BlogRead the Latest News

 

Pedophile Will

So my blog prognostication abilities continue to be abysmal. In addition to the coroner determining that Jeffrey Epstein hung himself, he actually prepared a will two days before he died.

Epstein’s will left everything to a trust he created the same day as his will. Of course, the trust beneficiaries and its terms are private. His will designates two long time employees as co-executors of his estate and provided that they would each receive $250K for serving in that capacity. Meanwhile, an attorney for one of the women suing Epstein claims that he was an evil genius for filing the estate in the U.S. Virgin Islands.

Several quick points:

1. Epstein’s estate is being probated in the US Virgin Islands because that is where he was considered a resident. Estates are probated in the decedent’s state of domicile.

2. The NY Post’s expert who said the will was filed in the Virgin Islands due to privacy reasons and the attorney suing Epstein on behalf of his alleged victims who thinks the US Virgin Islands filings are pure evil are fools and need to brush up on probate law.

3. It is interesting that the executors have agreed to fill that role for $250K. The commissions for executors are set by statute. Typically, they would receive a percentage of the estate which would be at least 1% or $5.7 million in this matter.

4. The reporting by the NY Post and the NYT has been error filled on this matter. I expect shoddy reporting from them on matters involving President Trump and from the Cincinnati Enquirer, but not from the NYT on a story like this.

Photo Credit:  NY Post  Composite

License:  Fair Use/Education (from linked article)

 

He Would Die 4 U

It has been two years since Prince died of fentanyl poisoning. Because he did not leave a will instructing how to administer his estate (remember he thought was going to live until he was 1999), a bank has been appointed as executor of his estate while his siblings and half siblings will be the beneficiaries.
Several points:
1. If Prince wanted to control his legacy he should have executed a will. Even people with no sense of mortality need to provide for their demise.
2. It is easy for friends who have no financial stake in Prince’s estate to complain about the revenues being generated by not respecting his legacy.
3. Justin Timberlake needed all the help possible for his Super Bowl performance.
4. Pains me to say this as a huge Prince fan, but Nothing Compares 2 Sinead’s version of the song.
 
 
Photo Credit:  Michael S. Williamson/Washington Post
License:  Fair Use/Education (from linked article)

Killing A Mockingbird

mockingbird

Harper Lee, the author of To Kill a Mockingbird, died last month at 89. Since her death, her executor first requested, and received, permission to keep her will private resulting in secrecy regarding the value of estate and her beneficiaries.  Last week her executor notified the publisher of the mass market (re:  less expensive) version of To Kill a Mockingbird that it would no longer allow the publication of that version of Lee’s beloved novel.  

Read more ...

Big Tips and Big Bequests

Late NYC art dealer, Robert Ellsworth, was in the news recently because he left $50,000 in his will to two waitresses at his favorite restaurant. He also left $10 million, a house in Connecticut,  and $5,000/month to his boyfriend of 50 years who was 17 when he moved in with Ellsworth  The boyfriend is challenging the will because of bequests made in trust to various charities, including Harvard, which would result in the estate planning attorney earning fees for serving as trustee of the trusts.  The boyfriend alleges that Ellsworth was suffering from dementia when he revised his will to include the charities.

Several points:

1.  Presumably a prior will made by Ellsworth was more favorable to the boyfriend because it would be reinstated if the most recent will is declared invalid.

2.  $10 million and $5K/month seems generous, but is barely 5% of Ellsworth’s $200 million estate.

3.  Regarding the attorney serving as trustee of the charitable trusts, I generally decline to serve as executor or trustee for my clients because of perceived conflicts of interest.

4.  If Cher could live with Sonny when she was 16, I guess it was then socially acceptable for the 17 year old boyfriend to move in with the then 37 year old Ellsworth.  Now, Ellsworth would be arrested for being involved with a minor, unless he was Doug Hutchison and she was Courtney Stodden.

5.  With its $32 billion endowment, can we all agree that Harvard does not need a nickel more and should use its endowment to lower its tuition?

tipper

Really Dead, But Virtually Alive

Ever wonder what happens to your social media accounts after death?  Most likely not, but the below chart nicely illustrates how the various providers treat them.

Three quick points:

1.  Your will should have a clause authorizing the social media provider to follow the directions of your executor.

2.  Write down your passwords and let your executor know where they are located.

3.  Even after the account is deactivated, the NSA likely has a copy of it (and your emails and phone calls) in its Utah data center.

Digital-Demise-Infographic

 

Contact Me

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.