Wills, Trusts & Estates Prof Blog

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

Wednesday, September 23, 2015

Frank Gifford’s Will Leaves Widow Kathie Lee Gifford Majority Of Estate

GiffordThe majority of NFL legend Frank Gifford’s estate is being left to his widow and Today Show host Kathie Lee Gifford.  According to court papers that were filed in the State of Connecticut Gifford’s estate is estimated to be worth $10 million.  Kathie Lee Gifford was named executor of the estate that she and her two children will receive the majority of.  The late NFL star also left $500,000 to each of his two children from a previous marriage.  A $1 million trust fund was also set up for a third child that Frank Gifford had from a previous marriage that was badly injured in a car accident.  Kathie Lee Gifford continues to live in the couples Connecticut estate with her children. 

See NFL legend Frank Gifford leaves majority of his $10M estate to widow Kathie Lee and their two children and NOT his family from first marriage, The Daily Mail, September 23, 2015.

September 23, 2015 in Current Affairs, Estate Planning - Generally, Sports, Television, Trusts, Wills | Permalink | Comments (0)

Friday, September 11, 2015

Celebrities Should Be Careful When Planning Their Estates

Oscar-statueThis article discusses some of the unique financial situations that wealthy celebrities often find themselves in.  Often times drafting a simple will is not enough when there are vast amounts of assets that are at stake in a probate dispute.  This article provides a few examples of famous deceased celebrities that had bitter estate battles because they did not adequately plan for their death.  In many circumstance celebrities will fail to accurately measure the value of their name and likeness.  There are also many examples of young celebrities who make bad estate planning decisions because they came into wealth so suddenly.  Some of the estate planning tools that young newly rich celebrities should consider using include things like revocable trusts and having prenuptial agreements if they happen to get married.  

See Anthony Greco, Woe The Weak-Willed Celebrity, Private Wealth, September 11, 2015.

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

September 11, 2015 in Current Affairs, Estate Planning - Generally, Film, Music, Television, Trusts, Wills | Permalink | Comments (0)

Thursday, April 9, 2015

New Netflix Original Series: Bloodline

TVThe new Netflix original series Bloodline is a dramatic thriller that follows a deeply community rooted family in the Florida Keys, on the edge of the return of the black sheep son, which threatens to expose dark family secrets.  The show includes estate planning themes, such as plot themes revolving around the patriarch's will and questions of testamentary capacity. The trailer can be viewed here.

Special thanks to Eloisa C. Rodriguez-Dod (Florida International University College of Law) for bringing this to my attention.

April 9, 2015 in Estate Planning - Generally, Television, Wills | Permalink | Comments (0) | TrackBack (0)

Sunday, April 5, 2015

The Hawkins Tractor Inheritance

TractorI have previously discussed Fox Business Network’s new show, “Strange Inheritance,” which shadows families and the strange heirlooms they collect and leave behind. 

Last week, the show featured a family from Le Mars, Iowa with a large tractor collection.  The Hawkins collection contains more than 100 tractors from a variety of makes and models, with only some having been restored.  Host of the show, Jamie Colby, found the story fascinating because, “this family tried so hard to make sure they did with the tractors what their loved one most likely would have wanted—selling some and keeping the rest for the next generation.  After Dave [Hawkins’] death, they found a list he had left, letting them know which tractors meant the most to him.  That gave them much needed peace of mind.”

See Jeff DeYoung, TV Show Explores Iowa Family Inheritance, Iowa Farmer Today, March 27, 2015. 

April 5, 2015 in Estate Administration, Estate Planning - Generally, Television | Permalink | Comments (0) | TrackBack (0)

Friday, April 3, 2015

Fox Drama Covers Serious Estate Planning Issues

TVThe popular drama-filled television show Empire just finished its first season and has been renewed for a second season on Fox. The show's plot includes deeply rooted estate planning themes. The show follows father and entertainment mogul Lucious Lyon as he faces a terminal illness and must begin succession planning for his business by choosing between his three sons.

See David H. Lenok, Empire: The Best Estate Planning Drama on TV, Wealth Management, Apr 2, 2015.

Special thanks to Jim Hillhouse for bringing this article to my attention.

April 3, 2015 in Disability Planning - Property Management, Estate Planning - Generally, Television | Permalink | Comments (0) | TrackBack (0)

Friday, March 27, 2015

"Breaking Bad" Prequel Follows Adventures of Elder Law Attorney

TVThe "Breaking Bad" prequel "Better Call Saul" will soon complete its first season, and shows the audience a different side of the ethically questionable Saul Goodman as a fledgling elder law attorney named Jimmy McGill. With his slogan "Need a Will, Call McGill" printed on his business cards, McGill navigates the world of elder law, including filing a class action lawsuit against an assisted living facility chain taking advantage of their residents.

See, TV Blockbuster 'Better Call Saul' Features an Elder Law Attorney, Elder Law Answers, March 24, 2015.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.

March 27, 2015 in Elder Law, Estate Planning - Generally, Television | Permalink | Comments (0) | TrackBack (0)

Thursday, March 5, 2015

'Strange Inheritance' Picked Up for Second Season

Strange inheritance

Fox Business Network (FBN) has picked up a second season of the hit new primetime show Strange Inheritance.  Bill Shine, executive vice president of FBN made the announcement, saying, “Whether a family business or a forgotten heirloom, viewers have really responded to the compelling and financially surprising stories of Strange Inheritance.  We’re excited to bring the program back for a second season.”

The first season debuted on January 26th this year and was the highest rated show launch in network history.  Hosted by Jamie Colby, each of the 26 half-hour episodes explores the unusual circumstances of inheritance from across the country.  Season two will showcase an additional 26 episodes and begin filming later this year. 

See FBN Picks Up Second Season of Hit New Show ‘Strange Inheritance’, Fox Business Network, March 4, 2015.

March 5, 2015 in Estate Administration, Estate Planning - Generally, Television | Permalink | Comments (0) | TrackBack (0)

Monday, March 2, 2015

Court Upholds Finding that Herman Hemsley Had Testamentary Capacity

HemsleyActor Herman Alexander Hemsley passed away in 2011, and named his business manager Flora Isela Enchinton Bernal as independent executrix and his sole beneficiary. A Texas appeals court recently heard a challenge to the probate court's admittance of his will and authorizing issuance of letters testamentary to Bernal.

In In re Estate of Sherman Alexander Hemsley, the El Paso Court of Appeals upheld the probate court's orders, finding that the evidence heard on Hemsley's testamentary capacity was legally sufficient. The court further found that the appellant's right to challenge the disposition of Hemsley's remains by Bernal was extinguished when she acted on the order and had him buried.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this case to my attention.

March 2, 2015 in Estate Planning - Generally, New Cases, Television, Wills | Permalink | Comments (0) | TrackBack (0)

Sunday, March 1, 2015

Leonard Nimoy Passes Away

Leonard_NimoyAt 83 years  of age, beloved actor Leonard Nimoy has passed away. The actor well known for his role as Star Treks' Mr. Spock passed away Friday from lung disease. Nimoy is survived by his wife and two children. His estate is a estimated to be valued at $45 million.

See William Rameau, Leonard Nimoy Net Worth, Heirs: Star Trek's Mr. Spock Survived by Wife Susan, CHildren Julie and Adam, Breathe Cast, Feb. 27, 2015.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.

March 1, 2015 in Current Affairs, Current Events, Film, Television | Permalink | Comments (0) | TrackBack (0)

Sunday, February 1, 2015

Financial Troubles for Alzheimer's Patients

Still alice

The film “Still Alice” portrays a happily married woman with three children and who is a renowned linguistics professor. When Alice begins to forget words, a devastating diagnosis reveals she has Alzheimer’s.  Alice, played by Julianne Moore, struggles with the disease as she never knows what will vanish from her memory and when.

This movie is a great vessel to explore many of the financial issues that families must address when someone is diagnosed with Alzheimer’s or any other disease that causes cognitive impairment.  Fortunately for Alice, both she and her husband are affluent and can afford specialized treatments.  Yet, many other families are not so lucky. 

With a client who seems to be slipping but lives alone and sees family members infrequently, financial advisors suggest arranging family meetings.  Other times, just asking how a client is doing brings the problem out in the open.  “Sometimes when you bring this up with clients, it’s a relief to them.” 

Once the family enters the picture, legal documents can be tended to and the family’s ability to manage Alzheimer’s care can be assessed.  Furthermore, it is important to have an up-to-date estate plan with a durable power of attorney and relevant health care documents.

See Paul Sullivan, In Alzheimer’s Cases, Financial Ruin and Abuse Are Always Lurking, The New York Times, Jan. 30, 2015.

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

February 1, 2015 in Disability Planning - Health Care, Disability Planning - Property Management, Estate Planning - Generally, Television | Permalink | Comments (0) | TrackBack (0)