Florida Probate Attorney and Florida Inheritance Lawyer Florida Probate Attorney Blog

2nd Will emerges in $400M Heiress estate.

Click here for the details.  

 

Dr. Conrad Murray convicted of Involuntary Manslaughter. Wrongful Death lawsuit by the estate next?

ABC News Image of Conrad Murray in court with defense attorneys.

Conrad Murray Convicted of Involuntary Manslaughter as Nick Allen of The Telegraph reported this afternoon in the article linked to above. The reading of the verdict can be watched by clicking here.

Joe Jackson had filed wrong death case that was initially allowed to proceed but was being challenged  by Dr. Murray based on standing since he was not the personal representative, a trustee or a beneficiary of the estate. 

There has already had extensive Probate Litigation in the case and now it will be interesting to see if the personal represenatives of the estate bring a wrongful death case to pursue Conrad Murray for civil damages. This was done in the OJ Simpson case where a judgment was received by the estate of Ron Goldman for $33.5M although an extremely small portion of this has ever been paid. Likewise the estate will need to determine whether Dr Murray has enough assets that a judgment would be collectible as he had lots of debts prior to being hired by Michael Jackson. It will be interesting to see what happens. 

 

Multi Millions of Amy Winehouse estate fortune likely squandered.

Video re Amy Winehouse fortune.

The estate was worth tens of millions as late as 2008 but just $3 million when she died. She was reportedly generous with friends and family but it is believed that while the drug use did not kill her that a large amount of money was used funding the bad habbit. 

 

 

US Supreme Court rules regarding Estate Dispute jurisdiction.

In a 5-4 decision the Court ruled that the Texas Probate Court and not a bankruptcy Court had the jurisdiction to make the decision. This is a blow to the heirs of Anna Nicole Smith and should result in her not receiving any further inheritance unless they find a different ground to apply on.

See The Wall Street Journal. Court Rules in saga re Playmate's inheritance. 

 

85 year old Millionaire Hugh Hefner Engagement to 25 year old called off

Apparently she did not want to spend 15+ years trying to fight the pre nup and pursuing estate litigation like Anna Nicole and her estate have. Shocking it would not have worked out with just a 60 year age difference. 

An Amusing Ipad type App for when people this far apart in age are in a relationship. 

Hugh Hefner Engaged called off

No Contest Clause in Will of recently deceased long time actor Jackie Cooper.

Hollywood California Actor Jackie Cooper started acting at the age of 3 and was nominated for a best actor in a leading role at the age of 9 the youngest in any category for 50 years. He then went on to work in the entertainment field for over 60 years including the role of Perry White the editor of the newspaper in Superman.

When he prepared his will having been married 3 times and having a child from a prior marriage and 3 from his current wife he wanted to make sure that there was no Probate Litigation, disputes or other contesting of his wishes and that the property just passed to his wife for her life then to the children. As a result he provided in his will that if anyone named in the will sought to contest its terms unsuccessfully that they would only receive $5. His phrasing was  "I give to such persons so contesting or objecting the sum of FIVE DOLLARS ($5.00) and no more."

Interesting to note that while no contest clauses had been valid and all types of no contest clauses had been enforeceable in California for a while the law permitting this was changed effective January 1 2010 with when new Probate statute §§ 21310–21315 was passed and signed into law repealing the prior statute. There are now restrictions regarding what types and situations a no contest clause is enforceable. Also his wife failed to survive him so it now passes all to his children in equal shares.   

In Florida where the Probate Attorney Blog is written the law is and has been that no contest clauses are specifically uneforceable by statute as against public policy. Florida Statute 732.517 states 

A provision in a will purporting to penalize any interested person for contesting the will or instituting other proceedings relating to the estate is unenforceable.

Source regarding provision in Jackie Cooper's will and photo TMZ Jackie Cooper the poison pill clause.

Liz Taylors will left $800,000 to her seventh ex husband Larry Fortensky.

Larry Fortensky was someone she had met at a Betty Ford rehab facility back in 1988. He is a construction worker, who never finished high school and very middle class as well as 20 years younger than her so it was an unusual relationship. 

He was unable to keep up with the press and living the public life that she required although they remained close and talked a few times a month until her passing. 

It was just disclosed that the children are receiving a majority of the estate with $800,000 going to him and future profits from the perfume royalties going to various charities. 

They had been married at Michael Jackson's neverland ranch and he received $1 million when they divorced. 

 See Popeater April 25 2011. 

 

Royal Newlyweds will move to some great real estate soon.

Prince William and Kate Middleton will be moving to a home worth $76 million after they are married. That is 343 times the typical newlywed home in england 223,282. Their royal retreat they will be able to go to for vacations is worth $279m and will have nearly half a million square feet and around a thousand rooms.

When he becomes king they will then move to Buckingham Palace which is the most valuable private residence in the world at $1.6 Billion.

 

The Estate of Tom Bosley and other Happy Days actors sue CBS over Merchandising revenues.

Multiple estates have recently sued others regarding their intellectual propery and use of their image or likeness. The merchandising rights to celebrity images can be worth millions of dollars. These issues often cause disputes and estate litigation which the probate attorney blog reported for such estates as the Rick James estate, the Michael Jackson estate that just reached settlement and others have then these types of issues have also been a source of conflict in other estates such as the Martin Luther king beneficiaries and a source of potential disputes in the Elizabeth Taylor estate among the beneficiaries. 

Chris Harnick of TV Squad.com reports that there is yet another estate who has to bring action to protect their interests. Tom Bosley estate who played Mr Cunningham on Happy Days is joining other actors who are not happy with how much merchandising money they are being given and have sued. 

Anson Williams, Don Most, Marion Ross, and Erin Moran are also suing CBS over merchandising revenues for the use of their likeness. According to CNN, the actors claim CBS has cut them out of money they are owed for products such as T-shirts, comic books, dolls and DVDs.

The lawsuit on behalf of the Happy Days cast is for $10 million dollars according to the Hollywood Reporter. Actors Henry Winkler and Ron Howard who played the Fonz and Richie Cunningham are not part of the litigation against CBS. 

The actors say that under their contracts, they were supposed to be paid 5 percent of the net proceeds if their sole image appeared on the product and 2.5 percent if their image appeared in a group.

Jon Pfeiffer, the attorney for the 'Happy Days' actors, expressed he will file the lawsuit to protect his clients financial rights and uphold their contract this week. 

"The issue is the five cast members of 'Happy Days' were not paid for the royalties for their name and likeness," Pfeiffer told CNN. "That being the use of their picture, use of their name in slot machines, in games, in greeting cards, in T-shirts -- anything where you saw a 'Happy Days' face of a character, they were not paid for that."

CBS told the actors that they are owed between $8,500 and $9,000 for the last four years, most of the revenue coming from 'Happy Days' slot machines that bear their likenesses. However, the actors claim they are owed millions of dollars. However, CBS relayed to CNN that "We agree that funds are owed to the actors," and have been working with them for quite some time to resolve the issue."

Additional 'Happy Days' products are being prepped to launch, including a lottery game.

As with any estate litigation and most lawsuits mediation was first attempted although unfortunately the attorney for the Happy Days actors reports mediation with CBS has been unsuccessful. 

The tv show Happy Days started January 14, 1974 and lasted for 11 seasons, airing 255 episodes before its May 8, 1984 finale. 

Jackson Estate reached settlement with Heal the World Foundation. Avoids estate related Litigation.

The Personal Representatives of Michael Jackson's estate reached a settlement today with the Heal the World Foundation over use of the late entertainer's image and likeness, a court official confirmed.

Attorneys representing the estate and the charity met with a U.S. District Judge just prior to jury selection in the copyright infringement lawsuit was going to start in Los Angeles federal court.

Terms of the settlement were not publicly released. But TMZ.com reported that the founder of the foundation Melissa Johnson was given the right to use the late singer's name and image in association with the charity, while Katherine Jackson, Michael's mom, has become a member of the board of directors to supervise the nonprofit's work.

The litigation complaint filed in court stated that Johnson registered the names or phrases "Michael Jackson,' "King of Pop,' "Thriller,' "Neverland' and other words or phrases with the U.S. Patent and Trademark Office.

Those applications, according to the lawsuit, "uniquely and unmistakably point to Mr. Jackson and his persona' and are intended "to cause confusion, mistake and to deceive' the public into believing Johnson's charity has some connection to the pop star.

Attorney John Branca, a personal representative of Jackson's estate, previously said the estate sued in an effort "to be vigilant in protecting Michael's legacy from  unauthorized exploitation and in protecting Michael's fans from being deceived.'

While Jackson did launch his own Heal the World Foundation in 1992, it had no connection to Johnson's organization and became dormant before the singer died of an overdose of prescription drugs in June 2009 at age 50, according to the complaint.

Johnson's foundation is described on its website as "a universal charity organization designed to improve the condition of all mankind.'

Attorney Branca is one of the top entertainment attorneys in the country and helped Michael Jackson purchase the Beatles catalog of publishing rights it owns with Sony which is likely the most valuable asset of the estate. 

See Beverly Hills Courier

$1 Million dollar 1938 Superman Comic stolen from Nicolas Cage over a decade ago found.

Nicolas Cage was also in the news recently as he had a 1938 mint condition copy of the original Superman Comic that was stolen in 2000. It just turned up in a storage locker in CA. Cage had previously taken an insurance payout for the loss of the comic. Hopefully if he made any capital gain from the amount he paid for it to the amount he received as insurance compensation that was declared to the IRS or he will have a further debt along with more interest and penalties for failure to file and properly pay his taxes. 

See  MSN.com

IRS filed a tax lien against Nicolas Cage for hundreds of thousands owed in gift taxes.

In 2011 The Gift Tax annual exclusion remains at $13,000 per person per year for outright gifts but the exemption amount was made to be uniform with the estate tax exemption amount so there is now a $5,000,000 exemption for those who have not given prior gifts. However in prior law over the past decade the gift tax exemption was just $1,000,000. Nicholas Cage had already given over $1.8m in gifts though since 2004-2009 and the total he now owed as a result was just under $625,000. As a result they were placing a lien against him. 

It is a sad situation continuing his debt of around $14 million that he had previously owed the IRS for income tax issues. 

He had sued his manager who he claimed caused his financial ruin regarding those problems demanding $20m although the manager explained it was Cage's own fault and counter sued. It came out that Cage had bought $33m in real estate and 22 cars including 9 Rolls Royce. He had made $24 million in 2010 but needed to sell off many valuable assets he had in order to pay the IRS. 

He has another tax situation now as he was late with paying for tax that went well beyond his exclusion amount and would have been due years ago but he forgot to pay the taxes as he was required to after having given the gifts. 

This is another example of why this year is such a great year for the wealthy to pass along money to their friends and loved ones. Gift, Estate and Generation skipping taxes for this year and next year will be at a unified $5 million per taxpayer based on the agreement the President made with Congress and enacted into law.   

The tax rate is currently at 35% for gift taxes above the exemption amount. 

To see the TMZ.com breakdown of the amount of tax he owes for each year 2004-2009 click here

With the need for finality Harvard twins are stuck with the Facebook Settlement Agreement

A federal appeals court ruled Monday that the prior Harvard University classmates of Facebook founder Mark Zuckerberg can't undo their settlement over creation of the social networking site.

The 9th U.S. Circuit Court of Appeals said Monday that Tyler and Cameron Winklevoss were savvy enough to understand what they were agreeing to when they signed the agreement in 2008. The deal called for a $20 million cash payment and a partial ownership of Facebook. 

 Monday's ruling upholds a lower court decision enforcing the settlement during the six years of litigation that grew so contentious that the dispute was dramatized in the Oscar-nominated film, "The Social Network." The settlement is now worth more than $160 million because of Facebook's increased valuation.

 The twins had alleged they were misled about Facebook's value when they agreed to settle their lawsuit that claimed Zuckerberg stole their idea to launch Facebook.

 "At some point, litigation must come to an end," chief justice Alex Kozinksi wrote for the unanimous three-judge panel "That point has now been reached."  "They brought half-a-dozen lawyers to the mediation," Kozinksi wrote.

Probate law is similar in its need to bring a final resolution to matters with a 2 year limit for creditor claims against an estate and the Florida Probate Code also states that order of discharge may not be revoked based on discovery of a will or a later will. The statute can be read by clicking here. 

 Source re Facebook case update Yahoo News

Ozzy and Sharon Osbourne owe $1.7 million in taxes risk losing their home to IRS tax lien.

Ozzy and Sharon Osbourne owe greater than $1.7 million in back taxes to the IRS. The rocker turned reality star, and his wife reportedly owe $718,948 from 2008 and $1.024 million from 2009.

The IRS has placed a lien on their Los Angeles house, meaning if the Osbournes don't pay up soon, they're in serious danger of losing their home. 

Source: Yahoo News

 

Wall Street Journal - Bill Gates may be Berkshire CEO short term if Buffet resigned soon.

Interesting video by the Wall street journal discussing that Berkshire Hathaway the multi billion dollar conglomerate run by Warren Buffett the 2nd wealthiest person in the world who has vastly increased the size of a lot of people's trusts and estates but is now 80 years old may seek his friend and the 3rd wealthiest person in the world to run the company short term if he were to resign soon. This follows the resignation of David Sokol who was widely believed to be a successor upon Buffet's eventual resignation.

They have worked together on charitable causes and seeking to get other billionaires and multi millionaires to donate at least half of their estates to charity. Gates having run a major company prior to resigning from Microsoft is thought to be able to lead in the short term even though it would be a different industry but is believed to be more interested in spending most of his time on his charitable foundation so would just be a short term solution. 

Wall Street Journal video click here

 

Mikey Rooney Elder Abuse Info. Restraining Order ended.

In early March of this year 90 year old former actor Mikey Rooney testified before a special senate committee about elder abuse from a family member believed to be 52 year old step son Chris Abert that he says he had experienced. He felt trapped, scared, used, and frustrated. 

The senate committee is considering legislation to curb abuses of senior citizens.

"Above all," Rooney said of being a victim of elder abuse, "when a man feels helpless, it's terrible."

Every year, an about 2.1 million older Americans are victims of physical, psychological, sexual, financial, or other forms of abuse and neglect, according to the American Psychological Association. And for every case reported to authorities, experts estimate there may be as many as five cases that were not reported.

Elder abuse cuts across all socioeconomic groups, cultures, and races, according to the National Center on Elder Abuse. And it can occur anywhere - in nursing homes and other institutions as well as private homes. Older people who are demented are especially vulnerable, as are those who have a substance abuse problem - or are cared for by someone who does.

Rooney accused Aber in LA Superior Court filings of withholding food and medicine and meddling in his personal finances. On February 15 he was awarded a restraining order by the judge in which Aber could not come within 100 yards of Rooney. He was concerned that Aber may even try to kidnap him unless he signed over all his property so he also had the court appoint a conservator also referred to as a guardian in some states. His attorney was appointed for this purpose. 

Fortunately on April 6 they were able to settle the matter and Rooney agreed to drop the restarining order with Aber agreeing to voluntarily leave him alone. 

Click here for a 3 minute video of Mickey Rooney speaking about Elder Abuse.

Sources February 15 TMZ.com  April 6 2011 TMZ.com and CBS News

Russian Billionaire paid $100 million for single family home. Luxury home market in demand.

SAN FRANCISCO – $100 million sale of a single-family home in the heart of Silicon Valley shows that luxury properties are still in demand.

Russian billionaire Yuri Milner, a big investor in Facebook, daily deal website Groupon and "Farmville" game maker Zynga, bought the lavish, 25,500-square-foot mansion in Los Altos Hills, Calif. The sale is believed to be one of the largest in U.S. history for a single-family home.

Donald Trump sold his Palm Beach mansion for $100 million in 2008 to Russian fertilizer billionaire Dmitry Rybolovlev. Trump told The Associated Press at the time that it was the largest estate sale ever in the U.S.

Milner, the 49-year-old founder of Internet investment firm Digital Sky Technologies  has no immediate plans to move into the mansion.

The mansion is a French-style chateau in the Loire style set on 18 acres in hills overlooking San Francisco Bay, the architect, William Hablinski, told The AP. Hablinski said the cost of the project, which took about six years to complete, was not a big concern during the building process. He would not comment on how much the seller, Fred Chan and his wife Annie, paid to build it.

The estate has a ballroom, screening room, wine cellar, gym, spa and pools inside and out.

The $100 million price is based on the documented transfer tax of $110,000, which was provided to the AP by the Santa Clara County Assessor's Office.

Betty Graham, president of Coldwell Banker Previews International said the number of homes that sold for more than $20 million last year in the Los Angeles area tripled from 2009, a sign that the luxury market has been strengthening.

"The smart money is back in real estate," Graham said.

Still, at the highest end of the ultra-high price range, some homes remain unsold going on well more than a year.

At the top of the list is the 56,500-square-foot estate owned by the widow of the late TV producer Aaron Spelling. The French chateau-style mansion set in the exclusive Holmby Hills neighborhood of Los Angeles was placed on the market two years ago for a jaw-dropping $150 million. A Beverly Hills, Calif., property known as Fleur de Lys has been on the market more than a year for $125 million.

Source : Jason Dearen Associated Press

AP – Exterior view of a $100 million mansion in Los Altos Hills, Calif. 

 

 

Elizabeth Taylor Probate started. Notice to creditors filed with the court. She had a trust from 1998

RadarOnline.com is reporting that Elizabeth Taylor established her trust just four months after a near-death experience at her Bel Air, Calif., home when she suffered a fracture in her lower back.

The Hollywood legend's move was revealed in court papers filed March 25 with the Los Angeles County Superior Court.

Taylor, who died March 23 at age 79, created the trust on June 23, 1998.

The trustees of Taylor's estate, Barbara Berkowitz, Christopher E Wilding and Timothy R Mendelson, told the court creditors must advise them within four months if they'll file any claim. Paul Gordon Hoffman is the attorney for the trustees who filed in probate court. A copy of the notice to creditors can be seen by clicking here.

The creditor period in California is similar to that in Florida than although unknown or creditors who are termed not reasonably acertainable are only given 3 months absent the judge extending the time for good cause shown while in California apparently they are given four months. Creditors for a Florida trust or estate that the trustee/personal representative knows of or should know of need to get actual notice to creditors instead of just publishing notice to creditors which they may not see. They are given the greater of 3 months after publication or 1 month after serving them in Florida. The publication runs once a week for two consecutive weeks in a publication authorized to post legal notices. In California the forms show that the known or reasonably ascertainable creditors get the greater of 4 months after publication or 2 months after actual service. 

With a funded trust the assets do not go through the probate process but in order to run the creditor period a probate is needed to be opened. If the property passes through transfer on death designations it passes outside the trust or estate and entirely avoids the probate process in Florida. If no notice to creditors were given the creditors period runs for two years after the date of death After that term the unsecured creditor claims are barred and the time cannot be extended. 

Berkshire Hathaway potential successor resigns to work independently.

David Sokol a 55 year old widely regarded as being on the short list to replace 80 year old Warren Buffett the world's second wealthiest man in his capacity running the hugely successful Berkshire Hathaway when Buffet retires has resigned as chairman of several Berkshire Hathaway subsidiaries.

Buffett issues a press release and referred to the decision as a total surprise. The full press release and further info can be seen by clicking here

Sokol told CNBC on Thursday that working for his "mentor" Buffett was "one of the best experiences of my life," but that he wanted to invest his family's money and "build a mini-Berkshire, if you will."

"I'd like to do what [Buffett] did in 1965: invest my own money," he said.

In 2009, Buffett handpicked Sokol to turn around the failing Berkshire subsidiary NetJets, a private jet operator. At first, Sokol got flak from internal NetJets managers for deep layoffs. But within a few months, he reduced the company's debt from $1.9 billion to $1.3 billion. He also cut about $100 million in costs, enough to make the operation profitable.

 David Sokol 

Sources Forbes and CNN

Britney Spears sued by company who got her perfume licensing deal for $10m+ in breach of contract.

Branding of celebrities and their profitable perfume contracts with companies like Elizabeth Arden has been in the news a lot with the passing of Elizabeth Taylor who was one of the first to do so. 

The issue came back in the news today as Britney Spears and her father who remains her guardian for financial matters following her erratic behavior in 2008.  

Apparently back in 2003 Britney agreed with a marketing company Brand sense that they would help her get licensing deals and would receive a 35% commission. In 2004 there was a profitable deal they agreed to with Elizabeth Arden to produce perform associated with the pop star. The agreement called for Brand Sense to receive the checks then forward them to her after taking out their share. 

Over the years the specific phrasing of what licensing agreements were included and exactly how the amount would be paid had changed but it remained at 35% commission for the perfume. 

Then it is aleged that Britney and her dad made a new deal with Elizabeth Arden to effectively cut them out of a right to 35% of millions of dollars and have sued for $10 million plus punitive damages arguing breach of contract, fraud and deceit, compensatory and punitive damages etc. 

An interesting side note as well is that while Britney continues making millions of dollars on tours, having just put out a new record and the perfume selling well and she appears to be living a normal successful life she has a sort of legal protection as a result of the guardianship. So far although she has been sued for sexual harrasment and has various legal troubles but her guardianship judge has so far not required that she testify or give depositions.

As the result of the guardianship she has the best of all worlds she has an unusual type of immunity at the moment but at the same time living an active life and her estate has skyrocketed while under the guardianship. More frequently a guardianship is in the context of the elderly parent with dementia or at times a child having a legal guardianship if they are going to be inheriting a lot of money and no trust had been setup.

The lawsuit can be reach by clicking  here. Based on the very tough and angry language right from the start in point one this sounds like it will be an aggressive fight against her. Apparently she had a separate company named Britney Brands that they sued as well. One other thing I noticed is that they sued her individually, the corporation and her father individually although they did not sue him specifically as her guardian for whatever the reason. 

Sources: Miami Herald and TMZ.com 

Liz Taylor intellectual property rights & after death estate income reportedly already being disputed.

The Probate Attorney Blog previously discussed the approximate value of the Elizabeth Taylor estate being around $600 million to a billion dollars and there may need to be some probate or trust litigation involving Elizabeth Taylor given that she was married 8 times and had children from multiple different husbands as well as being a very charitable person.  

 

Rob Shutter of entertainment site popeater reported that friends and those who were close to Elizabeth Taylor indicate that trust and estate disputes have already arisen. Although the probate or trust litigation if there is any or any will contest or trust challenge would be based not on the $600-1Billion that she has already made but on the rights to her image and future profits. 

Her approximately $150 million in jewelry  is reportedly going to be to be auctioned off by Christie's and the proceeds given to the Elizabeth Taylor AIDS Foundation and amfAR an aids charity she co founded in 1985 although no word yet whether any of the children or grand child will receive any of the jewelry.  

"Elizabeth also made arrangements to split the rest of her fortune between her four children and other charities that she cared so much about," a close friend of the star's said. "But what is causing all the problems is not the money she made during her life, but rather what should happen to the millions she is going to make after her death."

Beauty product giant Elizabeth Arden has already said they'll keep selling her still-popular fragrances which made $77 million in 2010 alone and there are numerous other opportunities, like film re-releases and merchandising that the estate could profit significantly from.

The entertainment reporter relayed a source with knowledge of the situation said "The one thing she didn't do was understand that, much like Elvis and Michael Jackson, she might be worth more in death. "This is what has already started to cause friction between family, business managers and the many charities that meant so much to Elizabeth."

The two-time Oscar winner has been worth a lot of money for decades. In 1996, when she divorced her last husband, Larry Fortensky, documents showed her net worth was $608.4 million. The New York Post reported that during the 1990s, Taylor earned about $2 per second, or about $63 million per year. Her perfume, White Diamonds, has never stopped selling.

It is a shame to hear that the fighting and prospect of potentially having some probate and trust litigation regarding the rights to her image and future profits is already being discussed within a week of her death. This was a big issue with the estate of Martin Luther King the children had many disputes and costly litigation regarding various options. An article view by clicking here discusses the litigation they went through also involving the intelectual property issues and after death money of their icon father.  

 

Elizabeth Taylor Estate worth around $1 Billion. Will Probate or Trust Litigation be required?

Elizabeth Taylor was well known as one of the most famous actresses Hollywood has ever produced after seven decades in show business she became a major worldwide celebrity and icon. Sadly she passed away Wednesday at 79.

During those seven decades she built a huge fortune through gifts from eight different husbands and numerous boyfriends as well as major success as an actress and business person through building her brand as Elizabeth Taylor which she was one of the first to do. Her overall wealth including the rights to her image, her jewelry and business interests may reach a billion dollars. It is estimated to be worth between $600 million to $1 Billion dollars as estimated by a Businessweek Diane Brady senior editor on The Early Show on Saturday morning.  

 "But, you know, clearly, they're auctioning off her jewelry collection. They think that's going to be about $150 million. She had real estate that was worth at least $130 million.

"But a lot of the money she made was actually in her perfume business. She had costume jewelry.

"This was an entrepreneur. So it wasn't just an actress who amassed a fortune. She was one of the first people out there basically branding her personality."

"But the perfume business was where she made a lot of her money - even last year, $77 million in sales.  

She was the first woman to get $1 million for a movie. But, the reality is, she made most of her money as an entrepreneur."

So what happens to that money now?

"That's a very good question. You've heard, 'Will it go to the dog?' 'Will it go to the manager?' 'Will it go to the kids?' There is a sense a lot of her money will go toward AIDS. That was obviously something that was a big cause of hers. She raised more than $270 million for that through her foundation. Four children, I'm sure she'll give some of it to them. But realistically, I think that a lot of it will go toward the research that she felt was very important."

 I think we'll see a lot of money made for and from Liz Taylor for years to come."

 Another good question will be whether the family will fight over it and force probate and trust litigation to consume the probate courts and much attention. The 4 children were from 3 different fathers and there were many grandchildren and some great grandchildren who came from her 8 marriages. 

Elizabeth Taylor is nearby in the same funeral home as Michael Jackson. While there is only one Graceland possibly if permitted by the facility charges could be taken to come to her final resting place. 

It will be interesting to see if her estate planning efficiently passes her property and is as astute as she was or is a mess like Elvis Pressley and other celebrities which squanderd a large amount in poor estate planning. 

With 8 different marriages, charities likely being involved and such a blended scenario it will also be interesting to learn whether the beneficiaries will dispute the terms each is probate for and contest the terms of a will or trust or it passes smoothly. 

Sometimes when the family is not in harmony or with greedy beneficiaries when there are non titled assets such as jewelry some beneficiaries try to get their hands on the property and sell or take for their own benefits prior to even seeing what the terms of the will says. In her case there was around $150 million dollars worth of jewelry alone nearly all of which was given to her as gifts.  

The US Treasury can be relieved she passed away in 2011 while there is a $5 million exemption and not in 2010 when George Steinbrenner and at least 4 other billionaires passed on with no estate tax.  

See also CBS News Elizabeth Taylor's Estate may be around $1 Billion

3 minute video discussing her $150 Million Jewelry collection. 

Liz Taylors Estate and Yours Market Watch Video regarding documents people should have. 

Elizabeth Taylor Death Certificate  

Michael Jackson's estate settles with probate creditor re Las Vegas home.

Probate cases allow for creditor claims to be either paid, denied or settled. If there are sufficient assets in the estate and the claim is not disputed and a claim is filed within the statutory time frames after publication of notice to creditors or actual service on the creditors. If it is fully disputed as not legit or not recognized for the amount claimed the personal representative can indicate what if any portion of the claim they do not recognize. The creditor then must either abandon the claim or bring an independent action - a lawsuit to enforce the claim. From there the parties can agree on a settlement of the claim and how much will be considered owed or pursue estate litigation in the probate court. 

A homeowner filed a claim against the Michael Jackson estate stating that he had done $234,000 worth of damage to a Las Vegas home then had filed a lawsuit to pursue the claim but the estate and homeowner agreed to an undisclosed settlement. It is merely the latest issue in what has seen a large number of creditor claims and probate litigation. 

 

 

Mexico's Carlos Slim builds significant lead as wealthiest man in the world.

According to 2011 Forbes Magazines annual richest people list Carlos Slim is worth $74 billion. He is the wealthiest person with Bill Gates' $56 billion and investor Warren Buffett's $50 billion being second and 3rd. Overall the World has 1210 Billionaires.

Slim's $74 billion is more money than the one-year GDP's of 148 nations. 

His fortune increased $20.5 billion this year according to Forbes. Forbes attributed the increase to a rise in Mexican stock prices as well as successful mining and real estate projects.

A total of 332 Asians made the list, surpassing Europe's 300 for the first time. Moscow, with 79 billionaires, racked up more berths on the list than any other city in the world. The United States still has the lead in total number of billionaires, with 413 of the 1,210 on the list.

Slim built his fortune in a country where most people — 59.5 percent — are paid $15 a day or less, and 38.7 percent get $10 or less.

He did so in part by focusing on selling services to the poorer and underserved parts of the market. For example, he sells prepaid cell phone service in amounts of as little as $2 or $3, a service widely used by people whose income is too low or variable to afford a monthly calling plan. Still, the per-minute price of prepaid calls is often higher.

Slim, 71, is the son of an immigrant shopkeeper who amassed a range of retail, industrial and telecom holdings and has ventured into oil, construction and infrastructure sectors.

A civil engineer by training, he has bought up troubled or government-owned companies of all types, fixed them and resold them for huge profits.

Read more: Fox News Latino

 

Pets who have inherited millions of dollars.

Forbes now shows the Forbes 400 each year showing which people are worth the most money around the world. Most states have now provided for what are generally referred to as pet trust which allow for enforceable provisions to be made where people are able to leave money requiring it be used for the care of a dog, cat or other animal. Some wealthy pet owners have taken this to the extreme making their pets millionaires. The most public example was Leona Helmsley giving her dog, Trouble $12m in a trust. Surprisingly that is not even the wealthiest pet.

Apparently Oprah has provided for a $30 million pet trust and Carlos Slim - Wealthiest person in the world in the pet arena is  Gunther IV the German Sheppard who is actually receiving an inheritance from his father Gunther III who received money from a German countess. The dog's trust fund was $372 million dollars. 

Bankling.com reports that the first case of a pet inheritance was 1923 and now there are at least 7 cats and Dogs worth millions of dollars. 

To read more about them see Pet Millionaires Seven Cats and Dogs who are actually richer than you.

 

Largest Probate Litigation case ever of $12 Billion ends with Nina Wang's will being ruled a forgery.

Nina Wang’s former feng shui adviser and lover Tony Chan lost a bid for her $12 billion estate, with Hong Kong’s Court of Appeal dismissing his attempt to overturn an earlier ruling that the fortune should go to charity. 

The judge described it as a throughouly dishonest case. Chan was arrested on charges of forgery as a result. He says he will appeal to Hong Kong’s highest court, adding a further chapter to the world’s biggest probate litigation. Chan claimed Wang left him her fortune after a 15-year intimate relationship that began when he was hired to help find her kidnapped husband Teddy, with whom she built the Chinachem Group into one of Hong Kong’s biggest closely held developers.

She had provided a 2002 will leaving her property to charity but then he presented a 2006 will to the court which purported to give him everything but the court found it to be a forged documents and charged him criminally. He has pledged to file an appeal to the highest court.

The 2002 will, which the appeal judges said was indisputably valid, devised the estate to the foundation that she established with her husband,Teddy in 1988. The foundation would award Chinese prizes of worldwide signficance, similar to that of the Nobel Prizes, according to the judgment.

The estate dispute described by the Probate Litigation Attorneys as the world's biggest probate dispute was similar to a will contest Nina Wang had with her father in law regarding her husband Teddy's billions and control of the company. 

Wang had also been arrested during her will contest and probate dispute regarding forgery of her husband's estate for a will she claims he made just prior to the second time he was kidnapped in 1990. The police dropped the charges after the court of Final Appeal ruling.

Wang, died in 2007 at 69 with no children. She married Teddy in 1955 at the age of 18.

The couple turned a Shanghai paint and chemical business, started by Teddy’s father, into a property developer with extremely valuable properties. 

The case is between Chinachem Charitable Foundation Limited and Chan Chun Chuen and the Secretary for Justice, CACV62/2010 in the Hong Kong High Court of Appeal.

The prior courts opinion can be found here.

source Kelvin Wong and Debra Mao Nina Wangs ex lover loses bid for 12 Billion dollar estate. 

 

Steven Spielberg's $200 million Yacht

Movie producer,Director and writer, Steven Spielberg has bought a Megayacht named the Seven Seas (pictured above), a 282-footer fitted with every imaginable luxury.

Its has an infinity pool with a 15-ft. glass wall that doubles as a cinema screen so Spielberg and his guests can view movies while swimming or lounging poolside.

The Seven Seas has accommodation and luxury amenities for 12 guests along with a crew of 26, including a private owner's deck centered on a large master stateroom with a study and private deck area with a Jacuzzi. Other luxury touches include a helipad, fully equipped gymnasium, a spa and massage room and another, indoor cinema. Special stability systems allow the yacht to travel smoothly in any weather at 20 knots so the director doesn't have a bumpy ride while viewing his latest movie.

 

Source: Jared Paul Stern - Luxist

 

Owsley Stanley financier to Grateful Dead and co creator of their logo died this week.

Owsley Stanley also known by some as Bear played a big role in the hippie movement being the first to produce mass quantities of LSD in the 1960s. He also inspired the Grateful Dead being the first to finance their starting their musical careers and serving at times as the sound engineer and as part of their management. He was also a co creator of the Grateful Dead logo. He was the son of a governmental attorney and the grandson of a Kentucky governor and senator but rebelled and reportedly produced massive quantites of LSD and was an icon within the counter culture scene.

He died in Austraillia from a car crash survived by a wife and four children who will likely benefit from royalties for his co creation of the grateful dead logo and other issues related to his likeness or intellectual property. 

 The New York Times also wrote an article about his influence related to the music scene and pop culture which can be seen by clicking here.

Conrad Murray defense in death of Jackson "Michael broke the syringe".

There has been extensive and seemingly non ending litigation involving the estate of Michael Jackson. Many disputes and contests ranging from children who claim he was their father, woman who claimed to be married or have children with them, disputes regarding licensing deals or various creditor claims among many others. The most recent litigation regarding the death of Michael Jackson is for a change out of the probate court or even civil court with a wrongful death case to be pursued as well. 

Today the litigation regarding the death of Michael Jackson is the manslaughter case against his personal doctor Conrad Murray who has been accused of being grossly negligent in causing his death is seeking to defend on the grounds that it was Michael who gave himself the lethal amount  of propofol. His legal team is arguing to get a first generation finger print on the syringe that rolled under his bed. 

Like the OJ Simpson case regardless of what happens in the criminal trial there will very likely be a wrongful death lawsuit brought. The criminal case will have a standard of proof of beyond a reasonable doubt and be to determine guilt or innoncence and have jail time involved while the wrongful death case will be a civil case regarding whether there is responsibility for the death and that only needs a more likely than not standard so it is easier to prove. One interesting element in the wrongful death case would be damages from a financial perspective given that the estate made more money after his death than he ever made while alive.  

Rockefeller impostor now charged with a 1985 LA area murder

Sometimes truth is stranger than fiction as the case with Christian Karl Gerhartreiter who had pretended to be a member of the ultra wealthy Rockefeller family, served time in jail for kidnapping his daughter and been the subject of a made for tv movie. 

On Tuesday, the West German-born man was also charged with the 1985 murder of his former landlord for whom he lived in the guest house of. 

Los Angeles prosecutors formally brought that charge against him, and they are seeking to have him extradited from Massachusetts, where he is serving a sentence of more than four years in prison for kidnapping his daughter in 2008 in Boston.

He was long suspected him in the 1985 murder, but the evidence took a long time to develop. 

The LA police spokesperson Steve Whitmore said "It was a very difficult case on many levels," 

The victim, John Sohus, went missing in 1985 but his body was not discovered until 1994. He was conclusively identified only recently with the help of new technology, Whitmore said.

"The district attorney decided that now is the time to file the murder charge, we have enough evidence to get a conviction," Whitmore said.

Gerhartsreiter's wanted a life a wealthy person in the US and merely assumed that identity after coming to the US as a student in the 1970's. For most of the past few decades he had called himself Clark Rockefeller. Eric McCormack played him in the made-for-TV movie "Who Is Clark Rockefeller?" on the Lifetime network. 

The 50 year-old Gerhartsreiter's is accused of using a blunt object to kill Sohus, who went missing along with his wife, Linda, in 1985.

Linda's body was never discovered, and as a result Gerhartsreiter has not been charged in her death, Whitmore said. Investigators believe, however, that she is dead.

John Sohus was found buried in the backyard of his home in San Marino a city near Los Angeles prosecutors said. It was in 1994 that someone else who had owned the home at the time chose to have a swimming pool installed and when that was built the body was found but technology did not exist to identify who it was until just recently. 

Gerhartsreiter's, claimed the identity of Christopher Chichester at the time of the murder. 

"It's basically shoe leather police work combined with technology, as the technology advanced we were able to review and review again," Whitmore said.

For at least 16 years, Gerhartsreiter passed himself off as a Clark Rockefeller and pretended to be a member of New York's Rockefeller oil dynasty. The family has denied any relation. He was successfully living in high society for a long time though. 

He married Sandra Boss for 12 years herself a Harvard grad. In the 2007 divorce she accused him of lying of being a Rockefeller. 

The following year, he kidnapped the couple's young daughter, leading to a manhunt that ended with his arrest in Baltimore and the girl's rescue.

Los Angeles prosecutors will ask that bail be set at $10 million for Gerhartsreiter's in the 1985 murder case. If convicted, he faces 26 years to life in prison.

Likely every state has a slayer statute that basically says a person cannot inherit from a person that they murder in order to prevent improper conduct of people seeking to gain wealth in that way. The Florida slayer statute says if the greater weight of the evidence shows someone intentionally and unlawfully acted to bring about the death of another than they would be prohibited from inheriting from them. A conviction or even criminal charge is not necessary in Florida and the standard would be more likely than not whether the slayer statute requirements were satisfied. 

He was able to pretend to be a member of one of the countries wealthiest families and fool a Harvard graduate and many others for well over a decade but as typically happens the truth eventually came out. 

See Tori Richards Murder charge Adds New Twist to Saga of 'Rockefeller' Impostor 

 

Celebrity Estates are not immune to problems in real estate market

Unfortunately Willis and everyone else would know what a real estate appraiser was talking about if they heard of the late Gary Coleman actor from Different Strokes former home in Utah having fallen from the $320,000 price he paid for it and at his death he or his estate had owed $325,000 which is now in foreclosure and being listed at $225,000. The court appointed probate administrator wrote that "belongings in the house are disorganized and in disarray." 

As it is a small town in Utah it is a good value at $48 per square foot for over 4700 square feet and on more than a quarter of an acre of land and is a 3 bedroom 3 bath now with a listing price of $225,000. 

Showing the importance of location to real estate again obviously this would be several times the price if it were located in New York or the Los Angeles area many other film and tv stars live.

See Sheree R Curry - Estate of Gary Coleman's home drops to $225,900   

 

Forbes family Selling London Mansion built in 1600's

As Sheree Curry reports the Forbes family is seeking to sell a London area mansion for $19+ million that was bought by the late Malcom Forbes in the 1970's and that he put $750,000 into fixing it up for the company to entertain and his to spend around 12 days a year there. Over the years the property has entertained Princes and other royalty, Presidents and other high profile celebrities. It is now being offered for over $19 million. While the economy is terrible around the world very high end real estate is doing far better than other segments of the market so they will likely be able to add some further liquidity to their estate and receive a nice capital gain. Now that the estate tax exemption has been brought back to just a $5 million dollar exemption or $10m with portability to the spouse they would still be subject to that and need to have funds available should others in the family pass on. 

True that the very wealthy live very differently than the rest of society. To have bought a 300+ year old  mansion and put that much money into fixing it up while intending to stay there twelve days a year is typically not an opportunity most buyers have. 

See Forbes Family selling 300 year old London Mansion

Increase in cognitive problems caused by sports.

As the sad news regarding the suicide death of former NFL All Pro and Chicago Bears Superbowl winner from the 1985-1986 Chicago Bears made the news last month it is becoming more apparent that football players and others who play other contact sports at all levels may be causing far more physical damage than had previously be known.

He was concerned that he may have chronic traumatic encephalopathy (CTE) and texted his family that he wanted to donate his brain for testing prior to shooting himself in the chest to prevent any damage to the brain. CTE is caused by repeated brain damage such as the head on head contact that football players incur or punches Hockey players take. It is linked to dementia, depression, and suicide. CTE has been discovered in other players most recently prior to Duerson was another Hockey star Bob Probert an enforcer to was frequently fighting during 16 years of NHL hockey. He ultimately died from heart trouble but Boston University concluded CTE was present and there were cognitive impairments. Another football player was former Eagles player Andre Waters and a number of other players who are now showing signs of dementia. This had been disregarded until lately but there have been multiple high profile cases recently. 

With the latest example of serious health problems from the sport and potential congnitive and other problems caused by CTE greater concern regarding the scope of the problem and whether it may impact those who bang heads in college or prior to getting to the pros.

His backfield teamate Doug Plank died in his 40s of a heart attack while driving. Another team mate Quarterback Jim Mcmahon who used to bang helmets with his offensive lineman in celebration sadly reported last year that he had brain damage and had primarily lost his memory and even walks into rooms and sometimes does not remember why.  

These injuries are sadly significantly impacting formerly players in their 40s and 50s who are now experiencing Alzheimers and related symptons sometimes depression and other problems as a result. During the lockout / strike negotations funding the past players health bills is part of the discussions. 

See Dave Duerson Legacy Look out Rick Telander Sun Times 

See Bob Probert had CTE ESPN article reported from the AP. 

See Dave Duerson Texted family

See Jim Mcmahon brain injury legacy. 

 

Madoff Bankruptcy Trustee seeks more money from charity controlled by NY Mets Owner

Irviving Pickard is seeking $1 Billion dollars to be returned from "false profits" from the Madoff ponzi scheme in which money was taken out more money than had been invested. He had filed a lawsuit for that but was given until Friday to amend and is now going to add charities that Wilpon charity controls. Today he added the charitable funds and is pursuing millions further from them. 

See Trustee Targets Wilpon Charites.

More Litigation in the Anna Nicole Smith Estate

The prosecutors are seeking to reverse the ruling by the judge that the charges be thrown out regarding Howard K Stern her boyfriend and lawyer and subsequently the personal representative of her estate who was charged with 7 crimes in connection with helping her get prescription medication under various false names. The jury failed to convict on five counts and the judge tossed out two others claiming not enough proof.  See CNN video Is Howard J. Stern back in hot water.

The Estate Litigation of her ex husband still continues as well over 15 years after her ex husband Howard J Marshall died.  

Florida Real Estate for a Billionaire

Yahoo has a video showing this South Florida Mansion. It is a $60 Million home on a private island near Miami. 

On ABC News they interviewed the developers Schlomi Alexender and Felix Cohen who have put $30 million into buying the land and developing or improving the home. It has 30,000 square feet home on 2 acres of property. 10 Bedroom. Five kitchens. A shower that 9 people can all fit in. Huge closets. Lots of cool stuff including great views of the water right behind. Sand was flown in for the beach right behind the home. 

Insurance cost $1 million a year though and they estimated someone would need to have around $500 million to buy and own the home. It is for a person who is seeking to collect homes. People on Lebron James and Alex Rodriguez had looked at it and decided they could not afford it. 

The video mentions there are just over a 1000 billionaires and they are seeking to entice one of them to buy the home. 

Elizabeth Edwards will excludes husband provides for children.

The Wife of former Democratic Vice Presidential Nominee and Presidential Candidate John Edwards was released today and showed that she provided for her children to share equally in her estate. She did not provide anything for her husband who she separated from but never divorced following his admission of infidelity and fathering another woman's child. In North Carolina as in Florida and most states a spouse has an elective share which means if they are not provided to a certain extent in the will they can elect to take a certain portion such as 30% (in Florida) regardless of what the will says. Some states this can be as high as half of the estate. Given John's wealth and public relations though it is extremely unlikely that he would make this election to not have his wife's wishes respected which would also essentially take money from their children. Additionally the will was written just days prior to her death from cancer so if the facts were different where it was not going to his children otherwise or he did not worry about the bad public relations he could potentially challenge the lack of mental capacity at the time she executed the will. If she failed to have mental capacity at the time it could be considered invalid. 

See Huffington Post - January 5 Elizabeth Edwards Will Released

 

Dennis Hopper Estate rejects wife Victoria's $45 Million dollar claim.

TMZ reports that she had filed a claim for over $45 million which the court rejected but indicated their child will be provided for and she could seek some money if she showed that some property was hers and provided documentation but they checked a box saying they agreed to give her $0 and rejected over $45m. Shortly prior to his passing and since the estate and he have had disputes with her regarding a number of issues and estate litigation and probate disputes are likely going to continue for a while. 

Lawsuits against Mark Madoff will continue against his estate now that he is dead.

The Wall Street Journal reports that Irving Pickard will continue the lawsuit against Mark Madoff seeking return of money from him and his family despite his suicide. He will now sue the estate of Mark Madoff. 

Jerry Garcia's $4 million dollar 7,000 square foot last home for sale.

As Housingwatch.com reports that the home that Jerry Garcia last lived in with 7,000 square feet on 11 acres with a solar heated pool and an organic garden. Now that he is dead someone will be grateful to buy the home which also has a 1500 square foot artist studio. He performed at 2314 shows for the Grateful Dead in the 3 decades prior to his death so he was typically on the road but this was his last home and in Marin County where most homes go for nearly $800,000. To see pictures of the home click here

 

Holiday Gifts for a Billionaire Bachelor

Forbes reported in a video regarding some gifts to get Billionaire Bachelors. Among a few of the options included a trip to outer space that Virgin Atlantic is now offering, buying a minor league baseball team which could be purchased for around $20 million or for those with smaller budgets an opportunity to create your own wine. To view the video click here.  

Celebrity Multi Million dollar Real Estate purchases or sales.

AOL just reported on recent celebrity real estate transactions. Among them Actress Reese Witherspoon bought a $7 million dollar home from Steven Segal 6200 square feet in Brentwood California. John Mayer became the latest celeb to realize that even celebrities have to sell their real estate for less than they paid as he listed his LA home for over a million but around half a million less than he bought it for in June of 2006 so he will have a substantial loss but already has a $2.17 million dollar home to go to. 

In Florida real estate news Michael Jordan has bought a 28,000 square foot home in Jupiter Florida. Including the main mansion, a guest house, a guard house area. Dwayne Wade seems to have worked out the best deal of them all having bought his 13,000 square foot Miami Beach area home for more than $ 7 million below the asking price. To see the article and pictures of the homes click here.

 

Lebron James bought multi million dollar home in Florida.

As Paul Owens of the Sun Sentinel reported today Lebron James has recently bought a $9 million dollar home in Coconut Creek Florida. When he first joined the Miami Heat it was reported he had bought another multi million dollar home. His mansion is the least expensive of the 3 Miami Heat stars. His team mates both have bought more costly homes with Chris Bosh having spent $12.5 million and Dwayne Wade spending $10.6 million on their Florida real estate to live at. 

Facebook CEO Mark Zuckerberg agreed to give half his wealth to charity

Mark Zuckerberg the 26 year old Chief Executive Officer of Facebook has signed the Charitable Giving Pledge proposed by Bill Gates and Warren Buffet for multi millionaires and billionaires to give away half or more of their wealth to charity. He is estimated to be worth $7 Billion dollars although the vast majority of that is in Facebook.com stock which is not publicly traded. Mark said that "People typically wait until late  in their career to give back but why wait when there is so much to be done".

As the San Jose Business Journal reported December 9 2010 he joined other very wealthy people who have recently joined in the Charitable Pledge. Some of these people include former AOL chair Steven Case, Junk Bond investor Michael Milken, Mayor Michael Bloomberg, movie producer George Lucas, Oracle Co Founder and CEO Larry Ellison worth $27B as of 2010 and private equity investor and corporate raider Carl Icahn. 

Nearly Billion dollars in clothing and related item company created by actress.

As a Yahoo blog written by Erin Carlson on December 7 points out Jessica Simpson has created a large multi million dollar estate more as a business person than as a singer or actor. The article points out that her holiday album is # 123 on the charts and her last movie Blonde Ambition grossed under $7,000 but Jessica Simpson Inc including her endorsed perfumes, clothing and other products is worth around $750 million and she is worth $100 million personally. Woman's Wear Daily a magazine reports that her empire of clothing and other products for woman is far more valuable than many other celebrities with wider fame. Impressive for someone to create that much wealth especially when it is something other than their primary talent or what they are famous for. With articles and others referring to her as a dumb blonde it appears she gets the last laugh as a near billion dollar successful business woman. 

Superbowl tickets and Jet service to game included in sale of Florida home.

As Mai Ling mentions in a December 7 2010 real estate blog as part of MSN former Miami Heat player Shawn Marion is offering to give Jet Service for 4 along with Super Bowl tickets to whoever buys his $2m dollar home in Coral Gables Florida. 

 

Proposed Federal Tax Law

As CNN reports President Obama announced an agreement in principle with GOP leaders in Congress which would provide that all taxpayers not merely those below $250,000 maintain the tax cuts. That there be a 2% payroll tax reduction and that the estate tax rates drop to 35% while the exemption amount is reinstated at $5m larger than it has ever been while there is an estate tax. These would be extended for 2 years. In return the GOP would allow unemployment compensation extended for another 13 months and not need to be paid for but be merely added to the deficit as Obama and Democrats would like. 

The article does mis state that the estate tax would go to a $3.5 million dollar exemption if no action were taken though. It would actually go to $1m if no action were taken for the estate tax exemption and the rates would be a lot higher. This has not also been agreed to by the Democratic legislative leaders yet though or the full GOP rank and file so it will be interesting to see what happens and there may still be a tax dispute in seeking to pass the legislation. 

Will Contest involving manager of the sex pistols. Lack of capacity claimed.

Malcolm Mclaren died in April of 2010. He had been the manager of the punk / alternative rock group the Sex Pistols and other bands, a performer, and businessman in the United Kingdom where he will be buried.  

He had a rocky and relatively absent relationship from his son Joe Corre although Joe was at his side upon his passing. Joe was not even given his name as he was unwanted and Joe's mom was told to have an abortion since Malcom did not want to be a father or think he would be a good one and his mother did not care for Viviene Westwood who would become a punk fashion designer and businesswoman and gave her money to abort who changed her mind on the way there then they named the child after his mother as a joke. 

For most of their lives they did not have much to do with one another according to articles although at times that changed. 

Malcom was in his 60s and had a girlfriend who was in her 30s that he was with for 12 years and lived with for 9. He did a deathbed will to provide for her. However his mental capacity while he was in the hospital dying of cancer was questionable and he had no prior wills so if that will was the product of undue influence it would pass intestacy which meant the girlfriend would receive nothing in his sole name without a beneficiary designation and it would pass to his son regardless of his intent. 

Joe Corre is a millionaire himself having been a part founder of agent provocateur a lingerie company but said he felt an obligation to bring the will contest and make it known whether his dad had capacity at the time the will was made. He said he was also acting on behalf of Malcom's brother who was also interested. 

A will can leave a persons property to anybody they want for any reason they want. However the person who makes the will must be of legal age being 18 or an emancipated minor, have the document properly executed for example 2 witnesses and a notary with the testator signing then the others watching them do so and being there and each paying attention to the others signing and witnessing. They must also be free of undue influence where another pressures them to make provisions they would not have otherwise have done and have mental capacity. 

While mental capacity also known as testamentary capacity is a reasonably low standard the will can be successful. The person must know who the natural object of their bounty are (their heirs such as their children) the approximate or general extent of the property in their estate not thinking they have $10 if they are a millionaire, able to understand their actions and its effect on their estate plan and related issues. 

While this case is outside the US the lesson is the same as if it would be in Florida that people should designate who they want to receive their property and if they do not have beneficiary designations hold property jointly with right of survivorship or provide early enough in their wills when they clearly have capacity it allow an opening for others to challenge the capacity and validity of the will. The state or country will decide who gets his property through intestacy if it is determined that there was no capacity. 

See Daily Mail UK Alison Boshoff September 17 2010

Manager of Sex Pistols will is contested.

Steinbrenner 4th Billionaire to die in 2010. Heirs save millions on Estate Taxes.

MSN News reports that his heirs will save $600 million in estate tax as a result of his dying in a year with no estate tax. It will be interesting to see what if any impact this has on federal tax law and whether any legislators now seek to retroactively pass a bill that puts back an estate tax for this year as there had been some talk after a Texas billionaire with about $9b died earlier this year. 

Joe Jackson absurdly blames Katherine for Michael's death

During the Michael Jackson probate there has been plenty of probate litigation and estate disputes with various people claiming improper conduct or to be owed money from the estate. Joe Jackson has brought a number of claims in the estate despite Michael having very clearly and intentionally not provided anything for him. His wife Katherine who is the primary beneficiary during her lifetime (along with the children) has allowed his silly schemes to seek to profit off the death of their son and has continually gifting him money from the estate even as the personal representatives have objected to his getting an allowance which he claims he was entitled to. However this generosity did not stop Joe from publicly blaming his wife (they are separated but still married and in touch) from saying that he thought Jackson looked frail so he had continually told her to go visit with Michael and cheer him up. She said she did not want to invade his privacy so she did not continually stop by where Michael was and he is now blaming that for his death. It will be interesting if this is enough for her to finally stop giving him money from the estate which Michael did not want him to have. The dispute over his claim for an allowance still will need to be heard from the probate court with the personal representatives who are running the estate opposing it. 

TMZ relayed the information and video from News of the World see June 13, 2010 Joe Jackson blames Kathrine for Michael's death.