wills | Jay Brinker – Cincinnati Attorney

Let The Wild Rumpus Start!

Wednesday, 03 December 2014 22:25

The NYT reported yesterday on the administration of the the estate of Maurice Sendak, author of the beloved “Where the Wild Things Are”. One of the 3 executors is his caretaker and housekeeper of 30 years (the other 2 are his attorney and the longtime production manager for his publisher). Together they decided to withdraw 10,000 books previously lent to the Rosenbach Museum in Philadelphia. The museum has since sued the estate claiming that original Beatrix Potter books (“The Tale of Peter Rabbit”) and William Blake owned by Sendak are not children’s books and should be given to the museum per his will which left his children’s books to his foundation. The bulk of the estate will create a museum and study center from his house and a foundation to support emerging artists.

Several points:

1. Before the NYT ran corrections to the article, I was going to emphasize how important the selection of an executor is. Sendak realized that by naming 3 executors of his large estate.

2. One of the last things we need in this country is another home turned into museum of an artist/author. We have 15,000 already, most of which are underfunded and rarely visited (only 2,300 visitors to the Flannery O’Connor museum this year so far).

3. The argument of the Rosenbach Museum that books by Beatrix Potter are not children’s books is specious. No adult reads her works when not reading bedtime stories to children.

4. Before the lawyers roar their terrible roars, gnash their terrible teeth, and roll their terrible eyes, they should concede that the works of William Blake are not children’s books (pictures aside) and appeal only to a small segment of adults who are impervious to the misspelling of “Tiger.”

Hat tip to Julie Engebrecht for forwarding the NYT article to me.

Please, Please, Please (Settle This Estate)

Wednesday, 26 November 2014 16:34

James Brown died in 2006 and left most of his estate to charity. A woman claiming to be his wife is contesting the will. Tomirae Hynie and the Godfather of Soul married in 2001 but she was married to another man at the time. She eventually had that marriage annulled in 2004, but Brown then refused to marry her because he was embarrassed about the prior marriage. Hynie has stated that her prior marriage to her Pakistani husband was simply an immigration scam. Brown named 6 children in his will and left out 5 others. To benefit from his estate, the children have been ordered to submit to DNA testing to prove their parentage. Those that pass are called DNA Proven children.

Several points:

1. By law, spouses are entitled to a portion of a deceased spouse’s estate even if not provided for in the will. In Ohio, spouse’s with more than one child will receive one-third of the estate.

2. I have never heard the term “DNA Proven children” before. I think it ranks with “thunder snow” as a great modern phrase.

3. Hynie is very determined to inherit when she admits under oath to committing immigration fraud. Although given recent events, that might not be the serious matter one would initially believe.

News You Can Use – Estate Tax Exemption for 2015

Friday, 31 October 2014 10:28

The IRS announced that the estate tax exemption for 2015 will increase from $5.34 million to $5.43 million. This is the amount that can be left estate tax free to heirs. Those taxpayers suffering from dyslexia will see little difference.

Blissful Ignorance?

Monday, 15 September 2014 10:11

The will of Andrew Madoff, son of Ponzi schemer Bernie, was admitted to probate court last week. The will reportedly left his personal property valued at $11.5 million to his 2 daughters. He left one third of his $4.5 million of real estate to his estranged wife, and the remaining 2/3 of it to a trust for his long time girlfriend. His girlfriend is to receive $50,000 per month for the rest of her life. Notably, his wife withdrew her 5+ year old divorce filing 6 months ago. Andrew long maintained he was unaware of his father’s activities even though he worked for his father’s firm.

Many points:

1. It was smart, if not cynical and financially calculating, of his wife to withdraw her divorce complaint prior to his death because assets pass to a spouse free of federal estate taxes.

2. I suspect that he also has a funded trust because there is no way to pay his girlfriend $50K monthly for the rest of her life based on a trust with $3 million principal ($2 million after estate taxes).

3. If there is a funded trust, it behooves the question why these $16 million of assets were not transferred to the trust prior to his death and why the will did not simply pour all assets into the trust and keep these provisions from the public eye.

4. The karma at work in Bernie Madoff;s life is almost commensurate with the amount of money he stole – reported to the feds by the sons he protected from his scheme, estranged from them afterwards, and now both of them dead before the age of 50 while he is alive in prison at 76. Almost commensurate.

To Have and Have Not (a Trust)

Sunday, 24 August 2014 18:46

The executors of Lauren Bacall’s estate filed her will in probate court on Friday. Her will, which she executed last fall, left her $27 million estate in equal shares to her 3 children save for a few small five figure bequests to household staff and to her son to care for her dog. She also left $250K to each of her grandsons to be used for college with them receiving the remainder at the age of 30.

Several points:

1. A funded trust would have provided her privacy so the public would not know about her intentions.

2. A trust would also be a more efficient means of managing the funds for her grandsons.

3. With college tuition increases not grounded in economic reality, I hope the $250K is enough to fully cover college expenses for her grandsons.

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Let The Wild Rumpus Start!

News You Can Use – Estate Tax Exemption for 2015

Blissful Ignorance?

To Have and Have Not (a Trust)

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