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FILE - In this Feb. 4, 2007 file photo, Prince performs during the halftime show at the Super Bowl XLI football game at Dolphin Stadium in Miami. Prince, widely acclaimed as one of the most inventive and influential musicians of his era with hits including "Little Red Corvette," ''Let's Go Crazy" and "When Doves Cry," was found dead at his home on Thursday, April 21, 2016, in suburban Minneapolis, according to his publicist. He was 57. (AP Photo/Chris O'Meara, File)

As mentioned the other day, Prince did not leave a will. A Minnesota court today appointed a corporate trust company as special administrator to manage his affairs and identify his heirs (I can help – his sister, 3 surviving half siblings, and the children of his 2 deceased half-siblings will inherit under law). His estate is rumored to be worth $300 million. 

 Three brief points: 
 
1. A bank trustee is perfect for this role when no family members have experience in managing such a large amount of assets. 
 
2. I hope the trustee does not quickly resume Prince’s habit of sending take down notices to Youtube for all of his videos posted in recent days. His Super Bowl performance is worth 12 minutes of your time. 
 
3. Did anyone truly believe that Michael Jackson, who left a will, would provide for his death in a better manner than Prince?
 

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.  

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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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She Didn’t Know (Updated)

Now that Bobbi Kristina Brown has died after six months in a coma, let’s revisit what will happen to her estate and her mother’s estate, while also covering what she should have done differently.  To recap, Bobbi Kristina was a month shy of 19 years old when Whitney died.  Whitney’s 1993 will created a trust solely for the benefit of Bobbi Kristina.  The trust distributed 10% of Whitney’s estate to Bobbi Kristina when she was 21 with the remainder to be distributed at the ages of 25 and 30.  Bobbi Kristina received approximately $2 million on her 21st birthday.  After Bobbi Kristina was found unconscious, her father (Bobby Brown) and grandmother (Cissy Houston) made her medical decisions for her somewhat contentiously.

What should have happened?

1.  Whitney should have provided that her estate be distributed to her daughter at an age later than 21.  I never draft trusts with such a young age for principal distribution.

2.  When Bobbi Kristina received her first distribution from her trust, she should have created a will of her own which would have enabled her to leave her $2 million to her “husband”/adopted “brother”, Nick Gordon.

3.  Upon turning 18, Bobbi Kristina should have executed a health care power of attorney, living will, HIPAA release, and financial power of attorney designating a specific family member to handle her affairs if she were disabled.  I always recommend this for my clients whose children are heading off to college.

4. None of this was done.  Of course, I doubt that basic estate planning was a priority for a family prone to alcohol and drug use while bathing.

bobbi-Kristina-Brown

Let’s Litigate Two!

In playing his entire Hall of Fame career for the Chicago Cubs, Ernie Banks became the most famous and beloved player in Cubs history.  At the time of his death last month, he had been estranged from his third wife for 7 years.  He revised his will several months before his death to leave all of his assets to his caregiver of several years and to nominate her as his executrix.  His sons are questioning the validity of his will while his ex-wife has gone to court to prevent the caregiver from cremating his body and spreading his ashes in Wrigley Field.  His sons and estranged wife both allege he was suffering from dementia prior to his death.  The funeral home which handled his funeral and the cemetery where he was supposed to be buried both state that they have no knowledge about the location of his body.

Three quick points:

1.  A will revised by an individual immediately prior to death which leaves assets to a care giver instead of children is ripe for contesting on the grounds of both lack of mental capacity AND undue influence.  I doubt this will work out in the favor of the care giver.

2.  It is possible that the body of Mr. Banks is located with the head of Ted Williams.

3.  Steve Bartman wishes he could have vanished as effortlessly as the body of Mr. Cub.

Ernie Banks

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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.