Details on the Deal to Settle Rosa Parks’ Estate

Estate of Denial:  The secret legal agreement designed to settle the brawl over the estate of civil rights leader Rosa Parks is a secret no more.

The confidential seven-page document — signed by Parks’ 15 nieces and nephews, Parks’ longtime friend and caregiver Elaine Steele and an official of the institute Parks and Steele founded — turned up in a Jan. 18 filing with the Michigan Supreme Court.

The agreement — struck during a late-night bargaining session in February 2007 in order to avert a trial in Wayne County Probate Court — spells out how the parties are to divvy up the proceeds from the sale of Parks’ belongings, said to be worth up to $8 million because of their historic value.

Under the agreement, Steele and the Rosa and Raymond Parks Institute for Self Development will get 80% of the net proceeds from the sale of Parks’ possessions, as well as the royalties from licensing her name, image and likeness. The nieces and nephews are to get 20%.

Continue reading more details on the deal to settle Rosa Parks' estate.

 

 

2016-12-13T20:33:36-08:00February 17th, 2012|Estate Fights, Rich & Famous|

Battle Over Jim Reeves’ Royalties Ends

Estate of Denial:  A long-running legal battle over the fate of 1960s country singer “Gentleman” Jim Reeves’ music royalties ended this week with a ruling that his wife’s second husband isn’t entitled to claim a share.

Terry Davis married Jim Reeves’ widow, Mary, in 1969, five years after Reeves and his piano player were killed in a Brentwood plane crash. Mary Reeves Davis died in 1999.

Davis is not entitled to any further share of his late wife’s estate than the $100,000 she specified in her will, Judge Randy Kennedy ruled at the end of a legal fight that has gone on for more than a dozen years. That money was distributed years ago. Davis had sought a percentage of the estate and a year’s worth of spousal support instead.

Jim Reeves’ niece, who is among the heirs who have been fighting Davis’ claim to the estate for more a decade, said she was relieved by the ruling.

Continue reading about the battle over Jim Reeves' royalties.

 

 

2016-12-13T20:33:36-08:00February 17th, 2012|Estate Fights, Rich & Famous|

Film About Trusts Wins Golden Globe for Best Drama

Estate of Denial:  “The Descendants,” a family drama set in Hawaii, won the Golden Globe on Sunday night for best drama. George Clooney, who stars in the film as a father coming to grips with his wife’s impending death, won for lead actor in a drama.

Since our review published in November, our fans told us this is the best trust film ever released. The central theme is about a family trust and its trustee-advisor — played by George Clooney, no less – found their way to the silver screen last November in Alexander Payne’s film, “The Descendants.”

This is The Trust Advisor’s favorite film of the season, a depiction of what the trust industry is all about. This is a MUST see for anyone in the trust world.

Every multi-generational trust is a balancing act between the living and the dead, with the trustee in the precarious position of having to weigh the wishes of vanished grantors against the priorities of their heirs.

The film “The Descendants,” by the director of “About Schmidt” and “Sideways,” frames that balancing act against the lush landscape of Kauai, where the fictional King family have lived for decades on acreage held in trust.

Continue reading about “The Descendants”, a film highlighting trusts.

2016-12-13T20:33:36-08:00January 25th, 2012|Rich & Famous, Trusts|

Rosa Parks’ Estate Returned To Friends To Carry On Legacy

Estate of Denial:  The Michigan Supreme Court has ordered a judge to return the estate of civil rights icon Rosa Parks to her longtime friend Elaine Steele and the institute the two women founded in 1987 to carry on Parks’ legacy.

 In a tersely worded order Thursday, the high court said Wayne County Probate Judge Freddie Burton Jr. and the Michigan Court of Appeals wrongly stripped Steele and the Rosa and Raymond Parks Institute for Self Development of their financial stake in Parks’ estate.

 The Supreme Court said Steven Cohen, the lawyer for Steele and the institute, did not divulge details of a 2007 confidentiality agreement that resolved an estate dispute involving the institute, Steele and Parks’ 13 nieces and nephews.

Cohen said Thursday’s decision is a significant victory for his clients.

“They are thrilled and gratified that Rosa Parks’ wishes are finally being honored,” he said.

He said the order requires Burton to return all of his clients’ property and, within 30 days, to remove attorneys John Chase Jr. and Melvin Jefferson Jr., whom Burton put in charge of the estate after Parks died in 2005. They are to be replaced with Steele and retired 36th District Judge Adam Shakoor, whom Parks had designated to handle her estate. Steele is Parks’ longtime friend, assistant and caregiver.

Alan May, who represents Chase and Jefferson, said Friday that he wasn’t aware of Thursday’s decision and needed time to review it. Lawrence Pepper, who represents Parks’ nieces and nephews, agreed.

“We need some time to sort things out and look at this order,” Pepper said, adding that he doesn’t know how realistic it will be for Burton to […]

2016-12-13T20:33:37-08:00January 5th, 2012|Estate Fights, Rich & Famous|

Estate Fight Continues Over “Dragon Tattoo” Profits

Estate of Denial:  THE premiere of The Girl With The Dragon Tattoo was a suitably high-profile occasion.

This is, after all, the long-awaited screen version of what has become a publishing ­phenomenon almost on a par with the Harry Potter series.

Author Stieg Larsson never knew how successful he would be as he died just before his first best-seller was published.

But his heirs have certainly reaped the benefits. More than ­ 50 million people have bought a Stieg Larsson thriller and they’re still ­buying in droves. If Larsson’s estate makes one pound from each book sold – a conservative estimate – then his heirs have already made around £50million from the novels alone.

The film rights, which have been sold twice, brought in more. The first film adaptation, made by a Swedish company, has generated more than £70million. Sony bought the English-­language rights with American ­producer Scott Rudin and it is their version, directed by David Fincher, which premiered on Monday and will go on general release on Boxing Day.

The fact they spent $100million on it suggests they are confident it will not only recoup its costs but surpass them by some margin.

Shot largely in Sweden, the film stars Bond actor Daniel Craig – suitably Nordic and gloomy as investigative journalist Mikael Blomkvist. Lisbeth Salander, the deeply disturbed computer whizz anti-heroine is played by Rooney Mara, known so far only for a small role as the girlfriend who dumps Facebook founder Mark Zuckerberg at the beginning of The Social Network.

The ­impressive supporting cast includes Christopher Plummer, Joely Richardson, Steven Berkoff, Stellan Skarsgard and former ER heartthrob Goran Visnjic. With that kind of […]

2016-12-13T20:33:37-08:00December 19th, 2011|Estate Fights, Rich & Famous|

Feuds Over Bob Marley’s Legacy Continue

Probate Lawyer Blog:  While being widely loved for spreading reggae music throughout the world, Bob Marley stood for more than just music. His songs promoted freedom for poor and oppressed people throughout the world, social equality, and justice. Marley even won the 1978 United Nations Medal of Peace.

Sadly, events surrounding his estate have been anything but consistent with his musical legacy. 2011 marked the 30-year anniversary of the day Marley died of cancer, at the age of 36, on May 11, 1981. In those 30 years, his estate has seen far too many court fights, lawsuits and money-grabs to count. And that legacy of fighting over money doesn’t seem likely to end any time soon.

Just last week, a corporation owned by his widow, Rita Marley, and his nine children, sued Richard Booker and two corporations he owned. Who is Richard Booker? Bob Marley’s half-brother. Among other Jamaica-based business ventures, Booker operates musical festivals and a company which gives tours of the village where Marley was born and is now buried.

These lyrics from Marley’s song, Guiltiness, from the famed Exodus album are particularly appropriate:

These are the big fish

Who always try to eat down the small fish,

Just the small fish.

I tell you what: they would do anything

To materialize their every wish.

Indeed, fish are at the heart of this legal dispute. One of the primary targets is Booker’s effort to trademark the term “Mama Marley” for use in marketing a series of good and services. What goods and services? The lawsuit identifies them as being, “fish; fish and chips; fish cakes; fish croquettes; fish fillets; fish mousse; fish […]

2016-12-13T20:33:37-08:00December 16th, 2011|Estate Fights, Rich & Famous, Wills|

MLK, Jr. Died Without A Will – Family Fighting Continues

Probate Lawyer Blog:  There is no doubt about the greatness of Reverend Martin Luther King, Jr. Unfortunately, his estate planning wasn’t so great. In fact, King made a mistake that too many people make everyday in our country … he procrastinated with his legal planning and died without a will.

In large part because of this, his legacy has been marred by fighting among his children over the handling of his estate, including claims of secrecy, mismanagement and misappropriating assets. Years ago, MLK’s heirs formed a corporation to manage King’s estate, but then they fought over control over the corporation. You can read Trial & Heirs’ coverage of the lawsuit between the King children here. Luckily, the heirs were able to reach a settlement and ended that round of fighting.

But, that doesn’t mean the court battles have ended. The corporation which operates the estate turned its attention to a television anchor in Southern Mississippi, named Howard Nelson Ballou. The Estate of Martin Luther King, Jr., Inc., sued Ballou and claimed he has possession of historic documents relating to King.

These include handwritten letters from King, transcripts of speeches he delivered, statements and newsletters he authored, a handwritten letter by Rosa Parks, and similar writings of great importance to King’s efforts in the 1950′s civil rights movement.

Ballou’s parents had been close friends with King and his wife, Coretta Scott King. Ballou’s father was King’s fraternity brother, and his mother had been King’s personal secretary in the 1950′s. She helped him research, type and edit his speeches, answered his mail and made his travel arrangements. She says that, through her relationship with King, he gave her the documents.

2016-12-13T20:33:37-08:00December 16th, 2011|Estate Fights, Rich & Famous, Wills|

Copper Heiress Signed Two Wills – One Leaves Relatives Nothing

Fox News:  A newly publicized will by an heiress to a Montana copper mining fortune leaves most of her $400 million estate to her family, while a will signed just weeks later left nothing to relatives.

The childless Huguette Clark died in May at age 104 — a last breath of New York's Gilded Age that produced the Rockefellers, Astors and Vanderbilts.

Her relatives brought the new will to light on Monday: They filed court papers asking a Surrogate's Court judge to involve them in proceedings about how her money was spent — and by whom — while she was alive.

Clark's relatives accuse her co-executors, attorney Wallace Bock and accountant Irving Kamsler, of plundering her fortune. The two were among the few who for years had access to the reclusive Clark in her Manhattan hospital room. Clark had left her 42-room Manhattan home — the largest residence on Fifth Avenue — decades earlier, choosing to live undisturbed at the hospital.

A court-ordered accounting of the Paris-born heiress' finances as overseen by Bock and Kamsler in the last 15 years of her life is “a chilling report of the mishandling, misappropriation and mismanagement” of her assets, the relatives' lawyer, John R. Morken, wrote in papers filed Monday.

While Clark was confined to a hospital room, her spending amounted to about $1 million each month, Morken said, citing the figures.

Monday's filing included a will signed in March 2005, about six weeks before another will that Bock and Kamsler filed shortly after Clark's death.

 

2011-11-29T13:08:47-08:00November 29th, 2011|Estate Fights, Rich & Famous, Wills|

More Celebrity Estate Planning Stories

Forbes:  Did you know that family gatherings during the holidays are a great time to talk about celebrities, such as Whitney Houston, and how they can help your family avoid fighting when someone dies?

This is Part 2 of Trial & Heirs’ Top 5 Celebrity-Based Estate Planning Conversation Starters for Thanksgiving 2011:

(Did you miss Part 1? Click here.)

3. Whitney Houston

Whitney Houston has been locked in a vicious court battle with her step-mother over a $1 million life insurance policy from Whitney’s father, which named Whitney as the sole beneficiary. Whitney’s step-mother, Barbara, sued Whitney and claimed the money was meant for her, not Whitney. Whitney had lent her father money and held a private mortgage over his home, which Barbara received when Whitney’s father died in 2003. Barbara said the life insurance was meant to repay that money and Whitney was supposed to release the mortgage and turn the rest of the life insurance money over to Barbara.

So did Whitney agree that the money was to repay the mortgage, allowing Barbara to keep the house free and clear? Heck no! She counter-sued Barbara, and said the life insurance was meant to repay other money she had lent her father. She asked the court to evict Barbara and used the counter-suit as a time to point out to the world, in a public court record, that Barbara was 40 years younger than Whitney’s father and met him as a maid cleaning his house.

A federal court judge in New Jersey ruled in favor of Whitney and dismissed Barbara’s lawsuit. But Barbara appealed, and the United States Court of Appeals just heard oral […]

2011-11-28T11:44:37-08:00November 22nd, 2011|Estate Planning, Rich & Famous|

Celebrity Estate Planning Conversations for Thanksgiving 2011

 The Probate Lawyer Blog:  What family won’t be talking about Kim Kardashian and Michael Jackson at their Thanksgiving dinner? Dishing celebrity dirt is as natural as turkey and pumpkin pie. But did you ever think that celebrity gossip could actually help your family?

We use celebrity stories to turn the often-awkward conversation about estate planning into something fun and entertaining. Let’s face it … no one really likes to think about planning for what happens after they pass away. But, it’s the family left behind that pays the price when the proper planning isn’t done.

A great way to get the dialogue flowing, and to turn an awkward conversation into something fun and engaging, is with celebrity stories. What better time to do this than when the family is gathered together for Thanksgiving?

Here is Part 1 (out of 2) to our Trial & Heirs’ Top 5 Celebrity-Based Estate Planning Conversation Starters for Thanksgiving 2011:

1. Kim Kardashian

Seventy-two days of marriage. Wow that was fast! Did she even finish writing her thank-you notes from the wedding?

Let’s assume for a moment that the happy couple thought, after saying their wedding vows, that they’d spend the rest of their lives together. Well, even if they didn’t feel quite that strongly about one another, this still marked a significant life event. This means, the lovebirds should have updated their estate planning documents.

2016-12-13T20:33:38-08:00November 21st, 2011|Estate Fights, Estate Planning, Rich & Famous|

Probate Nightmare: South Carolina AG Rewrites James Brown’s Estate Plan

Estate of Denial:  The South Carolina Supreme Court heard arguments Tuesday in the attempt by former James Brown trustees Robert Buchanan of Aiken and Adele Pope of Newberry to set aside a 2008 deal between former S.C. Attorney General Henry McMaster and some of Brown’s disinherited claimed heirs to transfer about $50 million from Brown’s “I Feel Good” Trust.

McMaster’s deal rewrote Brown’s estate plan, giving McMaster control of Brown’s assets through a trustee selected by the attorney general and can be removed at will. The agreement also gave away more than 50 percent of Brown’s assets to disinherited relatives and claimed relatives.

Buchanan and Pope argue the court’s decision may determine the future of private philanthropy in South Carolina.

Brown’s estate plan dedicated his entire $100 million dollar music empire to education. After providing education trusts for seven grandchildren, Brown put the rest in the James Brown “I Feel Good” private foundation to be used solely for scholarships to needy children.

In the Aug. 10, 2008, agreement, McMaster rewrote Brown’s estate plan to give 25 percent of the music empire to Brown’s companion and another 25 percent to five of Brown’s more than one dozen claimed children.  McMaster’s rewrite was subsequently amended to leave the “I Feel Good” foundation with only about 47 percent of Brown’s music empire.

2011-11-08T08:39:31-08:00November 8th, 2011|Estate Fights, Probate, Rich & Famous, Trusts|

Fight Over Jim Reeves’ Estate Goes To Trial

Estate of Denial:  More than 40 years after the death of country singer “Gentleman” Jim Reeves, a Nashville court will determine the fate of his musical legacy – and the ownership of his considerable posthumous royalties.

Reeves heirs – chiefly his nieces – and the surviving second husband of his widow Mary Reeves Davis will return to Davidson Country Probate court January 23.

The two-day trial will determine how big a stake Terry Davis, the second husband, has in Mary Reeves Estate, which owns Jim Reeves’ music royalties. Those royalties have ranged from $100,000 to $400,000 per year, according to court records.

Jim Reeves was a country crooner and ambassador of the “Nashville Sound” of the 1950s and 1960s. One of his best-known songs, “He’ll Have to Go,” includes the lyrics “Put your sweet lips a little closer to the phone.” He died in a Brentwood plane crash in 1964 at the age of 39.

2011-11-08T08:21:44-08:00November 8th, 2011|Estate Fights, Rich & Famous|

Kim Kardashian Had A Prenup!

LA Times Blog:  Kim Kardashian and Kris Humphries have signed a much-discussed prenuptial agreement, it was revealed Wednesday in what might have been the day's largest bit of predictable breaking news.

The newlyweds, who tied the knot in Montecito on Saturday before friends, family and the cameras of E!, have agreed to protect their mutual assets against the seriously microscopic chance of divorce.

What's at stake? Kardashian's $35-million personal fortune, up against Humphries' NBA payday of $8 million to $16 million, according to THR.

The pair would be wise to protect their individual assets. If he continues to succeed in the NBA, Humphries would only see his salary climb, and Kardashian really knows how to make bucks on deals selling, um, the Kardashians. Of which there are many. Some of which can go awry. So this keeps him out of her business.

2016-12-13T20:33:38-08:00November 1st, 2011|Prenuptial Agreements, Rich & Famous|

James Brown Estate Thriving While Estate Fight Continues

Los Angeles Times:  The late James Brown once warned the world: “Papa don't take no mess.”

So one might assume that Brown — the Steve Jobs-slash-Albert-Einstein-slash-Benjamin-Franklin of funk (that's right Isaacson, we're paging you!) — would be pleased with news from the Associated Press that a professional money manager has been able to take the atrophied remnants of Brown's charitable trust and effect a remarkable turnaround, wiping more than $20 million in debt off the books and putting it in a position to fund thousands of college scholarships to poor students.  The credit goes to a series of canny licensing deals.

But that arrangement may now be in peril due to a challenge from two ousted trustees, Adele Pope and Robert Buchanan, who have filed a brief with the South Carolina Supreme Court that might be best summed up in the lyrics to Brown's 1973 hit “The Payback, Pt. 1”:

I can dig rappin'… I can dig scrappin'. But I can't dig that backstabbin'!

2016-12-13T20:33:38-08:00November 1st, 2011|Estate Fights, Rich & Famous|

L’Oreal Heiress Ruled “Mentally Unfit” To Manage Fortune

Estate of Denial:  France’s richest woman threatened to emigrate today after a judge ruled that she was ‘mentally unfit’ to manage her £15 billion fortune.

Liliane Bettencourt, who inherited the L’Oreal cosmetics fortune, was told that she had dementia and Alzheimer’s and is no longer well enough to run her business affairs.

In turn, the 88-year-old said she was fine, and accused her daughter of plotting against her to try and wrestle control of one of the most successful companies in the world.

Mrs Bettencourt, who turns 89 on Friday, is also suspicious of France’s judicial authorities who are investigating her for allegedly giving brown envelopes full of cash to leading politicians in return for tax breaks.

2011-10-26T12:50:46-07:00October 26th, 2011|Estate Fights, Rich & Famous|

Secretive Jobs Placed Assets In Trust Before His Death

Times Colonist: Apple co-founder Steve Jobs and his wife placed at least three properties into trusts in 2009, which legal experts say is a sign the secretive Apple chief may have been ensuring that his assets aren't disclosed upon his death.

The ownership transfers occurred while Jobs was on a medical leave from Apple, public records show.

Jobs died Wednesday at age 56 after a long battle with pancreatic cancer, prompting an outpouring of grief around the world for the man who reinvented computing, the music business and mobile phones. He had stepped down as Apple chief executive in August.

It is unclear whether Jobs put his stock and other non-real estate assets into similar trusts, but if he did, it may be difficult to determine how they will be divided.

2011-10-07T08:36:40-07:00October 7th, 2011|Estate Planning, Rich & Famous, Trusts, Wills|

Disney Heir Seeks To End Guardianship

Estate of Denial:  Bradford Lund, heir to an immense Disney fortune and son of local developer Bill Lund, wants a federal judge to fire his state-appointed legal guardian.

Lund, his father, and other members of the family have been embroiled in a nasty fight over hundreds of millions of dollars in a trust left to Walt Disney’s grandkids. An articleabout the flap last year in the Arizona Republic exposed the family’s squabble and how it ended up in probate court.

In a nutshell, Bill Lund married Disney’s daughter, Sharon, back in the 60s, and had twins with her. After their divorce in 1977, Bill was made one of the trustees to the kids’ fortune. He and his daughter, Michelle, had a falling out after she suspected him of dabbling in her financial affairs while she was laid up in 2009 with a medical condition.

2011-10-07T08:30:33-07:00October 7th, 2011|Estate Fights, Rich & Famous|

Last Will and Testament of Alfred Nobel

The Local: Swedish industrialist and scholar Alfred Nobel (1833-1896), who made a substantial fortune from his invention of dynamite in 1866, established the Nobel Prizes in his will.

His 1895 testament stipulated his fortune was to be placed in a fund destined to honour “those who, during the preceding year, shall have conferred the greatest benefit on mankind.”

He died a year later in San Remo, Italy.

He had decreed the bulk of his estate should be invested in “safe securities,” and as a result, some 31.5 million Swedish kronor, the equivalent today of about 1.5 billion kronor ($222 million) were used to create the Nobel Foundation.

2016-12-13T20:33:39-08:00October 4th, 2011|Estate Planning, Giving to Charity, Rich & Famous, Wills|
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