Wills, Trusts & Estates Prof Blog

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

Sunday, August 28, 2016

Has KFC's Secret Recipe Been Revealed?

Colonel sandersDid Colonel Sanders’ nephew accidently reveal the secret blend of eleven herbs and spices for KFC’s fried chicken? KFC says not so fast, claiming that the recipe published in the Chicago Tribune is not authentic. The speculation started when a reporter interviewed Joe Ledington, a nephew of Colonel Harland David Sanders’ famed fried chicken empire. Ledington pulled out a scrapbook during the interview containing the will of Sanders’ second wife, which had a handwritten list on the back of the eleven herbs and spices. At first, Ledington told the reporter that it was the original recipe but later said he did not know. 

See Associated Press, The Colonel’s Secret Recipe Revealed? Not So Fast, Says KFC, NBC News, August 26, 2016.

August 28, 2016 in Current Events, Food and Drink, Wills | Permalink | Comments (0)

Saturday, August 27, 2016

Possible Agreement Reached Between Shari Redstone and Her Niece

Shari redstoneThe white flag has been waved in the family feud between Shari Redstone and her niece Keryn Redstone. The issue between the two family members resulted from changes made to Sumner Redstone’s trust. Keryn, a beneficiary of the trust, claimed that her aunt was making the changes to the trust not Sumner. However, a tentative settlement was reached on Friday, which could put this family feud to rest. In that hearing, Sumner’s lawyer agreed to give Keryn the assurance that she was being treated equally amongst the grandchildren under the trust document.

See Joe Flint, Possible Accord Reached in Family Battle Over Sumner Redstone Trust, Wall Street Journal, August 26, 2016.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.

August 27, 2016 in Current Events, Estate Planning - Generally, Trusts | Permalink | Comments (0)

Article on the New Divorce Phenomenon

Elder divorceArlene G. Dubin & Rebecca A. Provder (Moses and Single LLP) recently published an Article entitled, The Gray Divorce Phenomenon, (2016). Provided below is a summary of the Article:

An 82 year old client wanted a divorce from her husband of 57 years. When asked why, she responded, “I want to live a little before I die.”

A study conducted in 2014 reveals that the divorce rate for individuals 50 and older has doubled in the last 20 years. Two decades ago, individuals 50 and older accounted for about 10% of divorces. Recently, the divorce rate for this age group spiked to approximately 25%. What’s more, approximately half of those divorces occurred in first marriages.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.

August 27, 2016 in Articles, Current Events, Elder Law, Estate Planning - Generally | Permalink | Comments (0)

Friday, August 26, 2016

Nancy Reagan's Treasures Go Up for Sale

Nancy reaganOn September 21 and 22, 700 of Nancy Reagan’s treasures will be up for auction at Christie’s New York, estimating sales in excess of $2 million. Additionally, on August 18, all of her jewels were shown at the Pebble Beach Concours d’Elegance, a classic car event sponsored by Christie’s, totaling $280,000. Sale proceeds will go to the Ronald Reagan Presidential Foundation & Institute. There will be pieces ranging from $1,000 to $50,000. The Article highlights some of the greatest prizes.

See James Tarmy, Nancy Reagan’s Jewels Are Up for Auction, and They Are Quite Something, Bloomberg, August 18, 2016.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.

August 26, 2016 in Current Events, Estate Planning - Generally | Permalink | Comments (0)

Duke University Files Claim Seeking Promised Pledge Funds

Duke universityDuke University filed a claim on Aubrey McClendon’s estate, asserting that the oil magnate died before he could fulfill roughly $10 million of pledges. McClendon had pledged funds for athletics, scholarships, and campus improvements. Lawyers for McClendon’s estate claim that the once billionaire left behind more debt than assets. Duke University’s claim is the first that focuses on the mogul’s charitable giving. In the upcoming suit, the main question will be whether there was a legally binding contract.

See Ryan Dezember & Kevin Helliker, Duke University Makes Claim on Estate of Aubrey McClendon, Wall Street Journal, August 24, 2016.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.

August 26, 2016 in Current Events, Estate Planning - Generally, New Cases | Permalink | Comments (0)

Thursday, August 25, 2016

Graceland to Run Tours at Paisley Park

Paisley parkElvis Presley’s people are now running tours at Prince’s Paisley Park. Bremer Trust, the bank that manages Prince’s estate, just announced the deal that lets Graceland’s people run public tours starting in October. Some family members are disgruntled about the situation due to Graceland Holdings having previous financial problems. Graceland Holdings will receive 50% of the revenue generated from the new tours.

See Prince Tour Paisley Park Courtesy of Elvis Presley, TMZ, August 24, 2016.

August 25, 2016 in Current Events, Estate Planning - Generally, Music | Permalink | Comments (0)

Wednesday, August 24, 2016

Heir-Location Firm Charged with Conspiring to Allocate Customers

AntitrustIn a federal antitrust complaint, an heir-location services firm and its co-owner were charged with conspiring to allocate customers with a competitor. The firm had a 15-year-long streak of allocating customers to co-conspirators “to suppress and eliminate competition.” Similar cases have included a criminal fine of $890,000.

See Jonny Bonner, Heir-Location Firm Charged in Antitrust Probe, Courthouse News Service, August 22, 2016.

Special thanks to Deborah Matthews (Attorney, Alexandria, Virginia) for bringing this Article to my attention.  

August 24, 2016 in Current Events, Estate Planning - Generally, New Cases, Professional Responsibility | Permalink | Comments (0)

Pills Containing Fentanyl Found at Prince's Estate

Prince6Several of the pills taken from Prince’s estate were counterfeit drugs containing fentanyl, a synthetic opioid more powerful than heroin. Officials say the pills were falsely labeled but are still unsure of how Prince obtained the drugs. Prior to his death, Prince’s tests showed no fentanyl in his system, leading officials to believe he was not a long-time abuser of the drug that caused his fatal overdose.

See Official: Pills Found at Prince’s Estate Contained Fentanyl, Fox News, August 21, 2016.

August 24, 2016 in Current Events, Intestate Succession, Music | Permalink | Comments (0)

For-Profits Join PACE Program

InnovageInnovAge is a company that uses private equity money to aggressively expand a Medicare program, Program of All-Inclusive Care for the Elderly (PACE), that keeps older and disabled people out of nursing homes. Before, only nonprofits were allowed to run this type of program, but the gates have opened to for-profit companies with the hope of expanding the services faster. In exchange for monthly payments from Medicare and Medicaid, PACE programs pay for all doctor’s visits, medications, rehabilitation, daily needs, and hospitalization. This capped monthly payment forces organizations to invest in maintaining a patient’s health to avoid large hospital bills. Critics, however, note that caring for elders is full of abuse, something that is correlated with increased commercialization of the industry.

See Sarah Varney, Private Equity Pursues Profits in Keeping the Elderly at Home, NY Times, August 20, 2016.

Special thanks to Lewis Saret (Attorney, Washington, D.C.) for bringing this article to my attention.  

August 24, 2016 in Current Events, Death Event Planning, Disability Planning - Health Care, Elder Law, Estate Planning - Generally | Permalink | Comments (0)

Tuesday, August 23, 2016

Panama Papers Scandal Has Trust Companies Reviewing Their Client Lists

PanamaAfter the Panama Papers scandal, trust companies are scrutinizing their client lists in order to identify any tax cheats who could drag them into an evasion lawsuit. Companies were setting up offshore trusts to reduce exposure to new proposed regulations targeting tax evasion enablers. The government has authorized new measures to reduce this avoidance by fining advisors and accountants facilitating the evasion. Advisors will be required to send letters to clients who have been provided offshore services within the past three years. 

See Vanessa Houlder, Trusts Comb Client Lists for Tax Cheats, Financial Times, August 18, 2016.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.

August 23, 2016 in Current Events, Estate Planning - Generally, Estate Tax | Permalink | Comments (0)