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A Debtor, Not a Son

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Slow times in the newsworthy estates area.  Going back a few months, Andrew Getty was the 47 year old grandson of J. Paul Getty who died of a meth overdose last year.  His father, Gordon Getty, filed a claim against his son’s estate for repayment of $14 million that he allegedly loaned him.  Gordon Getty is also seeking the return of 55 pieces of art valued at $1 million.  The younger Getty’s Hollywood Hills house was listed for sale this week at $8 million.

Several quick points:

  1.  Creditors of a decedent have to file a claim against the estate if they want to secure payment for a debt.  In Ohio, the claim must be filed within six months of the date of death.
  2. Based on the amount of the claim filed by Gordon Getty, it is obvious that he financed his son’s life.
  3. Andrew is the second Getty grandchild to die a drug related death.  An incentive trust might have helped them manage their finances.
  4. It should be no surprise that Gordon Getty is seeking money from his son’s estate.  His father charged a son interest on the ransom he paid for the release of a kidnapped grandson.  Apples do not fall far from the tree. 

 

 

 

The Man Who Sold the World

isa90rdfThe will of David Bowie was filed in Manhattan Surrogate Court on Friday.  The will left $1 million of his reported $100 million estate to the former nanny of his son, $2 million to his long time personal assistant, 25% of his estate to his 44 year old son, 25% in trust to his 15 year old daughter, and the balance to his wife, Iman.

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Limited Inheritance

vs_logo_sA Columbus widow is suing L Brands, the parent company of Victoria’s Secret and Bath and Body Works (and originally known as The Limited, Inc.), claiming that she inherited $1.5 million of stock that L Brands refuses to acknowledge.  Her late husband,a bricklayer, allegedly purchased 50 shares of The Limited Stores in 1976 after receiving a stock tip from a client.  His widow claims his stock certificate for 50 shares is an original certificate and is now worth $1.5 million after 7 stock splits and 40 years of unpaid dividends.  The company has not yet responded in court.

Several practical points:

1. I detest stock certificates – they are easily lost during the client’s life and difficult to transfer after the client’s death. I always advise my clients to own stock in a brokerage account rather than in certificated form.

2.  I also always advise my clients to list all of their financial accounts/assets and place the list with their estate planning documents.  This assists their children with settling their estates by providing them knowledge of which assets they own and must locate.

3.  If the stock market continues on its current trajectory, this battle might be moot because the shares will be worthless.

 

 

 

Jinxed? No, Just Smart.

Robert Durst is the NY real estate heir who was recently arrested in New Orleans for the 2000 murder of his friend, Susan Berman, who was found dead with a single gun shot wound to her head.  She had supposedly been contacted by police about the 1982 disappearance of Durst’s first wife shortly before her death.  Durst has been married to Deborah Lee Charatan, an ambitious NY real estate broker, since 8 days before the murder of Berman, although they had dated for 12 years prior. Durst was bought out of his family’s trust for $65 million in 2006 and is now reportedly worth $100 million. In the finale of HBO’s series, “Jinxed”, Durst is recorded as saying he killed them all (i.e wife, friend, and neighbor).  Haratan is reportedly living with one of Durst’s lawyers even though she is still married to Durst.

Several quick points:

1.  As a general rule, spouses are not required to testify against each other in a trial so a marriage to Charatan would protect Durst from any testimony by her about his past and where the bodies are buried, so to speak.

2.  If Durst dies in prison, Charatan will likely inherit a large portion of his estate.  It is difficult to entirely disinherit a spouse – in Ohio a spouse is entitled to half the probate estate if there are no children, even if the will provides otherwise.

3.  It is high stakes gambling to be involved with someone suspected of killing a spouse and girlfriend, and who was acquitted of killing and dismembering a neighbor while living as a mute woman, although a payoff of $50 million at his death might make it worthwhile. Emphasis on might.

4.  Living with one of the attorneys of someone who killed and dismembered a neighbor is not advisable due to the possibility of raising his ire and meeting the same fate as his wife, friend, and neighbor.  Living 1,000 miles away would be the smart play.

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Is Wisconsin a County in Florida?

A 19 year old Wisconsin man murdered a Milwaukee area businessman in 1971.  After being sentenced to life in prison, he escaped prison in 1978, assumed the name of deceased child, established a trouble free life in Florida as a businessman himself, and eventually married in 1996.  Only when his wife pestered him for his birth certificate so he could obtain a passport did his life unravel and  she filed for divorce.  He committed suicide in 2011 five days after being asked to testify under oath about his real name.  The family of his murder victim recently filed suit to re-open his estate so they could file a claim against the estate because the estate did not publish a notice of his death in a Wisconsin paper.

Several points:

1.  Unless there was a wrongful death lawsuit and judgment, I am not sure what claim the victim’s family has against the estate 40 years after the murder.

2.  Ohio requires creditors to file a claim against an estate within six months of the date of death without exception.

3.  Ohio does not require publication of any notice for estate creditors.

4.  Florida does require publication of notice for creditors but only in the county of the decedent’s residence, not in other counties and presumably not in other states, including Wisconsin.

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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.