Showing posts with label estate planing. Show all posts
Showing posts with label estate planing. Show all posts

Tuesday, July 31, 2018

(Not) Gentle on His Mind

After Glen Campbell died last year of Alzheimer’s disease, his fourth wife of 35 years presented a will to the probate court which excluded his 3 children from his second marriage. The will, which was executed in 2006, did provide for his wife and all of his children from his first, third, and fourth marriages. Naturally, his excluded children are contesting his mental capacity to execute the will.
Several brief points:
1. Campbell’s disinherited children will have to prove that Alzheimer’s caused him to forget that they were his children, or to harbor animus to them.
2. Their case will be difficult to prove because the will was executed five years prior to him telling the public that he was suffering from Alzheimer’s.
3. Their case will be doubly difficult because Campbell’s 2001 will also excluded them.
4. As a general rule, if you want to inherit from your father, do not sue him while he is alive (as they were alleged to have done over publishing rights).


Photo Credit:  Calli Shell for The Tennessean (in linked article)
License:  Fair Use/Education

Monday, October 24, 2016

Between a Rock and Hard Place


Bill Cornwell lived in a Greenwich Village brownstone with his same sex partner for 50 years. When he died two years ago, his will left the building and all of his possessions to his partner. However, the will was only witnessed by one individual while NY law requires two witnesses. Without a valid will, his estate will pass to his closest living relatives who are his nieces and nephews who recently sold the building for $7 million. The partner has since filed suit trying to prove that he and Mr. Cornwell were actually married, although they were not, so he can be considered the closest heir.

So many points and such short attention spans:

1. All wills require two witnesses not related to the individual and who will not receive any assets under the will.

2. Using a DIY will kit could lead to problems with properly executing wills (among other issues)

3. The legal arguments made by the partner verge on stupid. One of them is that even though they lived in NY, which does not recognize common law marriage, they bought a dog in Pennsylvania in 1991 as a symbol of their commitment to each other and because Pennsylvania used to recognize common law marriage they should be considered as married.

4. The 85 year old partner would be better off dropping the law suit and accepting the offer of the nieces and nephews to live in the apartment for 5 years at a monthly rental of $10 and receive $250,000 upon the sale of the building.

5. The entire problem could have been avoided if they had simply married each other once gay marriage became legal.

6. One niece claimed, apparently with a straight face, that her uncle did not want his partner to inherit or he would have properly executed the will. She also suggested that perhaps the men were just friends or great companions. The address of the rock under which she lives is unknown.



Thursday, September 19, 2013

If At First You Don't Succeed . . . . ..Forge? (No, Just Kidding).

This is out of a horror movie.  A Kansas City attorney was recently charged with murder for killing her father's girlfriend of 20 years.  Her father was shot and his girlfriend was repeatedly stabbed then shot at their vacation home in 2010.  Her father did not die from his wounds.  The woman then allegedly forged a health care power of attorney so she could withdraw his medical support 4 days later.  She was charged with his murder a year ago.  Apparently, she was concerned that her father would leave all of his assets to his soon to be wife.  In an odd but clarifying footnote, her mother (her father's first wife), had spent 11 months in jail for stealing $100,000 from her own mother by forging a power of  attorney 10 years ago.

Points?

1.  If the father had wanted to preserve assets for his daughter he could have executed a pre-nuptial agreement to set forth which assets he would leave his soon to be wife (and what would be left for his daughter).

2.  Along the same lines, he could have executed a trust to provide for his new wife while leaving the remainder to his daughter after the wife's death.

3.  Preparing a health care power of attorney to address medical needs is essential.   So is ensuring that the person with that responsibility has a copy of the document and is aware of the duties.

4.  When a daughter resents her father and his girlfriend, and her biological mother has already stolen from her own mother, an active alarm system  and a multitude of security cameras would be a worthy investment.  And perhaps a Kevlar jacket.

Wednesday, April 10, 2013

Fame, Hairspray, Infidelity, and Litigation


Ryan O'Neal and the University of Texas are engaged in a lawsuit over a painting of Farrah Fawcett created by Andy Warhol which could be worth $30 million. Farrah's will left her entire art collection, including another portrait of her by Warhol, to the University of  Texas.  Mr. O'Neal claims that the painting was given to him by Warhol and that he had taken it to Farrah's house in 1998 after they broke up because his then girlfriend did not like it in the bedroom.  

Several points:

1.   It is generally in poor taste to hang a portrait of an ex in the bedroom while involved with someone else.  Kudos to Mr. O'Neal for removing it.  

2.  When taking a piece of art to an ex, one might want to reclaim it in the 11 intervening years instead of waiting until the ex dies.

3.   Apparently the University of Texas is not satisfied with a $7.2 billion endowment and is willing to fight for more.