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Where Does the Time Go?

 

I had lunch with Doug Corn today. With the inauguration of President Biden on TV, we toasted that Doug had invited Blair and me to attend the Inauguration of President Bush in 2005. My sister, Jen, was in DC and attended the festivities with us.

Scourge of Our Times

Newtown police chief, Tom Synan, was featured in a video on USA Today’s sitea about his work on the front line combating opioid addiction and treating it as an illness and not as a crime. I am honored to call him a friend.

 

 

 

Photo credit:  USA Today (actually it is a video)

License:  Fair Use/Education (from the linked article)

Mini-Me and Maximum Bill

Verne Troyer is the actor famous for playing Mini-Me in the Austin Powers movies. He committed suicide by alcohol poisoning in April. After ingesting the alcohol, he called 911 and told dispatchers he wanted to die. He was rushed to the hospital but died 3 weeks later. He left an estate valued at $150K. Just recently the hospital which treated him filed a claim against his estate for $360K.

Three small points:

1. In Ohio, a creditor has six months from the date of death to file a claim for payment against the estate. If the claim is not made, the estate does not have to pay the debt.

2. Debts must be paid before the beneficiaries receive any assets. Troyer’s heirs will not receive anything from his estate.

3. If there are insufficient assets to pay debts, the debts die with the decedent. The heirs are not responsible for them.

4. No snark when someone commits suicide.

Photo Credit:  REX/Shutterstock 

License:  Fair Use/Education (from linked article)

Not Misty’s Foal

 
At the risk of becoming CNN and MSNBC and reporting all President Trump all of the time, Stormy Daniels released a memoir last week titled “Full Disclosure. ” I could not care less about her relationship with President Trump 12 years ago, but I am interested in her describing her recording her “last will.” After the Wall Street Journal reported the existence of her non-disclosure agreement with President Trump, Daniels received threats which caused her to describe on video her insurance policy and her wishes with respect to the distribution of her assets.
 
A few points:
 
1. Most wills must be written and witnessed.
 
2. Oral wills are not recognized in most states.
 
3. Ohio only recognizes oral wills made upon one’s deathbed and written down within 10 days.
 
4. Sad that an attorney who wants to become President represents a woman who cannot properly prepare a will.
 
Photo Credit:  St. Martin’s
License:  Fair Use/Education (cover of book discussed) 

They Might Still Get Away With It

A Mason family – Mitch, Patricia, and Candace Stevenson – was indicted by a federal grand jury in June for money laundering associated with the receipt of life insurance proceeds. Allegedly, Patricia and Candace were the beneficiaries of two policies totaling nearly $3 million on the life of Mitch’s sister, Tina.

The 2009 application for life insurance stated that Tina had never been diagnosed with diabetes nor had taken medication within the previous 12 months. A physical exam was performed on a woman in Texas weighing 170 pounds. Tina actually weighed 380 pounds when she was in an emergency room three weeks prior to the application. Tina died in early 2012. Patricia and Candace received the death benefits and used them to purchase a Bentley convertible, make a $280K down payment on a former Homearama house, and other purchases. Unrelated, or perhaps not, Mitch and his son, Steven, have also allegedly been involved in a scrap metal scan.

Whew. Several points.

1. In Ohio, life insurance policies become incontestable two years after the application even if there is fraud. Companies have to pay the death benefit.

2. The Stevensons are likely being charged with money laundering because they cannot be charged with insurance fraud.

3. Money laundering is the crime of hiding the source of proceeds from a crime. I am not sure that using funds from a life insurance policy to purchase lots of bling amounts to money laundering.

4. In the bizarre coincidence category, the house purchased by the Stevensons was the subject of bank fraud 10 years ago that caused the builder to spend time in prison.

5. The Stevenson parents remain unindicted for naming their son Steven Stevenson.

Photo Credit:  Keith Biery Golick (KBG) for the Cincinnati Enquirer

License:  Fair Use/Education

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.