- Monday, 10 June 2019 21:22
There has been a dearth of newsworthy estate planning news recently, save the step-kids hate step-mom variety, so the Hugh Culverhouse Jr. and Alabama Law School imbroglio sent me down a rabbit hole which I am prone to. For reference sake, Culverhouse, Jr. pledged $26 million last year to the University of Alabama Law School if they named it in his honor. The law school returned the entire sum last week after Culverhouse, Jr. encouraged a boycott of the state of Alabama due to its recent anti-abortion legislation. We are not here to discuss that.
Culverhouse, Jr. is the son of the first owner of the Tampa Bay Buccaneers. He, his sister, and his mother were estranged from his father at the time of his father’s death in 1994. Culverhouse, Sr. was notorious for operating his NFL team to maximize the profits while not caring how they fared on the field, which was usually abysmally. Prior to his death, he told his wife that he was on the verge of bankruptcy and convinced her to sign a post-nuptial agreement which promised her $5 million, a $2 million condo, and her jewelry worth $2 million. After his death, the Bucs were sold for a then record $192 million while Culverhouse’s estate was estimated to be worth $340 million. His widow filed multiple lawsuits regarding the post-nuptial agreement and the administration of his estate. She eventually settled for $34 million plus the right to control the donation of $10 million to various charities.
Whew. So much to unpack, but let’s be brief.
1. Post-nuptial agreements are not valid in Ohio because Ohio prohibits spouses from contracting with each other. Ohio’s position is a minority one
2. Even with the settlement, Mrs. Culverhouse sold herself short settling for a fraction of her husband’s net worth.
3. Sadly for Bengals fans, Mike Brown adopted the Culverhouse play book of ineptly running a football franchise but maximizing profit.
Photo credit: St. Petersburg Times
License: Fair Use/Education
- Thursday, 23 May 2019 22:05
When Aretha Franklin died last August, she was reported to have died without a will. The administration of her estate proceeded accordingly. This week her lawyer of 40 years said that her family had found three handwritten wills, two from 2010 and one from 2014, in her house. The 2010 wills were in a locked cabinet while the 2014 will was in a spiral notebook under a couch cushion. The wills look like gibberish at first glance. A court will determine their validity in June.
1. Michigan law provides that wills should be signed in the presence of two witnesses (same as Ohio).
2. Michigan allows for holographic (i.e. handwritten) wills if it is certain the writing is intended to be the person’s will and it is dated.
3. Writing in a spiral notebook under a couch cushion rarely looks to be the final thoughts regarding the disposition of one’s assets even if dated.
4. If someone has millions of dollars and millions more in expected music royalties, she should pay a lawyer to prepare a properly drafted will and trust and let the attorney keep it so there is no posthumous doubt about her wishes. Get it right.
Photo Credit: Mary Altaffer for AP
License: Fair Use/Education (from linked article)
- Tuesday, 30 April 2019 22:31
Eugene Brown died at the age of 93 in Corning ,California. His body was discovered after the mail carrier reported that he was not sitting outside waiting for her for five consecutive days. He was survived by three nephews and a niece, but was in contact with none of them.
Several repetitive points:
1. Without a will, state law determines who inherits an estate. The result is the closest living relative(s).
2. 56% of Americans do not have a will.
3. Mr. Brown did not have any friends, but was a somewhat devout Catholic. He could have left his estate to any number of Catholic organizations.
4. Rather than saving his money so that his distant relatives could inherit it, Mr. Brown would have been better off spending at least some of the money on a bed, a more modern vehicle, unprocessed cheese, and attorney fees to prepare a will.
Photo Credit: Tehama County Public Guardian
License: Fair Use/Education (in linked article)
- Thursday, 28 March 2019 20:52
When my grandfather tended bar for the owners of the Cincinnati Reds in their luxury suite in the 1970’s, he had his picture taken with Johnny Bench. Today, I met Johnny Bench in the Dinsmore box and recreated the photo. Thanks to Brian Sullivan and George Vincent of Dinsmore. And special thanks to the greatest catcher of all time.