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Robert Indiana, the artist known for the iconic pop art image, LOVE, died in May at the age of 89. Mr. Indiana had moved to an island off the coast of Maine in 1978 where he continued to generate highly derivative images of his most famous piece, including HOPE for President Obama’s 2008 campaign.

For the last five years of his life, Mr. Indiana paid a caretaker $250K annually to assist him. He also gave the caretaker power of attorney. The caretaker withdrew over $600K from Mr. Indiana’s bank accounts supposedly at his direction.

The estate is supposed to turn Mr. Indiana’s dilapidated house into a museum to display his works. The estate is now embroiled in litigation over the withdrawn cash and whether Mr. Indiana was actually producing new art at the time of his death.

A few points:

1. Situations involving wealthy elderly individuals with no close family are always difficult because there is so much potential for financial exploitation.

2. Sometimes the caretaker is the best person to serve as attorney in fact if there are no relatives and the individual has outlived all of his friends.

3. Still, $600K of withdrawals for an individual living on an island off the coast of Maine with no place to spend the money seems excessive.

4. The last thing our country needs is another remotely situated vanity based museum dedicated to an artist of modest reknown.

5. AC/DC apparently copied Mr. Indiana’s playbook of recycling/copying prior work to earn great wealth.

Photo Credit:  Johnsonville Sausage 
License: Fair Use/Education (from linked article)

Suspicious Minds

It has been a slow month for celebrity estate planning news. Lisa Marie Presley is embroiled in a lawsuit with her financial manager claiming he mismanaged her $100 million trust and left her with $14,000. She alleges that the manager sold 85% of her ownership in Elvis Presley Enterprises in 2005 for $100 million but invested most of the proceeds in the company which owned American Idol which filed for bankruptcy in 2016. She is also in the midst of a divorce from her fourth husband who is seeking $263,000 in annual alimony payments. She claims to owe $10 million in back taxes and $6 million in other debts.

Lots to digest.

1. The manager has countersued for $800K for unpaid investment fees. He alleges that Lisa Marie has a spending problem.

2. Allegedly, $20 million of the $100 million sales proceeds were used to pay off debts she had accumulated at the time.

3. Lisa Marie’s mother was concerned enough about her ability as a high school dropout to manage the inheritance that she was able to delay the distribution from Elvis’ trust until she turned 30.

4. Call it a hunch, but I suspect that Lisa Marie’s drug abuse, uncontrolled spending, and four marriages have as much to do with the financial straits as poor fiscal management.

Photo Credit:  Unknown

License:  Fair Use/Education (used in 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

Fountain of Youth = Deprivation and Sorrow?

Besides people battling over the release of Prince’s music, there is not much happening in the wills and trusts arena.  Somewhat related, Emma Morano was the last living person born in the 19th century when she died last month at the age of 117.  The NYT has a brief piece on her possessions and possible reasons for her longevity.  

Morano had been married briefly before separating in her late 30s, had a son who died before turning one, and worked until she was 75.  She lived in a two room apartment for the past 27 years, had not left the apartment in years, ate 3 raw eggs per day for 100 years, and usually ate pasta with raw ground beef until she stopped cooking five years ago.   

No points of any significance, just two observations:

1.  The article did not mention a will but I doubt she had any assets any than a few tchotchkes left in her name.

2.  If eating three raw eggs and raw ground beef daily while staying housebound is the secret to longevity, count me out.  I will gladly live a shorter life to enjoy cooked food and going outdoors.

Photo Credit:  Gianni Cipriano for New York Times

License:  Fair Use/Education

No Longer "Blurred Lines"

Following up on a previous post, earlier today a California jury awarded the estate of Marvin Gaye over $7 million in damages to be paid by Robin Thicke and Pharrell Williams for their infringement of Gaye's song "Got To Give It Up"  in their "Blurred Lines" hit.  Their song has made $17 million,of which $5.5 million was paid to Thicke and $5 million was paid to Williams.

Two quick points:

1.  I still believe that it was silly of Thicke and Williams to initiate this lawsuit to prove their ownership of the song.  It is usually best to let sleeping dogs lie.

2.  I doubt that Williams will be "Happy" with this verdict.

Please, Please, Please (Settle This Estate)

James Brown died in 2006 and left most of his estate to charity.  A woman claiming to be his wife is contesting the will.  Tomirae Hynie and the Godfather of Soul married in 2001 but she was married to another man at the time.  She eventually had that marriage annulled in 2004, but Brown then refused to marry her because he was embarrassed about the prior marriage.   Hynie has stated that her prior marriage to her Pakistani husband was simply an immigration scam.  Brown named 6 children in his will and left out 5 others.  To benefit from his estate, the children have been ordered to submit to DNA testing to prove their parentage.  Those that pass are called DNA Proven children.

Several points:

1.  By law, spouses are entitled to a portion of a deceased spouse's estate even if not provided for in the will.  In Ohio, spouse's with more than one child will receive one-third of the estate.

2.  I have never heard the term "DNA Proven children" before.  I think it ranks with "thunder snow" as a great modern phrase.

3.  Hynie is very determined to inherit when she admits under oath to committing immigration fraud.  Although given recent events, that might not be the serious matter one would initially believe.

Let's Get It On

In a slow news period while waiting for info on Joan Rivers' will, let's keep it in the estate arena but mix it with pop music. The estate of Marvin Gaye is battling Robin Thicke and Pharrell Williams over whether "Blurred Lines" plagiarized Gaye's song "Got To Give It Up."  The case is premised on comments Thicke made that "Got To Give It Up" was one of his all time favorite songs and that he wanted to make a song like it.   After taking credit for "Blurred Lines" in interviews, in his deposition under oath Thicke later pleaded drug and alcohol abuse during the creation of "Blurred Lines" and deferred credit to Pharrell Williams as the primary songwriter.  He and Williams later sued Gaye's estate in a declaratory judgment action that they did not plagiarize the Gaye song.

Several points:

1.   Thicke and Williams should not have sued Gaye's estate.  They precipitated an unnecessary battle - if the estate thought the songs were identical, it could have sued them.

2.  I doubt Williams is feeling "Happy" after Thicke threw him under the bus after Williams gave Thicke the only reason people know him besides being the son of Alan Thicke.

3.  "Got To Give It Up" does not rank in my top 20 Gaye songs.  Thicke must have been drugged and drunk to say it is one of his all time favorites.