- Wednesday, 31 October 2018 15:05
A local story has a probate court angle. The City of Cincinnati has agreed to settle a lawsuit brought by an 11 year old shoplifter who was tasered after running from an off duty police officer. The young girl, who had been caught and warned previously for stealing from the same store, had $53 of stolen merchandise on her. She will receive $220,000 from the city and $20,000 from Kroger for the indignity of being tasered.
Several points and one prediction:
1. Because the girl is a minor, the settlement will be subject to probate court supervision until she turns 18.
2. Funds may only be spent with the approval of the probate court and then only for her mental health to overcome the trauma of being tasered.
3. She will have unrestricted access to the funds when she turns 18.
4. Call it more than a hunch that the number of shoplifting incidents at Kroger without repercussions will increase dramatically.
Photo Credit: Albert Cesare/Cincinnati Enquirer
License: Fair Use/Education (from linked article)
- Wednesday, 10 January 2018 20:44
The estate of Whitney Houston settled its dispute with the IRS over outstanding estate taxes. The IRS had contended that the valuation of Houston’s back catalog and image and likeness was undervalued by $22 million resulting in $11 million of additional taxes. The settlement was for $2 million. Oddly, or perhaps not given the state of journalism in 2018, the focus of most articles was on the value of her image and likeness but the IRS and the estate differed on that valuation by only $200K.
A few small points:
1. Since the death of Michael Jackson, the IRS has been taxing the image and likeness of dead celebrities with the value based on expected licensing revenues in the future.
2. Cool fact – Robin Williams said that his likeness cannot be used for 40 years after his death rendering its value worthless.
3. In the age of streaming music, the longer the estate held out the less valuable the back catalog of albums became.
4. This was purely a principled, but unemotional, victory for the estate. Houston’s daughter died nearly 3 years ago and Houston was divorced. Any estate tax savings will benefit her mother and her brothers.