TML Again

I guest wrote Paul Daugherty's TML blog on Friday. I covered the best and worst in Cincinnati sports this year, plus some other topics such as possible successors to Marvin Lewis. I hope you enjoy it.

Photo Credit: Cincinnati Enquirer/Sam Greene

License:  Fair Use/Education 

Ocean's 14

Rande Gerber, husband of Cindy Crawford, recently told a TV program that George Clooney gave $1 million to 14 of his long time buddies four years ago. Clooney invited his friends to his house for dinner and presented each of them with an expensive leather suitcase.

When the friends opened them, each found $1 million in $20 bills. Clooney told them he had appreciated their friendship and wanted to help those who were struggling. He also said he had paid their taxes on the gift. Gerber did not want to take the money, but Clooney said no one would get their money if Gerber did not take his.

Several points:

1. This generosity resulted in a gift tax of $3.0 million to Clooney. In 2013, gifts to an individual in excess of $14K and beyond the $5.25 million exemption were taxed at 35%.

2. Despite his statement about paying their taxes, Clooney was obligated to pay the gift tax - the donor is always liable for the gift tax owed.

3. Having won the lottery twice - marrying Cindy Crawford and selling his Casamigos Tequila brand for $700 million - Gerber donated his million to charity to keep his good karma flowing.

Photo Credit:  Reuters

License:  Fair Use/Education

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

Happy Thanksgiving

Happy Thanksgiving from our family to yours.

Note:  And this is why I am behind on posting here.  :)

Gambling On Intestacy

Famous and infamous people are dying every day - Hugh Hefner, Malcolm Young, Charles Manson - but there is nothing newsworthy in their estates. Digging somewhat deep, it has been reported that notorious Las Vegas mass murderer, Stephen Paddock, did not leave a will to dispose of his reported $5 million estate. A Clark County, Nevada court had a hearing last week to determine who should administer his estate. Paddock’s 89 year old mother has declined to serve as administrator. It is likely that the Clark County Public Administrator, an elected official, will fulfill the responsibilities. The court will eventually determine who is to receive the estate proceeds.

Several points:

1. The complexities of dealing with the issues in this case are certainly above the ability of an 89 year old woman.

2. As meticulous as Paddock seemed, it might appear surprising that he did not have a will. However, maybe that is one more facet he thought through - he did not want to burden a familu member with the task of administering his estate.

3. With respect to who will eventually receive his estate, I am betting on the lawyers.

Photo Credit:  AP/Eric Paddock
License:  Fair Use/Education

Vegemite Redux?

In the intersection of two common themes here (Australian probate craziness and the danger of DIY wills), a terminally ill Australian woman filled in a DIY will while (whilst?) at the hospital. The will was only four pages long, but had multiple pages of attachments addressing her wishes from who would receive her house (apparently multiple charities depending on her thoughts at the moment) to who would receive her step ladder, cow bell, and scrapbook items. The Australian court admitted the will to probate, but the future interpretation and litigation will incur tens of thousands dollars in legal fees for her estate.

A few low hanging points:

1. The cost of attorney fees for preparing a will properly is minor compared to the costs of fixing a will that was not prepared properly.

2. The larger intangible cost for this woman is that her assets might not be distributed to her preferred charities/individuals and under the terms she truly wanted.

3. Call me a cynic, but I doubt anyone cares about the step ladder, cow bell, and scrapbook stuff.

Photo Credit:  Zicasso Travel Website/unknownLicense:  Fair Use/Education

Apologies

I have been a bit neglectful in posting on this forum (and elsewhere) due to a heavy workload.  If you want the most current blog posts, they are on my Facebook page which is the easiest forum to post to for me (and the most read).  Facebook page link is here. 

I appreciate you reading.