Aretha Franklin Died Without a Will

WealthManagement.com:  “Deeply private in life, Aretha Franklin’s estate will be laid bare for all to see, as according to court documents, she died without having a will or trust in place. Documents filed by her four sons in Oakland County Probate Court on Tuesday acknowledged the absence of a will and named themselves as parties interested in her estate. The relevant clause reads: “The decedent died intestate and after exercising reasonable diligence, I am unaware of any unrevoked testamentary instrument relating to property located in this state….” Additionally, Franklin’s niece, Sabrina Owens, asked to be appointed as the estate’s personal representative. There’s no indication that any of the parties are in conflict and, at least for the moment, the family seems to be on the same page, which is vital when potentially large estates (Franklin’s exact net worth is unknown, but it’s estimated at roughly $80 million and includes the rights to a number of her hit songs) pass through intestacy.

2018-08-27T10:32:07-07:00August 30th, 2018|Estate Planning, Rich & Famous, Social Media|

WealthManagement.com:  “The current swelling of demand for investment art has caused a sharp increase in legal proceedings over questions of authenticity and provenance. The rise of social media has had a disruptive effect on art marketing. The internet has emerged as a marketplace in which artists can display their work, dealers can market them and buyers can discover them. This has increased the exposure of taxable estates and heirs to sophisticated counterfeiters. This problem has harshly exposed the difficulties inherent in conducting suitable due diligence in such an opaque and unregulated market. Luckily,  there are new evolving technologies of which professionals should be aware, as well as the new standards of practice used to employ them.”

2018-08-27T10:27:26-07:00August 29th, 2018|Estate Planning, Rich & Famous, Social Media|

Harper Lee Estate Sues Broadway Adaptation of To Kill a Mockingbird

At Your Bequest:  “One of this year’s most anticipated Broadway productions was at risk of being shuttered before it ever opened because of a fierce dispute between producers and the estate of the book’s author on which the play is based. A representative of the estate of Harper Lee, the reclusive author of To Kill a Mockingbird, sued producer Scott Rudin and his production company, Rudinplay Inc., alleging that the stage adaptation authored by Aaron Sorkin violated the licensing agreement Lee signed prior to her death in February 2016.

2018-08-27T10:20:15-07:00August 28th, 2018|Estate Planning, Rich & Famous, Social Media|

Sen. John McCain to lie in state. Here’s What That Means

CNN:  “Sen. John McCain, whose more than three-decade career in the Senate irreversibly impacted the tenor of Washington, will lie in state in the US Capitol this week, an honor given to few statesmen. Senate Majority Leader Mitch McConnell, a longtime ally of McCain, said that the decision came “in coordination with Speaker of the House Paul Ryan, Senate Democratic Leader Chuck Schumer and House Democratic Leader Nancy Pelosi.”

2018-08-27T10:13:39-07:00August 27th, 2018|Estate Planning, Rich & Famous, Social Media|

Aretha Franklin had NO will: Singer did not outline plans for her $80million estate before her tragic death

Daily Mail:  “Aretha Franklin passed away at her home in Detroit after a long battle with pancreatic cancer last Thursday. And while the Queen Of Soul had been struggling with health for some time, the iconic star did not leave behind a will, according to reports from TMZ. The Respect singer's estate is estimated to be worth around an $80million, according to People.

2018-08-22T10:24:09-07:00August 22nd, 2018|Estate Planning, Rich & Famous, Social Media, Trusts, Wills|

Vinnie Paul Leaves Most Of His Estate To His Best Friend And His Longtime Girlfriend

Blabbermouth.net:  “According to TMZ, Vinnie Paul Abbott left the bulk of his estate to to his best friend and longtime girlfriend. TMZ obtained the document which outlines exactly how his estate should be divided following his sudden death last month, and Vinnie's friend Charles Jones will get 38% while the drummer's girlfriend, Chelsey Yeager, will walk away with 37%. The rest is split between Vinnie's tour manager (10%), drum tech (5%), producer (5%) and friend (5%). In addition, Vinnie is giving his interest in his brother and PANTERA co-founder “Dimebag” Darrell Abbott's estate to Dimebag's longtime girlfriend, Rita Haney. The PANTERA and HELLYEAH drummer was buried on June 30 next to his brother and their mother, Carolyn, at Moore Memorial Gardens cemetery in Arlington, Texas.”

2018-08-06T16:32:09-07:00August 10th, 2018|Estate Planning, Rich & Famous, Social Media|

‘You’re getting nothing’: Steve Jobs’ daughter pens sad memoir about their often brutal relationship

SFGate:  “Lisa Brennan-Jobs, daughter of Apple CEO Steve Jobs, has published an excerpt from her upcoming memoir “Small Fry” — and it contains heartbreaking details about her difficult relationship with her father. This is the first time Brennan-Jobs has written in depth about her father, who initially denied paternity and refused to pay child support payments to her mother Chrisann Brennan. Jobs died in 2011 aged 56 after being diagnosed with pancreatic cancer.”

 

2018-08-06T15:41:48-07:00August 8th, 2018|Estate Fights, Estate Planning, Rich & Famous|

Prince’s Estate Files Lawsuit Over Cybersquatting of Prince.com

ABA Journal:  “The estate of the late recording artist and actor Prince is suing an Englewood, New Jersey-based domain broker for cybersquatting the prince.com website. Filed last Wednesday in the U.S. District Court for the District of New Jersey, the suit alleges that Domain Capital is infringing on the estate’s “PRINCE” trademark by owning the domain.”

2018-08-06T14:55:20-07:00August 7th, 2018|Estate Fights, Estate Planning, Rich & Famous, Social Media|

Son claims his wealthy, reclusive and ill elderly father was pressured into leaving millions to a boarding school prior to freezing to death in his $10M New York City townhouse

Daily Mail:  “A court battle is underway over a wealthy and reclusive man's estate after it was revealed that he left the bulk of his millions to the boarding school he went to as a teen. Peter Knoll, 75, was found dead in his multimillion-dollar Upper East Side, New York City townhouse on January 8, after having died several days prior. A medical examiner declared that he had frozen to death and it was later revealed that he had been living without gas hooked up in his home since 2014. According to the executor of his estate, Peter's 2017 will declared that each of his three children would receive just $50,000, while his grandchildren were allotted $100,000. Select friends and acquaintances were to receive anywhere from $5,000 to $500,000. “

2018-07-30T14:09:16-07:00August 2nd, 2018|Estate Fights, Estate Planning, Rich & Famous, Social Media|

Glen Campbell’s Children Have Right to Contest Wills That Cut Them Off Inheritance

Tennessean:  “A Nashville judge has ruled that three children of the late Glen Campbell have a right to contest the validity of two wills that cut them off from any inheritance from the late singer. In a three-page ruling issued this week, Davidson Probate Judge David Randy Kennedy concluded that the three children have standing to contest wills dated Sept. 1, 2006 and Jan. 7, 2001. Travis, Kelli and Wesley Campbell had petitioned the court to certify that a will contest existed. The three were left out of both wills.”

2018-07-30T11:38:03-07:00July 30th, 2018|Estate Fights, Estate Planning, Rich & Famous|

Two Men Claiming to be Charles Manson’s Sons Eliminated From Fight Over Estate

Daily Mail:  “A Los Angeles judge has eliminated two purported sons of Charles Manson from the battle over his estate. Matthew Lentz, a musician who claims Manson conceived him at an orgy in 1967, and Michael Brunner, whose mother was a member of the family, were two of four people fighting over the cult leader's estate. On Friday, Judge Clifford Klein eliminated them on lack of proof that they were the rightful heirs to all memorabilia or, crucially, his image and publishing rights.”

2018-07-16T12:13:05-07:00July 16th, 2018|Beneficiaries, Estate Fights, Rich & Famous, Social Media|

How Anthony Bourdain’s Estate Plan Reflected The Two Most Important Parts Of His Life

Forbes:  “Ever since his untimely death, the press and the public hasn't been able to get enough of Anthony Bourdain. His name caused another commotion this week when his will was probated in New York. The New York Post’s Page Six headline read “Anthony Bourdain Worth Only $1.21M at the Time of His Death.” Social media responded immediately as the actual dollar amount just didn’t seem right.  How could Bourdain’s net worth be so much less than the public previously speculated? While a man’s worth is quite subjective, Bourdain, by all accounts, was an American success story. Though he often admitted that he’d lived paycheck to paycheck well into his 40s, by having an estate valued in excess of $1 million, Bourdain could be considered in the top 3% of all Americans in terms of wealth. In his case, the estate plan reflected two interesting aspects of the man and what he truly valued.

2018-07-09T11:16:20-07:00July 10th, 2018|Estate Planning, Rich & Famous, Social Media|

Lisa Marie Presley Sues Money Manager, Claims MisManagement of $100 Million Trust Fund

Daily Mail:  “Lisa Marie Presley's ex-money manager paid himself an annual salary of more than $700,000 – while he was losing her $100 million fortune, Elvis's daughter claims. Barry Siegel ‘enriched himself with exorbitant fees', blasts 50-year-old Presley in new court documents filed at Los Angeles Superior Court in her lawsuit against Siegel and his company, Provident Financial Management. She is accusing Siegel and his firm of running the $100 million trust fund her father set up for her ‘into the ground' to just $14,000 by ‘reckless and negligent' investments – the largest investment being in American Idol's holding company which ended up going bankrupt.”

2018-06-25T16:40:40-07:00June 27th, 2018|Estate Planning, Rich & Famous, Trusts|

Kate Spade, Anthony Bourdain And Estate Planning When You Are Separated

Forbes:  “The recent tragic deaths of Kate Spade and Anthony Bourdain had more in common than how they died. They were both separated from their spouses at the time of their deaths.  While by all accounts these separations were amicable, the fact that they were not legally divorced can lead to a host of estate planning issues. When spouses decide to divorce, the usual framework is a process involving attorneys and the court system. But as modern family life is complex, it is becoming more common for spouses to remain permanently separated yet not divorced.  It’s a state of gray that many feel comfortable in. Unfortunately for both family law and estate law, it’s a hard place to be. Just how many couples in the U.S. permanently separate versus divorce is not clear. Most researchers find the U.S. divorce rate hovers somewhere between 42% to 45%. However, when permanent separations are factored in, it is estimated that the rate is really 50%.”

2018-06-18T13:11:23-07:00June 21st, 2018|Estate Planning, Rich & Famous, Trusts, Wills|

L.A. Police Investigate Reports That Marvel Comics’ Stan Lee Is a Victim of Elder Abuse

Time:  “Los Angeles police are investigating reports of elder abuse against Stan Lee that come amid a struggle over the life and fortune of the 95-year-old Marvel Comics mogul, court documents showed Wednesday. The investigation was revealed in a restraining order granted against Keya Morgan, who in recent months has been acting as Lee’s business manager and personal adviser. Morgan has inserted himself into the life of the Lee, according to the order. The filing accuses Morgan, 42, of taking advantage of Lee’s impaired hearing, vision and judgment, moving Lee from his longtime family home and preventing family and associates from contacting him.”

2018-06-18T12:13:53-07:00June 20th, 2018|Estate Planning, Rich & Famous|

Tom Wolfe’s will reveals he left the bulk of fortune to his wife of 40 years and asked to be cremated

Daily Mail:  “Late author Tom Wolfe left his estate to his wife and two children, it has been revealed. Wolfe’s will was filed in Manhattan Surrogate’s Court on Thursday.The ‘new journalism’ pioneer left his wife, Sheila, ‘all of the tangible personal property’ and ‘all my right, title and interest to any real property and any cooperative apartment used by me or my family as a residence…,’ according to court paper.”

2018-06-18T11:35:44-07:00June 19th, 2018|Beneficiaries, Estate Planning, Rich & Famous|

Michael Jackson Estate Sues The Walt Disney Company

TMZ:  “The people who manage Michael Jackson's estate say The Walt Disney Co. has some nerve for profiting off the tears of MJ's kids and stealing a bunch of its property … all to make a shoddy TV special they claim never came close to documenting Michael's ‘Last Days.' The estate just sued The Walt Disney Co. claiming copyright infringement and saying it never had permission to use a bunch of its footage for its “The Last Days of Michael Jackson” TV special … which premiered last week to more than 5.5 million viewers.”

Warren Buffett’s Advice On How To Raise Well-Adjusted Heirs

Forbes:  “At the Forbes 400 Summit on Philanthropy in San Francisco on Wednesday, billionaire investor and philanthropist Warren Buffett took to the stage to discuss his lifetime of giving. The Oracle of Omaha, who will turn 88 in August, pointed out his own longevity–“I have lived for more than a third of the life of this country”–and discussed how his three children may carry on his philanthropic legacy. “Every single share of Berkshire I own will be diverted into philanthropy 10 years after my estate is executed for future philanthropists who can see future needs,” Buffett told conference attendees. “I might be able to think outside the box, but when the box is 6 feet under, I’m not so sure.”  His remarks contained some valuable advice–wisdom picked up in the course of his nearly nine decades.”

2018-06-04T10:28:08-07:00June 5th, 2018|Beneficiaries, Estate Planning, Rich & Famous|

Why Inconsistent Income Needs Consistent Planning

The New York Times:  “Klay Thompson, an All-Star basketball player, helped lead the Golden State Warriors to their fourth N.B.A. finals, which continue this weekend. Chris Levinson, an accomplished Hollywood writer whose credits include “Dawson’s Creek” and “Law & Order,” recently sold two television series, one to Bravo and the other to Hulu. Both of their careers are going well, and they’re being paid handsomely. But nothing is certain. Mr. Thompson has been making millions of dollars a year since he was drafted in 2011 at age 21, including $18 million this season before any playing bonuses or endorsements. But at 28, he knows that one bad injury could end his career.”

2018-06-04T09:59:13-07:00June 4th, 2018|Estate Planning, Rich & Famous|
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