By Robert L. Moshman Esq.
The Helmsley Dog Trusts: When Leona Helmsley passed away at age 87 in 2007, headlines focused on a large bequest to a small dog. The real estate heiress, also known as "The Queen of Mean," had left funds for "Trouble" a five-pound Maltese. Other terms of Ms. Helmsley's will disinherited two of her grandchildren and other relatives were given bequests conditioned on their visiting her $1.4 million mausoleum and signing into a guest book. Mrs. Helmsley's will poured $12 million to a 2005 trust of which Trouble was the sole beneficiary. One year later, a New York Surrogate Court judge cut Trouble's trust to $2 million and gave $6 million settlements to the disinherited grandchildren. Trouble, herself, was bequeathed to Mrs. Helmsley's brother, who disclaimed the bequest. Trouble now lives with a caretaker in Florida. The caretaker is paid $60,000 annually for this task and $100,000 is spent annually for full time security.
Dannielynn is Sole Heir: Dannielynn, the daughter of Anna Nicole Smith, was declared the sole heir of her mother's estate. A Los Angeles judge established a trust for the child with her father Larry Birkhead and Smith's executor Howard K. Stern as co-trustees. A will executed prior to Dannielynn's birth purported to disinherit future children other than Daniel Smith, who died at age 20. The Smith estate continues to pursue a legal battle with the estate of billionaire J. Howard Marshall.
Widows In Court: Buddy Holly's widow went to court to stop Peggy Sue from selling a book about her friendship with Holly (who died in 1959). The widow of Sammy Davis, Jr. filed a legal action against two of her husband's former business partners for allegedly defrauding her into signing away rights to her husband's estate, which owed the IRS $5 million at his death. Hynie Brown, the purported fourth wife of James Brown has been battling a host of family members and others over the estate of the late singer while his children have challenged his will.
Magnificent Gesture: James Sorenson, who was born in poverty and became a self-made billionaire ranking 68th on the Forbes 400, left $4.5 billion to his charitable foundation.
Huh?: "Heirs" of the Knights Templar are suing Pope Benedict XVI in a Spanish court for $150 billion in assets seized by the church in 1307 and to restore their good name. Spanish newspapers say the issue is for psychiatrists not historians.
During 2008, Sunny von Bulow died after 28 years in a coma. Her husband, Claus von Bulow was initially tried and convicted for attempted murder in 1982 but was later exonerated by Harvard Law professor Alan Dershowitz. This was dramatized in a movie, Reversal of Fortune.
Nevertheless, Sunny's family continued to believe that Claus was responsible for Sunny's condition. Two of Sunny's children from a previous marriage sued Claus for $56 million.
Meanwhile, Sunny's mother, Annie Laurie (Crawford) Aitken, disinherited Cosima von Bulow (Sunny's daughter with Claus) because she had sided with her father during the trial.
Clause von Bulow then resolved both matters by renouncing his share of Sunny's $75 million estate (redirecting those funds through her estate) and in return he was able to have his daughter Cosima reinstated as an heir of her grandmother.
The Estate Analyst is reprinted with permission of Robert L. Moshman, Esq.
The Helmsley Dog Trusts: When Leona Helmsley passed away at age 87 in 2007, headlines focused on a large bequest to a small dog. The real estate heiress, also known as "The Queen of Mean," had left funds for "Trouble" a five-pound Maltese. Other terms of Ms. Helmsley's will disinherited two of her grandchildren and other relatives were given bequests conditioned on their visiting her $1.4 million mausoleum and signing into a guest book. Mrs. Helmsley's will poured $12 million to a 2005 trust of which Trouble was the sole beneficiary. One year later, a New York Surrogate Court judge cut Trouble's trust to $2 million and gave $6 million settlements to the disinherited grandchildren. Trouble, herself, was bequeathed to Mrs. Helmsley's brother, who disclaimed the bequest. Trouble now lives with a caretaker in Florida. The caretaker is paid $60,000 annually for this task and $100,000 is spent annually for full time security.
Dannielynn is Sole Heir: Dannielynn, the daughter of Anna Nicole Smith, was declared the sole heir of her mother's estate. A Los Angeles judge established a trust for the child with her father Larry Birkhead and Smith's executor Howard K. Stern as co-trustees. A will executed prior to Dannielynn's birth purported to disinherit future children other than Daniel Smith, who died at age 20. The Smith estate continues to pursue a legal battle with the estate of billionaire J. Howard Marshall.
Widows In Court: Buddy Holly's widow went to court to stop Peggy Sue from selling a book about her friendship with Holly (who died in 1959). The widow of Sammy Davis, Jr. filed a legal action against two of her husband's former business partners for allegedly defrauding her into signing away rights to her husband's estate, which owed the IRS $5 million at his death. Hynie Brown, the purported fourth wife of James Brown has been battling a host of family members and others over the estate of the late singer while his children have challenged his will.
Magnificent Gesture: James Sorenson, who was born in poverty and became a self-made billionaire ranking 68th on the Forbes 400, left $4.5 billion to his charitable foundation.
Huh?: "Heirs" of the Knights Templar are suing Pope Benedict XVI in a Spanish court for $150 billion in assets seized by the church in 1307 and to restore their good name. Spanish newspapers say the issue is for psychiatrists not historians.
The von Bulow Estate
Alan Dershowitz: You're a very strange man, Claus.
Claus von Bulow: You have no idea.
--From "Reversal of Fortune"
Claus von Bulow: You have no idea.
--From "Reversal of Fortune"
During 2008, Sunny von Bulow died after 28 years in a coma. Her husband, Claus von Bulow was initially tried and convicted for attempted murder in 1982 but was later exonerated by Harvard Law professor Alan Dershowitz. This was dramatized in a movie, Reversal of Fortune.
Nevertheless, Sunny's family continued to believe that Claus was responsible for Sunny's condition. Two of Sunny's children from a previous marriage sued Claus for $56 million.
Meanwhile, Sunny's mother, Annie Laurie (Crawford) Aitken, disinherited Cosima von Bulow (Sunny's daughter with Claus) because she had sided with her father during the trial.
Clause von Bulow then resolved both matters by renouncing his share of Sunny's $75 million estate (redirecting those funds through her estate) and in return he was able to have his daughter Cosima reinstated as an heir of her grandmother.
The Estate Analyst is reprinted with permission of Robert L. Moshman, Esq.
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