BlogRead the Latest News

 

Krusty the Clown Could Have Prepared Better

clipart_simpsons_animaatjes-133

 

As previously mentioned, Sam Simon was the co-creator of The Simpsons.  When he died a year ago, he reportedly left his $100 million estate to various charities.  However, various charities he had supported during his life were initially miffed that they had not received support from his trust during the six months after his death.  Also, the individual taking care of his Cane Corso was squabbling with the Trustee about receiving insufficient funds to care for the dog.  Now, his girlfriend has filed a claim against his estate alleging that Simon had promised her $5 million in his will if she quit her job.  His first wife, Jennifer Tilly, also filed a claim against the estate asking to continue to receive payments from his estate for work he did on The Simpsons and the Drew Carey Show.

Read more ...

That Is Not Amore

johns pizza

 

Madeline Castellotti was the co-owner of famed NYC pizzeria, John’s Pizzeria.  Prior to her death in 2004, she changed her will to leave her entire interest in the restaurant to her daughter, Lisa.  She allegedly did so because her son, Peter, was going through a divorce and she did not want his estranged wife to receive any interest in the restaurant.  Lisa was supposed to transfer half of her inheritance to Peter after the divorce was finalized.  When she did not, Peter sued Lisa.  An NY appeals court recently ruled that his 3 year old lawsuit may proceed.  

Read more ...

Blood Money

Josh Powell is the Utah man who presumably killed his wife in 2009 and concocted an improbable story to explain her disappearance (he took his young sons on an impromptu camping trip at midnight on a snowy, December night).  During a custody dispute with his wife’s parents, he locked himself in a cabin, hatcheted his sons to death, and blew up the cabin immolating himself in 2012.  His brother, who was suspected of helping him dispose of his wife’s body, committed suicide a year later.  His father, who exhibited odd behavior after the wife’s disappearance, served two years for voyeurism after authorities found pictures of neighborhood girls and women on his computer.

This case is back in the news because the Powell family and the Cox family are squabbling over the sizable life insurance proceeds on the lives of Powell and his wife.  A trust created by Susan Powell is the beneficiary of the policy on her life.  The trust presumably provided that if her husband and son were not living that the proceeds were to be divided between the Powell family and the Cox family.  Her father as conservator of her estate changed the trust in 2013 to provide that only the Cox family would benefit from the trust.  Josh Powell designated his now deceased brother as the beneficiary of his policy after his wife’s disappearance.  His brother and sister are fighting the Cox family for those benefits.

Whew.  Several points:

1.  Bad facts make bad law.  On the face it seems that no one in the Powell family should benefit from the misdeeds of their family member but the law correctly applied provides otherwise and the families should divide the insurance proceeds, or at least keep the proceeds from the policy on their respective family member and have the trust proceeds evenly divided per the trust terms.

2.   It is crazy to think that someone acting on behalf of another person who the law presumes is alive but everyone else know is dead can change the trust created by that person three years after the date she died.

3.  The honorable action for the Powell family members would be to walk away from this.  However, when one brother is a murderer, the other is a conspirator, and the father is a convicted voyeur, all shame is already in the public sphere so they might as well see if they can grab some money, consequences and public opinion be damned.

 

SusanPowell_kids

 

 

Fortress Around His Heart

Sting was in the news this week due to his announcement that he does not intend to leave his $300 million fortune to his six children at his death.  He believes that a trust fund would be an albatross around their necks.

Several points:

1.   I think leaving money to charities instead of the six people in the world he loves the most is over-reactive.  A trust can be structured to provide incentives to his children to work and be productive while providing  safety net for them.

2.  Most people would be willing to suffer through that albatross.

3.  $300 million is impressive for a man who has produced only unmemorable, monotone dirges in the 30 years since breaking up the Police.

Sting Sings in Sydney

Contact Info

image

Address

Law Office Of Jay Brinker
1 E. Fourth Street - Suite 900
Cincinnati, OH 45202

Email

[email protected]

Phone

(513) 665-4888

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.