Even Rappers Need Wills

Rapper Nate Dogg’s $200,000 estate moved one step closer to being settled after his wife (step-mother to his children) and his mother ceded control of the estate to a neutral 3rd party at the request of his children.  Mr. Dogg died in March 2011 without a will at the age of 41, leaving a wife and 6 children whose ages are unascertainable in a cursory web search.  His wife and mother had sought to be appointed co-executors, but his children believed they were only motivated by financial gain and did not have the best interest of the children at heart.

Lessons to be learned:

1.  Everyone, even rappers, need a will.  The issue of executors would not have arisen because the will would have appointed someone to serve in that role.

2.  A funded trust would have been better because this entire dispute, or at least the financial end of it, might have remained shielded from the public.

3.  $200K estate for a rapper?  The music business is tough for everyone this century.  However, 6 children, a socially appropriate level of bling, and no solo releases for 9 years could drain assets quickly.

New Web Page

My revamped web page is up and running (but then you probably know that if you are reading this).  Content will change once we have some Congressional direction on estate tax laws.

Thanks to Justin at Kesil Consulting for the clean look, quick work, and the web feedback.  www.kesilconsulting.com.

Death Better than Divorce?

Schmuck of the year finalist.  An NY man and woman were married for 30 years.  8 years prior to his death, man obtained an uncontested divorce on grounds that his wife abandoned him.  Man continued to live with woman for duration of his life.  Wife did not discover divorce documents until cleaning up his finances post-death.  Wife claimed that they had been happy.  She was aware that he had tried to sell a house previously without informing her.

As a widow, she was entitled to his pension and perhaps other benefits.  As an ex-wife, she was not entitled to those and he could leave them to his children (or mistress).  She was able to successfully overturn the divorce and fend off the claims of his children from a prior marriage.

Lessons to be learned:

1.  If a spouse is ill, it behooves the other spouse to stay married because a widow is generally better positioned financially than an ex-wife of the husband/ex-husband.

2.  If a spouse tries to sell a house without telling the other spouse, the trust level in the marriage should become zero.

3.  One woman’s apparently happy marriage can be another man’s misery.

As God as My Witness, I Thought Turkeys Could Fly

Happy Thanksgiving.

Dahling, It’s the Fiduciary that Matters

Zsa Zsa Gabor’s daughter recently convinced the LA county probate court to invalidate the power of attorney held by Zsa Zsa’s husband because  he was abusing it.  Her financial affairs are now subject to probate court supervision.
To avoid the rigors of a guardianship and probate court supervision, an individual should have a financial power of attorney and health care power of attorney.  However, selecting the person to manage those responsibilities is important.

What we can learn from Zsa Zsa’s situation is that a husband is not always the best choice to serve as fiduciary  especially if he if he wants the 94 year old to have a baby, has adopted several adult men, and has claimed to father Anna Nicole Smith’s daughter.