Category Archives: Estate Planning

Samsung Billionaire Accused Of Stealing Millions From Late Father’s Trust

The chairman of the Samsung Group, Lee Kun-hee, comes in at number 106 on Forbes’ list of the world’s top billionaires, with a reported net worth of $8.3 billion, as of March. But did he acquire some of that fortune illegally from his late father’s trust?  That’s what his brother and sister accuse him of in a recent lawsuit that is growing uglier by the day. 

In February, Kun-hee’s older brother, Lee Maeng-hee, filed the suit in Seoul, South Korea. Now joined by two other family members, the lawsuit claims that when their father, Samsung Group founder Lee Byung-chull, died in 1987, he left millions of shares in Samsung Life Insurance (the world’s 14th largest insurance company) as well as preferred stock in Samsung Electronics and cash, in trust.  Specifically, he placed the asset into the name of Samsung executives for the benefit of his family.  Lee Kun-hee then wrongfully took the stock and cash and transferred it into his own name, rather than dividing it among the

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May 1, 2012 | View Comments

What Does Tupac’s Hologram Mean For Other Celebrity Estates?

INDIO, CA - APRIL 15: A hologram of deceased ...The music world has been buzzing ever since the surprise appearance of Tupac Shakur — well, that is, a digitally-created 3-D image of Tupac — on stage to rap at the Coachella music festival in California.  Some have described this as creepy, like seeing a ghost.  Is this going to be a new trend for celebrity estates?  Should it be?

First, there is the issue of legality.  Was it legal for Dr. Dre and Snoop Dogg to bring Tupac’s image on stage?  Because this was a use of Tupac’s image and likeness for commercial purposes, only the holder of the “right of publicity” for Tupac could authorize it.  That right is owned by Tupac’s estate, under the control of the executor — his mother, Afeni Shakur.

Reportedly, she not only authorized it, but was thrilled with the outcome.  Dr. Dre repaid the estate for this permission with a contribution to the Tupac Amaru Shakur Foundation, which is Tupac’s charity.

Dr. Dre has already said he’d love to bring out other

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April 24, 2012 | View Comments

The Power Struggle Over Archie Comics Teaches Lesson About Succession Planning

The New York Times recently featured a fascinating article called The Battle for a Comic-Book Empire That Archie Built.  It detailed the ongoing legal battle over the two dueling CEO’s of Archie Comic Publications.

On one side is Jonathan Goldwater, the son of John L. Goldwater who was one of three founders of the company and the visionary behind the Archie character, created in 1941.  Goldwater became a co-CEO and controller of one-half interest in the company after his half-brother, Richard Goldwater, died in 2007.

Nancy Silberkleit is the widow of the son of another founder, Louis Silberkleit.  She was a schoolteacher who became co-CEO when her husband, Michael Silberkleit, died in 2008.  By that time, a long-time employee and editor-in-chief, Victor Gorelick, was running the company as a temporary, stop-gap measure.

Goldwater and Silberkleit tried to work together to manage the company, agreeing in 2009 to run Archie Comics by sharing CEO duties.  Silberkleit was to oversee scholastic and theatrical ventures, placing Goldwater in charge of everything else.  They were

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April 17, 2012 | View Comments

Brooke Astor Estate Settlement: Marshall Gets His Just Deserts

News broke last week about a global settlement involving the estate of Brooke Astor.    The renowned New York society queen and philanthropist, who died at age 105, left behind an estate of nearly $200 million dollars.  

Astor’s assets — along with the $50 million charitable trust of her late husband — have been tied up since she passed in 2007.  The fighting was so extensive that it dragged in a “who’s who” of top New York City institutions, including the Metropolitan Museum of Art, Carnegie Hall, the New York Public Library, Rockefeller University, and even the United Nations, among many others.

Under Astor’s 2002 will, her only son, Anthony Marshall, stood to inherit tens of millions of dollars, with most of it slated to pass to charity after he died.  But Marshall wanted much more.  He and a lawyer,  Francis X. Morrissey, Jr., convinced the elderly Astor — when she was suffering from dementia — to sign a series of codicils to Astor’s 2002 will.  These codicils would have allowed

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April 4, 2012 | View Comments

Amy Winehouse Didn’t Have a Will After All, But Did Have Millions

Shortly after Amy Winehouse passed away from accidental alcohol poisoning at the age of 27 last July, reports surfaced that she not only had a will, but she had the foresight to update her will after her divorce from ex-husband, Blake Fielder-Civil.  These early reports have recently been proven wrong.

Probate records were recently filed showing that Winehouse died intestate, meaning without a valid will.  The estate value is listed as £4,257,580 (worth about $6.7 million U.S.) in total assets, but taxes and other debts reduce the value to £2,944,554, or $4.66 million, U.S.  Many believed her estate would be worth much more, perhaps as high as $15 to $20 million.

But, let’s not jump to conclusions so quickly.  The assets passing through probate court are those left in her individual name when she died.  So anything held jointly with someone else, or that had a beneficiary designation (like a life insurance policy), would pass outside of probate, directly to the other person.  Also, if Winehouse had a trust — which is unlikely,

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March 29, 2012 | View Comments

Whitney Houston’s Will Was Far From Perfect

Whitney Houston’s will was recently revealed, after it was filed with the probate court to open her estate, in Atlanta, Georgia.  As expected, it named Bobbi Kristina as Whitney’s sole beneficiary.  Beyond that, it was surprising for several reasons.

First, the fact that Whitney relied on a will — signed back in 1993 no less — instead of a living trust is troubling.  We’re talking about the woman who signed the largest recording contract in history!  If anyone should have thorough estate planning, including a living trust, it was Whitney.

Why?  Wills have to pass through probate court to be effective, which makes them public record.  That’s why information about the contents of her will is all over the internet.  Inside Edition, for example, posted a copy of the will, here.  In addition to be public, probate can be expensive, time-consuming, and a breeding ground for family fights.

Living trusts, on the other hand, when properly-used, keep matters private and outside of probate court.  Most people with

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March 19, 2012 | View Comments

Top Ten Celebrity Twitter Accounts From The Grave

Let’s face it … Twitter is a social media phenomenon that won’t stop growing any time soon.  Estimates place the number of users at around 500 hundred million.

In fact, it’s getting more and more use even by celebrities who are no longer with us.  Whether it’s attributable to their estates, companies managing their image rights, or other-worldly influences, just because someone is dead doesn’t mean they can’t have an active Twitter account.

This topic got us thinking, and researching.  What are the most-followed official Twitter accounts of deceased celebrities?  Trial & Heirs has the answer.

We’ve done our best to only include actual celebrity accounts.  If you use Twitter and want to follow all of these, we created a Twitter list with all ten.

(All totals are as of February 28, 2012.)

1. Michael Jackson

@michaeljackson

New York, NY

verified celebrity Twitter account

631,893 followers

370 tweets

Michael Joseph Jackson died

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February 28, 2012 | View Comments

The Trial & Heirs Grow Your Business Club For Professionals

We’ve had financial planners, insurance agents, attorneys and accountants reach out to us and ask us for help, advice and information.  We designed our Trial & Heirs Grow Your Business Club in response to professionals just like you who have asked for our help.  The Club will help you use celebrity stories to make more money and dramatically improve your client relationships. 

These are some of the questions professionals have sent us, asking for our help:

Q: “After a while, I feel like I’ve presented on the same things over and over again and it gets boring.  I’ve talked about everything I could possibly think of.  Can you help me hook clients and prospects in and create revenue in a new way?”

A: Yes we can!  Celebrity stories are a great way to accomplish this because they are fun and fresh.  There is a constant stream of new material … which we will give you when you join our Club.  There will always be something new to talk

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February 24, 2012 | View Comments

Whitney Houston’s Funeral Suggests Trouble Brewing For Her Estate

Whitney Houston’s funeral this weekend provided the first public glimpse of what may be trouble involving her estate.  Her ex-husband, Bobby Brown, was invited to the funeral, after reports surfaced that some family members didn’t want him there. He didn’t last long.  Brown’s entourage wasn’t allowed to sit with him at the funeral.  Brown wasn’t happy and left, visibly upset.

Bobby Brown issued a statement after the funeral, saying he and his group were asked to relocate three times, and rather than making a scene, he chose to pay his respects quickly and leave.

TMZ reported the day before the funeral that Whitney’s mother, Cissy Houston, and other family members had been trying to keep Brown away from Bobbi Kristina, Whitney’s daughter with Brown.  They were said to be worried that Brown would try to use Bobbi Kristina to make a play for some of Whitney’s money.

Brown’s statement confirmed some of this.  He said that security prevented him from seeing his daughter at the funeral.  Is money the reason why?

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February 20, 2012 | View Comments

Can Florida Millionaire Justify Adopting His Girlfriend?

John Goodman is the 48-year old multimillionaire from Palm Beach, Florida who recently made headlines when it was publicly revealed that he adopted his 42-year old girlfriend to help protect the family fortune.

Goodman did this in the midst of criminal and civil legal proceedings pending against him.  They arose from the February, 2010 drunk driving incident during which Goodman reportedly ran a stop sign, killed a 23-year old man, and fled the scene.  When it was recently revealed that Goodman, in October of last year, had legally adopted his girlfriend, people across the country were outraged.

Goodman’s lawyer issued a statement defending the adoption.  He states that the adoption was done to protect Goodman’s children, not to shield assets from the family of the slain driver who is suing him.

While Goodman has been bashed across the country for his legal maneuver, it actually makes sense from a probate law perspective.  Years ago, Goodman placed $1.5 million into an irrevocable trust for his two children.  By investing

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February 7, 2012 | View Comments