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Grandma Murders, Grandkids Inherit Millions

In 2009, a Florida woman hired a hit man to kill her wealthy husband.  Because Florida’s Slayer Statute prohibits murderers from benefiting from their misdeeds, the wife was removed as a beneficiary of her husband’s will.  The contingent beneficiaries were her daughter from a previous marriage and a trust for the benefit of the daughter’s now adult sons.  The husband’s relatives are still contesting the validity of the will which has previously been upheld.  Their theory is that the wife unduly influenced the husband into leaving his estate to her, and then the daughter and her sons, by threatening to expose his “amputee porn fetish.”

From my vantage point 1,000 miles north, I do not see how a will which leaves all of the estate to a wife, or to her children if she pre-deceases him, reflects undue influence.  The spouse is typically the beneficiary of  the other’s will.  If a spouse were to engage in coercion, I think the other spouse would next consult a divorce attorney not an estate planner.  It looks like the relatives are desperately trying to negotiate a settlement of a smaller amount.

Also from my Midwestern, suburban, and apparently sheltered vantage point, I was unaware that people could have an amputee porn fetish.

 

Getting One’s Act Together

In the making lemonade out of lemons department is this story about a woman whose 43 year old husband died after his bicycle was hit by a motorist.  The couple had unsigned wills, no emergency savings, financial accounts with passwords the wife did not know, but some life insurance.  The widow created a web site to encourage others to avoid her financial calumny and to essentially take steps to become a responsible adult by executing a will and other financial documents and by assisting with passwords and other financial knowledge.

When prioritizing allocation of financial resources to major decisions, I recommend the following:

1.  Life insurance.  Provide financial security for the spouse and children.

2. Living will and health care power of attorney.  Do not bankrupt the family because medical decisions can not be made.

3.  Will.  Clarify distributions and designate a guardian.

Somewhat related, the article did nothing to dispel my fear of riding my bike on the road rather than a bike trail.

 

 

 

Real Life Agatha Christie

You might have seen this piece of news. A 46 year Chicagoland man won $1 million in the lottery, but died of cyanide poisoning before he could claim the winnings. The police just started investigating the poisoning. As everyone who watches police/crime TV knows, to solve this crime look for the person with a motive. His widow claims he did not have any enemies. I have not read whether he had a will. If he did not, the winnings would pass via the statue of intestate succession.

In Ohio, if a person dies without a will, his assets will be distributed as follows:

1. If survived by a spouse, all to spouse.
2. If not survived by a spouse, all to children.
3. If survived by a spouse, but children from a previous relationship, $20K and 1/3 to spouse (1/2 if only one child from previous relationship).

Because I do not want to defame anyone, I will keep my probably wrong theory to myself. Instead, I will just say that I wonder how someone not in an Agatha Christie novel can quickly procure cyanide.

Thomas Kinkade – Painter of Light, Writer of Illegible Will

My horrible prognostication abilities continue. If my prediction of a Romney landslide and a 9 game losing streak to end the fantasy football season were not enough, my earlier prediction of years of litigation to settle the dispute over Thomas Kinkades’s estate was also wrong. His estranged wife and his girlfriend of 6 months (although she preferred the term “soul mate”), settled their differences this week. No details were revealed.

The primary issue was the validity of 2 illegible handwritten wills made by Kinkade. Far be it from me to cast stones about one’s handwriting, but if someone is going to leave a handwritten will, it should at least be legible.

There Is Gold in the Walls! Part 2

Following up on an earlier post. A woman will officially inherit her reclusive first cousin’s $7.4 million estate after a court ruled that she is his only heir. After the man died, the estate auctioneer found $7.4 million of gold coins in his house.

Several points:

1. When someone dies without a will, the estate does not escheat to the state. Statutes set forth how the estate will be distributed which is generally along the lines of closest living relative.

2. Only one first cousin? That is a narrow family tree.

3. Gold was a great investment for him (actually for his cousin). Apple stock would have been better.

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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.