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CNN news anchor, Anderson Cooper, is the son of Gloria Vanderbilt who died last month at the age of 95. She in turn was the great-great-granddaughter of Cornelius Vanderbilt. She left all of her estate to Cooper save for her $1.2 million Manhattan co-op which she left to her son, Stan Stokowski.

Gloria Vanderbilt inherited a trust fund worth $35 million in today’s dollars when she turned 21. She also rode the wave of the designer jeans trend in the late 1970’s with her eponymous fashion which was worth $100 million at one time. Initial reports soon after her death speculated that she was worth $200 million. Probate Court filings have since revealed that she only owned her co-op and $1.5 million.

Several points, none too shocking:

1. The data about her net worth would be private if Vanderbilt had used a funded trust for her estate planning.

2. Rare is the fortune that lasts five generations before it is dissipated.

3. Four divorces, dedication to philanthropy, advisors who embezzle, and living into one’s 90s deplete one’s assets.

4. An incredibly gifted plastic surgeon will also deplete assets.

 

Photo Credit:  Unknown

License:  Fair Use/Education

It Is Always About Trump Even When It Is Not

Phyllis Schlafly was a noted conservative icon known primarily for opposing the proposed Equal Rights Amendment to the Constitution in the 1970’s.  She died last September at the at age of 92 survived by her six children.  Her daughter, Anne, is contesting the last revision to her will which provided that any legal challenges to the will are to be paid out of the share of the person bringing them. Her brothers claim that Anne’s legal challenges have already cost $1 million in legal fees.  
 
Three brief points:
 
1.  A standard no contest clause in a will usually provides that if someone contests the will, he  will lose his entire inheritance.  This is why it is advisable to leave more than $1 to a disinherited heir.
 
2.  This disputed clause seems to be more lenient than the typical no contest clause and definitely does not seem worth challenging.
 
3.  Only in the world of our Trump obsessed media, would Schlafly’s support of President Trump garner the headline and two paragraphs in this article that has nothing to do with the President. 
 
Photo Copyright:  David R. Usher/Facebook
License:  Fair Use/Education

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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.