I guest wrote Paul Daugherty’s TML blog today in the Cincinnati Enquirer. I cover Zach Cozart, OJ, some UC stuff, and a report from a family vacation (including a slideshow) that Doc suggested.
Friday, July 21, 2017
Thursday, July 20, 2017
The British press is abuzz with speculation that Tiger Lily Hutchence (full name - Heavenly Hiraani Tiger Lily Hutchence Geldof) will inherit “millions” when she turns 21 next week. She is the daughter of the late INXS frontman, Michael Hutchence, who died in 1997 with a net worth reportedly between “penniless” and $40 million. Tiger Lily’s mom, Paula Yates, died from a heroin overdose four years later. Tiger Lily was later adopted by Yates’ former husband, Bob Geldof, who founded Live Aid and was later knighted.
A few points, only one of them really relevant:
1. I always discourage my clients from allowing their children to inherit any money, much less “millions”, when turning 21. I advise releasing trust funds in increasing amounts over a period of years.
2. Apropos of nothing, I think it is commendable of Bob Geldof to raise the daughter of his ex-wife and the man she left him for after the little girl was orphaned.
Monday, July 17, 2017
Willie DeLuca was the manager of famed Cincinnati restaurant, Sorrentos Pizzeria. He was famous for having a heart of gold, appearing on David Letterman to balance stuff on his nose, and collecting sports and entertainment memorabilia (including hair from JFK and Paul McCartney) that he valued at $1 million. DeLuca died in 2006 and left his entire estate in a testamentary trust to his only child, Enrico. The trust funds and memorabilia were distributed to Enrico when he turned 21 several years ago. Enrico is now suing his uncle, Art DeLuca, for allegedly taking some of the memorabilia that was left to him by his father. The uncle had posted some of the items for sale on Facebook recently.
Several small points:
1. I never prepare testamentary trusts for my clients because they are a public record. A living trust is private and more flexible.
2. I also never advise my clients to have a trust distribute all of its assets when the child turns 21 - that age is too young for most children to manage the inheritance responsibly.
3. Enrico might have a statute of limitations problem with proving his claim because Willie died 10+ years ago and Enrico is only now filing suit.
4. Posting items for sale on Facebook which are a public record as belonging to Willie’s estate and trust is not advisable.
5. Hair snippets from JFK and Paul McCartney? How does one acquire those? Regardless, I would not give a nickel for them.
License: Fair Use/Education
Just returned from 10 days in Central Europe with Janice, Blair, and Jack. Visited Prague, Bratislava, Vienna, and Munich. Below pic is my favorite from the trip. Post to follow later.