Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Monday, February 10, 2014

Hidden Billionaire Daughters Emerge

Haroldsimmons

As I have previously discussed, the will of Harold Simmons left nothing to his daughters, who were presumably taken care of by trust.

Lisa K. Simmons, 58, and Serena Simmons Connelly, 44, currently control 93.8% of the Dallas-based Contran Corp., which holds majority stakes in four publicly traded companies.  The Contran stock is owned through trusts for the benefit of these siblings.  The combined holdings are valued at around $3.8 billion.

Lisa is also the president and Serena the director of philanthropy of the Harold Simmons foundation, which had assets of $39.9 million and made $18.5 million in charitable gifts in 2012. 

Simmons’ other two daughters, Scheryle Patigian and Andrea Swanson, inherited nothing from the estate.  In 1997, they sued their father for misusing trust assets.

See Bloomberg, Hidden Billionaire Daughters Emerge from Simmons Estate, Private Wealth, Feb. 7, 2014.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) and Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.

http://lawprofessors.typepad.com/trusts_estates_prof/2014/02/hidden-billionaire-daughters-emerge.html

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