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

Lust for Charities

I am back after a two month hiatus fostered by writing for other projects, being slammed at work, re-locating our lives to Phoenix for five weeks, and suffering a dearth of worthwhile news in the celebrity estate planning area. Who knew that the death of a 103 year Hollywood icon would snap the streak?

Media outlets, led by the Daily Mirror from London, are reporting that the recently deceased Kirk Douglas left $50 million of his $61 million fortune to charity. Specifically, he left the money to the Douglas Foundation which he and his 100 year old widow, founded in 1964. All accounts seem flummoxed by where he left the remaining $11 million of his estate. The same reports want to scandalize the fact that he did not leave any money to his famous son, Michael Douglas. No links to his actual will have appeared on line yet.

Several illuminating points:

1. California is a community property state which means that Douglas’ widow, Anne, likely has an estate also worth $61 million.

2. In 2020, an individual may leave $11.6 million free of estate taxes to children or other individuals. It is not a coincidence that $11 million is the amount of funds that the reporters cannot account for. Those funds will likely fund a trust for his wife and two sons.

3. It is extremely rare to leave funds to a child while a spouse is living.

4. Michael Douglas is reportedly worth $300 million which is more than he can spend in his remaining years. It does not make sense to leave any funds to an independently wealthy 75 year old cancer survivor who will pay estate taxes on 40% of the inherited assets at the time of his death.

5. Journalism is not hard, but it certainly is lazy when journalists are afraid to have reliable sources and to ask questions about concepts with which they are unfamiliar.

Photo Credit:  Catherine Zeta Jones Instagram

License:  Fair Use/Education (from linked article)

Bye Bye Love

It was recently reported that Ric Ocasek, lead singer of The Cars, left his estranged wife, Paulina Porizkova, out of his will which he executed several weeks before his death.   The former Sports Illustrated swimsuit model left her much older husband a year before she found him dead in his townhouse when bringing him coffee while he was recovering from surgery.   Specifically, Ocasek’s will provided that he did not want Porizkova to inherit even the elective share because she had abandoned him.  Ocasek’s probate estate consists of $5million of royalties and $100K of personal property.

Several points:

1.  Odds are that Ocasek’s estate consists of more than $5 million because he likely had financial assets and real estate titled in a trust prior to his death.

2.  Even if omitted from a will, spouses may elect to receive a portion of the estate which is usually 1/3.

3.  In Ohio, spouses may only elect against the assets passing through probate.  In NY, spouses may elect to take 1/3 of all assets, including those in a trust and others passing outside probate.

4.  You might think I am cynical, but I find it odd that a woman who left her husband uses the Instagram hashtag #loveneverdies.

Photo Credit:Tammie Arroyo/AFF-USA.COM / MEGA
License: Fair Use/Eductation (from linked article)

Taken to the Bath

Finally, there is some estate planning news to write about. Gloria Cary was an American woman who was the second wife of the eccentric eighth Earl of Bathurst. When the Earl died in 2011, he left his home and surrounding real estate, valued at $17 million, to his son, and the rest of his estate to his widow.

Typically, his widow and son did not get along even though the couple had been married for more than 30 years. After the Earl’s death, the widow was forced to vacate the family home inherited by the son. She sued for permission to visit the home to view the family’s collection of heirlooms, but she was denied by her step-son.

When Gloria died last year, she left the bulk of her $41 million fortune to two interior designers while omitting her step-son entirely.

A few quick observations:

1. At least the son inherited a significant amount upon the death of his father and was not disinherited entirely.

2. Inheriting an English estate is a double edged sword because the maintenance costs can be stratospheric.

3. If the Earl of Bathurst (“Barmy Bathurst”) wanted to ensure his son received some of his fortune, he should have created a trust to benefit his wife with the remainder going to his son. Although a trust might have been a step too far for an eccentric.

4. Of course, if the son wanted to inherit more than the house, he should have acquiesced to his step-mom’s request to occasionally visit and wander around the property.

Photo Credit:  Compendium of pics from Daily Mail

License:  Fair Use/Education (from linked article)

I Don't Think I Love You

Limping to the end of the year while looking for celebrity news. Finally found some with respect to former teen heartthrob, David Cassidy, of Partridge Family fame. The will of the thrice divorced entertainer leaves his entire $150K estate to his son, Beau, from his third marriage. Cassidy specifically excluded his daughter from a previous relationship, actress Katie Cassidy, from the will. Meanwhile, a law firm which represented him has sued the estate for $100K of unpaid fees.

Several points:

1. Cassidy is free to leave his assets to whom he wishes - he is not obligated to leave them to his out of wedlock daughter.

2. The law firm should be paid from the estate before beneficiaries receive any distributions.

3. $150K estate after 50 years in show business? Divorce and drugs are expensive habits.

Photo Credit:  Facebook.com - Respect for Katie Cassidy
License:  Fair Use/Education

The King of Cruelty

When unfunny comedian, Jerry Lewis, died last month, he was survived by 5 sons from his first marriage, his second wife (SanDee, a former Vegas dancer 25 years younger than him), and a daughter from his second marriage.

His 2012 will left his entire estate to his wife and daughter. He purposefully excluded his six sons (including his son who died of a heroin overdose in 2009) and their descendants. Lewis' sons had long accused him of treating them cruelly with the deceased son claiming that he had beaten them viciously. When that son died in 2009, Lewis refused to pay for his funeral. Lewis is reportedly only worth several million dollars, but the value of his estate is in the movie rights he owns to his movies.

Several minor points:

1. Lewis was not obligated to leave anything to his sons.

2. It was smart of him to specifically exclude the descendants of the deceased son so someone cannot try to claim part of the estate by alleging to be an illegitimate grandchild.

3. I would have taken the under on an allegedly cruel man remaining married to a Vegas dancer with two capital letters in her name for 35 years.

Photo credit:  Wireimage

License:  Fair Use/Education