Rich & Famous

Prince’s estate wants to trademark purple, the colour synonymous with the late pop singer

NEWS:  “One of Prince’s many nicknames was The Purple One. It was reportedly his favourite colour, and after the success of Purple Rain its use defined his image and his legacy. Now, it is set to do so in perpetuity, as the late singer’s estate looks to claim ownership over the use of “the colour purple” in films and live and recorded music. Paisley Park Enterprises, his company, filed an application earlier this month with the US Patent and Trademark Office to do just that.

By |2018-11-06T10:39:19-08:00November 7th, 2018|

Disabled daughter of ‘Dandy Don’ Meredith at center of allegations of abuse, neglect since his death

FOX:  “The daughter of the late legendary football star and sportscaster “Dandy Don” Meredith dealt with abuse and neglect after her stepmother took guardianship of her trust following Meredith’s death, relatives said. Meredith, a former Dallas Cowboys quarterback, “Monday Night Football” commentator and TV pitchman who often referred to himself as “Jeff and Hazel’s baby boy,” set up a trust to ensure lifetime care for his youngest child, Heather, now 49, who was born with physical and intellectual disabilities.”

By |2018-11-06T10:02:36-08:00November 6th, 2018|

Oligarch a Step Closer to Losing $585 Million Divorce Battle

Bloomberg:  “A Russian billionaire fighting one of the largest divorce payouts in U.K. history lost a Moscow court case where he was trying to prove that his marriage had been dissolved 16 years earlier. Farkhad Akhmedov was ordered to pay his wife Tatiana Akhmedova more than 450 million pounds ($586 million) following a London trial that he refused to participate in on the grounds that he was already divorced in Russia. Now the Moscow City Court has rejected an appeal by the businessman seeking to prove the existence of that divorce.”

By |2018-10-29T12:39:19-07:00October 29th, 2018|

Murdoch children may get up to $2bn each in 21st Century Fox sale

The Guardian:  “Rupert Murdoch’s six children could each receive as much as $2bn (£1.5bn) from the sale of his 21st Century Fox global entertainment empire to Disney. Murdoch is in the final stages of completing the $71.3bn sale of 21st Century Fox, which includes the Hollywood studio behind hits from Deadpool to X-Men and a 39% stake in Sky. The family trust, which the 87-year old Murdoch controls, owns a 17% stake in Fox worth a little over $12bn. The beneficiaries of the trust, in which Murdoch has no financial interest, are his children Prudence, James, Lachlan and Elisabeth. Grace and Chloe, his daughters with his former wife Wendi Deng Murdoch, whom he divorced five years ago, are also beneficiaries but have no voting interest in it.”

By |2018-10-23T15:33:28-07:00October 25th, 2018|

Paul Allen’s $26 Billion Estate Will Take Years To Unravel

Financial Advisor:  “Paul Allen’s family office will live long and prosper. The billionaire’s vast holdings at Vulcan Inc. — with real estate, art, sports teams and venture capital stakes — would take years to unravel, if that’s even what he wanted. Allen, who died Monday, had no spouse or children to divide his empire. But there are many others with interests at stake, including family, staff and charities, as well as potential investors eager to snap up pieces.”

By |2018-10-23T15:30:56-07:00October 24th, 2018|

Do Princess Eugenie & Jack Brooksbank Have A Prenup? The Answer Is Pretty Surprising

Elite Daily:  “The upcoming royal wedding of Princess Eugenie and long-time boyfriend Jack Brooksbank has the whole world talking, and it’s for good reason. Princess Eugenie and Brooksbank are fairly low key and lead relatively normal lives compared to their fellow royal family members, which makes their love story surprisingly relatable. However, because they’re such a low-key couple, there are tons of unanswered questions about their Oct. 12 wedding. For instance, do Princess Eugenie and Jack Brooksbank have a prenup? It’s not a totally off-base question, but it’s also sort of complicated. The soon-to-be married couple has been together seven years, but with the royal family, nothing is off the table. (Except bright nail polish, of course.) The thing is, the royal family is high-profile on a worldwide scale. They’re basically like the Kardashians, but British and with crowns, titles, and dress codes. Marrying into the fam is a pretty big deal, and just like celebrities sign prenuptial arrangements, you might expect the royal family to follow suit. But surprisingly, that’s not the case.”

By |2018-10-15T13:41:14-07:00October 16th, 2018|

What Can Fred Trump’s Estate Teach Us?

Wealth Management:  “The president’s propensity for fudging the numbers runs in the family. That’s the main takeaway from The New York Times’ exhaustive look Tuesday at the myriad of methods that the president’s father, Fred Trump, used to minimize taxes while transferring his wealth—$413 million—to his children. What’s interesting is just how permissive the gift and estate tax regime is to those willing to fudge the truth, sometimes brazenly.”

By |2018-10-08T14:13:12-07:00October 11th, 2018|

What ‘Succession’ And Sumner Redstone Can Teach Us About Planning Ahead For Senior Care

Forbes:  “Many of us have read the titillating and tragic story of Sumner Redstone, the former executive chairman of Viacom, and the litigious financial power struggle that has embroiled his family. Redstone’s story was a key influence on the HBO hit series Succession, which involves a lot of money, a pugnacious media mogul, a conniving lover, and children trying to wrest control of the family fortune from a sordid mess. Most of us won’t need to worry about a multi-billion-dollar empire, and our family struggles may appear mundane by comparison. But disagreements over money can and often do prevent families from making the right choices about care.”

By |2018-10-01T11:18:07-07:00October 1st, 2018|

Tom Clancy’s Maryland Estate Hits Market for $6.2M

Barrons:  “The 537-acre Maryland estate of the late American novelist Tom Clancy has come on the market for US$6.2 million. The author of bestsellers like Clear and Present DangerPatriot Games, and The Hunt for Red October owned the sprawling property about 45 miles south of Washington, D.C., for decades until his death in 2013 at age 66. It includes acres of woods, private beach on Chesapeake Bay and a three-story custom home with a number of amenities suited to a spy fiction writer. The 17,000-square-foot main house has an underground, two-lane shooting range, which “offers an opportunity to practice your marksmanship in complete privacy,” according to listing agent Angel Stevens of Cummings & Co. Realtors.”

By |2018-09-24T14:50:07-07:00September 27th, 2018|

‘Carol Burnett’ star Tim Conway recovers from brain surgery as family battle over comic’s fate rages on

Fox:  “Tim Conway is recovering from brain surgery as his daughter and second wife fight in court over his care, Fox News learned Monday. The “Carol Burnett Show” star’s daughter, Kelly Conway, revealed that a Los Angeles court has decided a permanent conservatorship of the actor will be appointed in November. Kelly and her stepmother Charlene Conway each want sole conservatorship over the 84-year-old, who is suffering from dementia.“My brothers and I would like to thank the overwhelming support for my dad from fans all over the world that are contacting me via phone, email and social media,” Kelly told Fox News in a statement. “It lifts my brothers and me”

By |2018-09-24T14:43:08-07:00September 26th, 2018|

Frank Lloyd Wright estate owner defends weddings, seeks tax break from Orinda

East Bay Times:  “The homeowner of a Frank Lloyd Wright estate defended holding weddings on the property, saying there have been “no citations for illegal parking, no DUIs, no fights, no loud quarrels, no excessive noise citations” and calling neighbors’ complaints “baseless.” “In fact, (there have been) no citations whatsoever for anything from the police,” Gerald Shmavonian said in an interview. He added there have been no traffic accidents and no injuries on the site. “Ninety percent of the people take Uber.” “It’s true that there has been no criminal activity,” said Orinda Planning Director Drummond Buckley. But the Orinda official said Shmavonian was still in violation of the city’s zoning ordinance. Orinda bans commercial ventures in residential neighborhoods.”

By |2018-09-24T14:11:17-07:00September 25th, 2018|

Burt Reynolds Left His Only Son Out of His Will and Created a Trust for Him Instead

People:  “Screen legend Burt Reynolds left his only son out of his will — but did not cut him out. The will, which was obtained by TMZ, says of Quinton, “I intentionally omit him from this, my Last Will and Testament, as I have provided for him during my lifetime in my Declaration of Trust.” The will, which was signed in 2011, appoints Reynolds’ niece Nancy Lee Brown Hess as the personal representative of Reynolds’ estate. Reynolds lists his great nephew Brian Ritchey Brown and then his great niece Tracy Erin Rogers as the next personal representative were anything to happen to the previous one.”

By |2018-09-24T12:10:35-07:00September 24th, 2018|

Aretha’s Lack of a Will Could Make Things Rocky for Heirs

Wills, Trusts & Estates Prof Blog: Estate law experts expressed surprise but not shock that a wealthy person like Aretha Franklin would put off making a will until it was too late. Laura Zwicker, an attorney who specializes in estate planning but is not affiliated with the Franklin estate, says she sees it happen far too often. “People don’t like to face their own mortality.

By |2018-09-04T12:15:30-07:00September 4th, 2018|

“Que Je T’Aime”: L’affaire d’heritage de Johnny Hallyday

The National Law Review:  “As a battle rages on in Nanterre, west of Paris, over the estate of Johnny Hallyday, who is best known as the “French Elvis”, and spills out across the pages of the tabloid press in France, we offer a view from Hallyday’s adopted home, Los Angeles, California. It is, after all, the central question of this affair whether a will and trust executed in California under California law, which was intended to dispose of assets that include Hallyday’s properties in Santa Monica and Los Angeles, will be respected or tossed aside as a violation of French forced-heirship laws. The saga of the Hallyday case is a cautionary tale for French nationals who reside outside of France or who have property or assets outside of France, or for foreigners who may be considered domiciliaries of France (or other nations with inheritance laws that differ from France), as well as for members of their families whose inheritance may be caught in between.”

By |2018-08-27T10:39:31-07:00August 31st, 2018|

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.

By |2018-08-27T10:32:07-07:00August 30th, 2018|

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.”

By |2018-08-27T10:27:26-07:00August 29th, 2018|

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.

By |2018-08-27T10:20:15-07:00August 28th, 2018|

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.”

By |2018-08-27T10:13:39-07:00August 27th, 2018|

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.

By |2018-08-22T10:24:09-07:00August 22nd, 2018|

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.”

By |2018-08-06T16:32:09-07:00August 10th, 2018|

‘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.”

 

By |2018-08-06T15:41:48-07:00August 8th, 2018|

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.”

By |2018-08-06T14:55:20-07:00August 7th, 2018|

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. “

By |2018-07-30T14:09:16-07:00August 2nd, 2018|

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.”

By |2018-07-30T11:38:03-07:00July 30th, 2018|

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.”

By |2018-07-16T12:13:05-07:00July 16th, 2018|

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.

By |2018-07-09T11:16:20-07:00July 10th, 2018|

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.”

By |2018-06-25T16:40:40-07:00June 27th, 2018|

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%.”

By |2018-06-18T13:11:23-07:00June 21st, 2018|

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.”

By |2018-06-18T12:13:53-07:00June 20th, 2018|

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.”

By |2018-06-18T11:35:44-07:00June 19th, 2018|
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