Anyone who likes to go hiking, biking or camping probably knows what Gore-Tex is. The breathable, waterproof fabric made W.L. Gore and Associates into a huge success. The privately-held company hit #134 in Forbes’ most recent list of America’s largest private companies, with an estimated $3 billion in annual revenue.
Founder Bill Gore passed away in 1986 and his widow, Genevieve Gore, died on January 20, 2005. The couple, way back in 1972, finalized a trust to pass most of their stock in the company onto the children, and ultimately their grandchildren. They smartly planned ahead, realizing how valuable their Gore-Tex invention could become and how much growth their stock could achieve. So they funded the trust through a holding company, early on, to minimize estate taxes.
Wanting to treat their heirs equally, the Gores set up five equal shares, for their five children. They created a supplemental trust so that each of the grandchildren could receive an equal amount of stock as well.
The plan worked very well … Read more...
By all accounts, actor Gary Coleman had a difficult life after his days as the childhood star of Diff’rent Strokes. He was estranged from his parents and died — nearly broke — at the age of 42. While he was married at one time, he said in a TV interview that he remained a virgin, even after his marriage. So what kind of marriage was it?
Not a very happy one, according to a Utah judge who recently issued a ruling to decide who gets to administer, and ultimately inherit, what little constitutes Gary Coleman’s Estate. The lawsuit pitted Gary Coleman’s ex-wife, Shannon Price — who said she actually was still his wife until he died — against Coleman’s friend and former head of his corporation, Anna Gray.
Gary Coleman Estate Battle
In 2005, Gary Coleman signed a will naming Gray as his executor and beneficiary. But Coleman married Price in 2007, and then signed a handwritten codicil to the will (“codicil” means amendment to a will) in Read more...
One of Reese Witherspoon’s more famous roles was as the perky young attorney in Legally Blonde. Late last week, she accompanied her parents to court in a much more somber setting.
Reese Witherspoon’s father, Dr. John Draper Witherspoon, was recently married. At least, that’s what a newspaper in Nashville, Tennessee announced. You can read the big announcement and see the happy couple’s wedding photo here.
While John doesn’t exactly look happy in the picture, the announcement reveals that they will reside together in Nashville, following the intimate ceremony that featured cowboy boots and yellow roses, based on their Texas heritage. The festivities took place on January 14th, and the couple plans a celebration with friends and family for the summer.
Reese Witherspoon’s Father Sued For Bigamy
There’s just one problem. Reese’s 70-year old father, John, was never divorced from Reese’s mother, Mary. While they’ve been living apart for the last 16 years, they still are married. Mary says she still loves her husband of 42 years, Read more...
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 heirs as Read more...