Showing posts with label creditor's claim. Show all posts
Showing posts with label creditor's claim. Show all posts

Tuesday, February 28, 2017

Modern Love

Lawyers handling the estate of David Bowie have set a date of May 4 for anyone claiming to be a child of Bowie's or a creditor of his estate to file a claim. The "child" part is important because the allegedly once bi-sexual Bowie left 1/4 of his estate to each of his two acknowledged children and half to his wife. The issue is that Bowie claimed to have been "incredibly promiscuous" during the 70's and 80's. His romances are alleged to have included Mick Jagger's former girlfriend (Marianne Faithfull), Mick's ex-wife (Bianca), Mick himself, Susan Sarandon, Charlie Chaplin's widow (Oona O'Neill), and Slash's mom. And your childhood best friend's mom. Or dad.
Several brief points:
1. Under Ohio law (and Bowie would be the last person to claim residence in Ohio), creditors have six months from the date of death to file a claim against the estate for money owed by the decedent.
2. Illegitimate children generally can only claim from their dad's estate if they were acknowledged by the decedent or if the child proves paternity after the death of the decedent.
3. In drafting estate documents for the Thin White Duke, it would have been best to specifically name the children rather than use the term "my child" which opens the door for illegitimate children to inherit.
4. The good part of May-December romances (i.e. Oona O'Neill) or bi-sexual couplings (yeah, we are looking at you, Mick), is that paternity is not a concern.
5. Bowie definitely knew about the power of charm, but he never let love walk on by.


                                               Photo copyright:  ZZ/NJ/RY/REX/Shutterstock
                                               License:   Fair Use/Education 

Sunday, February 28, 2016

A Debtor, Not a Son

Slow times in the newsworthy estates area.  Going back a few months, Andrew Getty was the 47 year old grandson of J. Paul Getty who died of a meth overdose last year.  His father, Gordon Getty, filed a claim against his son's estate for repayment of $14 million that he allegedly loaned him.  Gordon Getty is also seeking the return of 55 pieces of art valued at $1 million.  The younger Getty's Hollywood Hills house was listed for sale this week at $8 million.

Several quick points:
  1. Creditors of a decedent have to file a claim against the estate if they want to secure payment for a debt.  In Ohio, the claim must be filed within six months of the date of death.
  2. Based on the amount of the claim filed by Gordon Getty, it is obvious that he financed his son's life.
  3. Andrew is the second Getty grandchild to die a drug related death.  An incentive trust might have helped them manage their finances.
  4. It should be no surprise that Gordon Getty is seeking money from his son's estate.  His father charged a son interest on the ransom he paid for the release of a kidnapped grandson.  Apples do not fall far from the tree.