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New Sensation

The British press is abuzz with speculation that Tiger Lily Hutchence (full name – Heavenly Hiraani Tiger Lily Hutchence Geldof) will inherit “millions” when she turns 21 next week. She is the daughter of the late INXS frontman, Michael Hutchence, who died in 1997 with a net worth reportedly between “penniless” and $40 million. Tiger Lily’s mom, Paula Yates, died from a heroin overdose four years later. Tiger Lily was later adopted by Yates’ former husband, Bob Geldof, who founded Live Aid and was later knighted.

A few points, only one of them really relevant:

1. I always discourage my clients from allowing their children to inherit any money, much less “millions”, when turning 21. I advise releasing trust funds in increasing amounts over a period of years.

2. Apropos of nothing, I think it is commendable of Bob Geldof to raise the daughter of his ex-wife and the man she left him for after the little girl was orphaned.

3. Whatever she inherits from her dad, nothing can compensate Tiger Lily for the tragedy in her life – the deaths of her parents, the heroin overdose of her half-sister, and the silly name bestowed upon her by her parents.

Photo Credit:  Unknown

License:  Fair Use/Education

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 

The Persistence of Illegitimacy

Salvador Dali died in 1989 and left his entire estate to the Spanish government. Pilar Tabel is a Tarot card reader and fortune teller who claims that she is Dali’s daughter due to a brief romance between her mother and the famous artist in the mid-50’s. She has tried for 10 years to prove that Dali is her father. A DNA test conducted from his death mask was inconclusive. She alleged that she did not receive the results of a DNA test conducted the next year. Dali was allegedly gay or simply preferred masturbation or voyeurism so the paternity claim of this woman seems far fetched. She also sued an author for supposedly basing a fictional character on her. Nonetheless, a Spanish court has ordered the exhumation of his body.

Several points:

1. If you read the entire article, you might wish to shower afterwards. A guy who is turned on sexually by Hitler is abnormal.

2. I would think that a case brought 28 years after someone’s death would be barred by the statute of limitations or the principle of laches.

3. In the U.S., Dali would not be obligated to leave his daughter, legitimate or illegitimate, anything.

4. It is unlikely that the woman did not receive the results of the second DNA test – I believe that they were negative and she simply waited another 9 years before pursuing this claim.

5. I doubt I am the only person who finds this matter incredibly surreal.

Photo Credit:  Salvador Dali/Government of Spain

License:  Fair Use/Education

Don’t Ask – Don’t Tell

Resorting again to advice columns for material. In “Ask Carolyn,” a reader with three children including a son with ADHD who has threatened violence is miffed that her pregnant sister has not chosen her to be the guardian of her forthcoming child. The sister has continued to agree to serve as the guardian for the reader’s three children. The reader believes that her sister is judging her parenting skills even though “every single day is a struggle for her due to her son.”

A few poignant and sad points:

1. The pregnant sister has two likely concerns about the reader – the ability of her sister to handle another child when “every single day is a struggle” and the possibility of physical harm to her child from his cousin.

2. I always advise my clients to discuss guardianship with the potential guardians. I do not advise telling someone that they are not the guardian because of the possibility of unnecessarily bruised feelings for a scenario that might never arise.

3. There is a never right answer on the guardianship question – there is merely a best answer or least worse answer. No one will raise your child the same way you would (nor will someone clean your house like you or cut your grass the way you would), but you have to settle for the best option considering all factors such as location, parenting style, educational beliefs, and demographics. Not having a child raised by a family with a potentially violent child who causes his mother to struggle every day is an easy decision to make.

4. I love people who think about estate planning while they are pregnant.

Photo Credit:  Nick Galifianakis/For The Washington Post

License:  Fair Use/Education

 

Justice Is Blind

Not an estate planning post, but more of a public service announcement in the financial arena. Lori Sattler is an acting NY Supreme Court Judge. In the process of selling an apartment and buying another one, she followed the instructions in an email supposedly from her attorney and wire transferred $1 million to a fraudulent account which then wired the money to a bank in China. The money is long gone.

Several points of varying interest:

1. When transferring $1 million, it makes sense to verbally confirm the instructions regarding the wire transfer.

2. It has been a tough month for judges in NY between this judge getting scammed and the Court of Appeals justice who died with an outdated will that contained deceased beneficiaries and ignored her husband.

3. Perhaps Judge Sattler can commiserate with John Podesta at a Democratic fundraiser about the travails of falling for a link in an email.

Photo Credit:  AP/File

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.