Texas Toast and Nebraska Will Contest

 Michael Brinkman was murdered in 2016 by two men dressed in clown masks and Santa hats. They were looking for $200K he allegedly had in a safe. One of the men was caught and convicted based on DNA from a piece of Texas Toast from Raising Cane’s that fell out of his pocket and was traced to him.

Brinkman was survived by two children - Nicole and Seth. His will defined Seth as his son and the term “children” to include Seth and any children born after the will signing (Nicole was older). The will then left everything to his issue (a legal term for descendants). Nicole, who was not mentioned in the will, challenged it arguing that she was entitled to half of the estate because she was “issue” of Brinkman.

The Nebraska Supreme Court ruled that Nicole was entitled to half of the estate. To disinherit someone under a will in Nebraska, the person must be specifically excluded by the will.

Several quick points:

1. It is best to name disinherited children, or other possible excluded heirs, in a will so they cannot make the argument that Nicole did.

2. Contrary to popular belief, one does not have to leave a dollar to someone who is being disinherited. Simply naming them as excluded is sufficient.

3. It is also best not to carry partially eaten fast food in a pocket, especially when engaging in criminal activity.

Photo Credit:  Nicole Brinkman

License:  Fair Use/Education

Where Does the Time Go?

I had lunch with Doug Corn today. With the inauguration of President Biden on TV, we toasted that Doug had invited Blair and me to attend the Inauguration of President Bush in 2005. My sister, Jen, was in DC and attended the festivities with us.

Merry Christmas

From our family to yours.  Wishing you the best.

 

The Morning Line (First Time in Nine Months)

I wrote Paul Daugherty's The Morning Line blog for the Cincinnati Enquirer on Friday. I made up and handed out year end "awards" particularly to the pitiful Cincinnati Bengals. I hope you enjoy it.

21st Century Mourning (and Immortality)

Credit:  WuMo by Wulff & Morgenthaler
License:  Fair Use/Education

Happy New Year

Wishing everyone an incredible 2020.

Merry Christmas

Our family wishes you and your family a terrific Christmas.

One More Sports Post

Bill Cunningham of WLW interviewed me Monday about the blog post I wrote for The Cincinnati Enquirer on Friday. It was incredibly fun.

Episode is here (my part is towards the end at the 88 minute mark).

TML - The Bengals Edition

I guest wrote Paul Daugherty's The Morning Line Blog on Friday. I focused on the Bengals and a possible solution for their ills. I also gave a brief trip report for our South Africa trip.

Photo Credit:  Cincinnati Enquirer
License:  Fair Use/Education (from article I wrote)

Back In Town

Janice and I were in South Africa and Zambia for 10 days on one of our best trips ever. We visited Cape Town and the surrounding area, spent three nights on a safari, and visited Victoria Falls and its Devil's Pool. Pic is from hike up Table Mountain in Cape Town. We cannot recommend the trip enough.

Self Care

Mac Miller is a rapper whose music I am unfamiliar with, but whom my children have seen in concert. He died last year of a drug overdose involving fentanyl. Surprisingly, he left behind a will and a trust. Several weeks ago, we learned that his estate was valued at $11.3 million and that he left various personal items to his friends (think laptops, guitars, and jewelry) and his financial assets of $5 million and musical royalties and master recordings valued at $6.5 million to his family.

Several points:

1. Kudos to Mr. Miller for being the rare 26 year old to prepare a will and trust.

2. His estate will likely not have to pay any federal estate taxes because administration expenses (and perhaps state estate taxes) will reduce the net value below the $11.2 million in effect last year.

3. For an artist with a short career with a limited reach and the decline of physical media, a value of $5 million for the master recordings seems optimistic.

Photo Credit: Mac Miller Instagram 
 License: Fair Use/Education

Been Busy Part Two

Had lunch in Greenville yesterday with Steve Gruber, my high school cross country and track coach. His coaching and advice were an important part of my high school years and later running experience. It was great to catch up with him and see how he has not aged.

Post to follow.

Been Busy Part One

Apologies for not posting much recently. The celebrity estate planning news world has been incredibly quiet except for the court hearing about Britney Spears’ conservatorship and continued fighting about who will administer Aretha Franklin’s estate. Also, I have been out of town nearly every weekend. Here is a pic from last weekend’s bike trip to Asheville with my cycling/skiing buddies. Estate planning post to follow.

Oh Me, Oh My

As I have written previously, when Aretha Franklin died last August, she was presumed to have died intestate (without a will). Her niece, Sabrina Owens, was then designated as the estate administrator. Since then, three handwritten documents purporting to be her will(s) have surfaced. Franklin’s youngest son, Kecalf Franklin, has asked the probate court to be appointed as representative of the estate. One of his brothers supports him in this request while two others oppose him. The filing of one brother said that Kecalf has never demonstrated the ability or willingness to support himself and lacks the financial knowledge to serve as executor. After a court hearing last week, for now, the niece remains in control of the estate with decisions subject to court approval.

Two points:

1, Kecalf does not seem qualified to serve as executor so keeping him out of the process seems good for now.
2. Gosh. If someone has pancreatic cancer, prepare a will. Time is of the essence.

Photo Credit:  Romain Blanquart, Detroit Free Press
License:  Fair Use/Education (from linked article)

Sir Jeff

While we wait for the impending China crackdown in Hong Kong, the Jeffrey Epstein death remains the other big news topic. Epstein was not married nor did he have any alleged children. It is not known if he left a will or other estate planning documents.

Epstein was survived by his younger brother, Mark, who has two children. Epstein owned houses in NYC, Palm Beach, and the U.S. Virgin Islands. His net worth is reported to be $500 million although no one knows for certain nor the source of the wealth.

A few brief points:

1. Epstein supposedly made his money by assisting his clients with the minutiae of tax planning and other life details so it is hard to believe he did not leave a will and trust.

2. It is way too early to know his actual net worth and what claims will be brought against his estate.

3. For the sake of his heirs, they should hope that he was legally a resident of Florida or the U.S. Virgin Islands, neither of which has an estate tax, rather than New York which would tax his estate at a rate of 16%.

4. These complex estate issues will likely be determined sooner than the circumstances surrounding his death.

5. There might be some truth to the line “the person most surprised by the suicide of Jeffrey Epstein was Jeffrey Epstein.”

Photo Credit:  Unknown (from slideshow in linked article?)
License:  Fair Use/Education (from linked article)

Quick PSA

As college students head back to college, I wanted to remind parents that their college bound children should have a set of documents in place so the parents can access their medical info and make medical decisions if something terrible were to happen to their student. Once the child is 18, the child is in charge of their own decisions and hospitals do not automatically defer to the parents' decisions.

Students should have a health care power of attorney, HIPAA release, living will, and financial power of attorney. I prepare the set of documents for a reduced fee of $150.

Parents are on their own in trying to access their child's grades and tuition bills.

Pic is from Jack's first day at OSU last year.

Fake News

CNN news anchor, Anderson Cooper, is the son of Gloria Vanderbilt who died last month at the age of 95. She in turn was the great-great-granddaughter of Cornelius Vanderbilt. She left all of her estate to Cooper save for her $1.2 million Manhattan co-op which she left to her son, Stan Stokowski.

Gloria Vanderbilt inherited a trust fund worth $35 million in today’s dollars when she turned 21. She also rode the wave of the designer jeans trend in the late 1970’s with her eponymous fashion which was worth $100 million at one time. Initial reports soon after her death speculated that she was worth $200 million. Probate Court filings have since revealed that she only owned her co-op and $1.5 million.

Several points, none too shocking:

1. The data about her net worth would be private if Vanderbilt had used a funded trust for her estate planning.

2. Rare is the fortune that lasts five generations before it is dissipated.

3. Four divorces, dedication to philanthropy, advisors who embezzle, and living into one’s 90s deplete one’s assets.

4. An incredibly gifted plastic surgeon will also deplete assets.

Photo Credit:  Unknown
License: Fair Use/Education

The Morning Line

I wrote Paul Daugherty's TML Blog again on Friday. I did a mid-year review of the sports world. I hope you like it.

Photo Credit:  Kareem Elgazzar/Cincinnati Enquirer
License:  Fair Use/Education (from linked article)

One Hall of Famer, One Grandfather, One Grandson, and 47 Years

When my grandfather tended bar for the owners of the Cincinnati Reds in their luxury suite in the 1970's, he had his picture taken with Johnny Bench. Today, I met Johnny Bench in the Dinsmore box and recreated the photo. Thanks to Brian Sullivan and George Vincent of Dinsmore. And special thanks to the greatest catcher of all time.

Addressing the Scourge of Our Times

Newtown police chief, Tom Synan, was featured in a video on USA Today's site about his work on the front line combating opioid addiction and treating it as an illness and not as a crime. I am honored to call him a friend.

Photo Credit:  USA Today (actually it is from the video)
License:  Fair Use/Education (from linked article)