I Do Not Need Yours

Sunday, 03 September 2017 19:57

It is another fallow period for celebrity estate planning news – the deaths of Jerry Lewis, Dick Gregory, and Ara Parseghian have yielded nothing newsworthy to date. Meanwhile, the NYT has an interesting piece on how children do not want their parents’ possessions when the parents downsize or move into a retirement home (or die). I see this with many of my clients and their children.

A few brief points:

1. In the age of furniture and decorations from Ikea and Wayfair, people do not want to decorate their homes with their parents’ 50 year old household items.

2. Unless an item is incredibly unique (i.e. Tiffany lamp, Baccarat crystal), it likely has little monetary value.

3. Personally, when my grandmother moved into a nursing home 20 years ago, all I wanted was her vintage lava lamp but I was also given (i.e. asked to remove) the bedroom set which I quickly disposed of.

4. If you have something you do not use or like, throw it away so your children do not have to throw it away after you die.

Photo Credit:  T.J. Kirkpatrick for the New York Times (from linked article)

License:  Fair Use/Education

Following the Eclipse Herd

Sunday, 03 September 2017 19:52

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

 

Shooting and Drowning, Oh My

Friday, 04 August 2017 07:51

John Chakalos was a Connecticut octogenarian worth $40 million when he was murdered in 2013. No one has been charged with his killing although he was shot with the same type of gun his then 20 year old grandson had recently purchased.

Chakolos’ estate is to be distributed equally among his 4 daughters. However, last year one of his daughters, the mother of the gun owning grandson, disappeared at sea after the boat she was in with her son sank at sea after some holes were improperly repaired. The son/grandson was found 8 days later on a life raft. Now the 3 surviving daughters have asked the Connecticut probate court to declare the grandson as the murderer of Chakalos which they hope will prevent him from inheriting his mother’s share of the estate (and leave more for them).

Several points and one question:

1. The grandson should inherit his mother’s share of the estate. Slayer statutes apply when someone has been convicted of murder not merely suspected of murder.

2. Getting a bit wonky, the share of the now deceased daughter vested in her so technically she will inherit it and her estate will receive it and distribute it pursuant to her will.

3. If the Slayer Statute were to be applied, it should be applied to her estate although once again the son/grandson has not been convicted of her murder.

4. Is a 20 year old really capable of pulling off a perfect crime then repeating his success three years later?

5. If not, bad luck and odd coincidences certainly seem to follow the grandson.

Photo Credit:  Facebook?

License:  Fair Use/Education

Griffin Appeal Is Road Kill

Wednesday, 02 August 2017 07:21

A slow news cycle finally ended today with a local story. The Griffins are a large Northern Kentucky family which owned a rendering business (think road kill and restaurant grease) that was sold for $840 million in 2010. The business was operated along traditional gender roles with the males running the business and the women not participating.

The 6th Circuit Court of Appeals upheld a $584 verdict against two of the Griffin brothers in favor of three of their sisters. The verdict stemmed from the brothers’ handling of their parents’ estates two and three decades ago. The sisters became aware that something might have been amiss with the way the estates were handled when a piece of real estate they should have inherited was transferred to the family company for $1 in 2010 to facilitate the sale of the company. A federal court’s award of $178 million to each daughter was the subject of the appeal.

Four points and one disclaimer:

1. In the interest of full disclosure, half of my life ago I worked for the firm which represented the Griffin sons although I have no knowledge of the family or the matter.

2. I remain surprised that some of the claims by the sisters are not barred by the statute of limitations because the parents died 20 and 30 years ago respectively and their estates were probated then.

3. Good estate planning documents and/or a buy sell agreement which provided that the family business was to be transferred to the sons would have prevented most of this dispute.

4. The Supreme Court only hears cases involving questions of law or where courts differ on legal interpretation of an issue. Neither seems to apply here so this case is likely over.

5. Sale of real estate for $1? One would think that people in the rendering business would certainly know the mantra that pigs get fat, hogs get slaughtered.

Photo Copyright:  Bruce Crippen/Cincinnati Business Courier 

 

 

New Sensation

Thursday, 20 July 2017 07:48

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

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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.