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Of Memorabilia and Men

Willie DeLuca was the manager of famed Cincinnati restaurant, Sorrentos Pizzeria. He was famous for having a heart of gold, appearing on David Letterman to balance stuff on his nose, and collecting sports and entertainment memorabilia (including hair from JFK and Paul McCartney) that he valued at $1 million. DeLuca died in 2006 and left his entire estate in a testamentary trust to his only child, Enrico. The trust funds and memorabilia were distributed to Enrico when he turned 21 several years ago. Enrico is now suing his uncle, Art DeLuca, for allegedly taking some of the memorabilia that was left to him by his father. The uncle had posted some of the items for sale on Facebook recently.

Several small points:

1. I never prepare testamentary trusts for my clients because they are a public record. A living trust is private and more flexible.

2. I also never advise my clients to have a trust distribute all of its assets when the child turns 21 – that age is too young for most children to manage the inheritance responsibly.

3. Enrico might have a statute of limitations problem with proving his claim because Willie died 10+ years ago and Enrico is only now filing suit.

4. Posting items for sale on Facebook which are a public record as belonging to Willie’s estate and trust is not advisable.

5. Hair snippets from JFK and Paul McCartney? How does one acquire those? Regardless, I would not give a nickel for them.

Photo Credit:   Cincinnati Enquirer/File Photo

License:  Fair Use/Education 

2 Broke Girls

sumner-redstoneSumner Redstone is the divorced, 92 year old billionaire who owns a controlling interest in both CBS and Viacom.  His relationships with two much younger women were profiled in Vanity Fair earlier this year.  Since the publication of the article, and likely because of it, he has severed his contacts with both women.  

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Merry Christmas

Darlene Love singing “Baby, Please Come Home” for the final time on Letterman.  May your Christmas be stand on the piano and belt it merry.

 

darlene love 2014.1small

Merry Christmas

And a Happy New Year.

 

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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.