Wednesday, July 29, 2020
'I bequeath all my beauty to my sister... since she has none': That acid quip, aged 9, helped trigger the lifelong feud between Olivia De Havilland - who has died aged 104 - and her sibling Joan Fontaine... a saga greater than Gone With The Wind
Until her death, Olivia de Havilland was convinced that she was the greatest star Hollywood ever produced. You may remember De Havilland from her spectacular performance in "the most glorious movie ever made," Gone with The Wind.
Olivia was known for challenging the "stranglehold that studios had on their stars," which brought on the end of the 'Hollywood System'.
Olivia was very driven. When she was nominated for an Oscar but lost to Hattie McDaniel, she claimed that she "was convinced that there was no God." However, she had great self-confidence and kept on moving forward. She went on to win two Oscars for Best Actress in 1946 and 1949.
In 1942, Olivia was nominated for the award, but lost to her sister Joan Fontaine, which only fueled the rivalry which had started when the girls were young. In fact, Joan once told a reporter, "I remember not one act of kindness from Olivia all through my childhood. She so hated the idea of having a sibling she wouldn't go near my crib."
One frequently reported story was that at age nine, Olivia was told to compose an imaginary last will and testament as an assignment and wrote, "I bequeath all my beauty to my younger sister, Joan, since she has none."
When their mother died in 1975, Olivia tried to exclude her sibling from the memorial service.
Olivia had a life-long competition with her sister, but of course, to her it was no competition.
See, Christopher Stevens, 'I bequeath all my beauty to my sister... since she has none': That acid quip, aged 9, helped trigger the lifelong feud between Olivia De Havilland - who has died aged 104 - and her sibling Joan Fontaine... a saga greater than Gone With The Wind, Daily Mail (U.K.), July 26, 2020.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
Thursday, July 9, 2020
The family estate of Sir Arthur Conan Doyle, the creator and author of all the Sherlock Holmes stories, is suing Netflix over copyright and trademark infringement for its upcoming movie "Enola Holmes."
The author, writer, and director of the Millie Bobby Brown-led film are also being sued as well as Nancy Springer, the author of "The Enola Holmes Mysteries" book series, on which the move is based.
In the film, Brown plays Sherlock and Mycroft's younger sister, Enola, who is also a skill detective. The movie is set to premiere in September.
According to Deadline, the family of the iconic author claims that the "copyright infringement arises from defendants unauthorized copying of original creative expression by [Conan Doyle] in copyrighted Sherlock Holmes stories."
The suit is claiming that after Conan Doyle's eldest son was killed in WWI, he returned to writing Sherlock Holmes stories but realized "it was no longer enough that the Holmes character was the most brilliant rational and analytical mind. Holmes needed to be human. The character needed to develop human connection and empathy."
After creating the character in 1887, Conan Foyle wrote 56 short stories and four novels about the adventures of Sherlock Holmes and his sidekick Dr. John Watson.
See Jessica Napoli, Netflix sued over 'Enola Holmes' movie for copyright infringement by Sir Arthur Conan Doyle estate, Fox News, June 25, 2020.
Wednesday, July 1, 2020
Carl Reiner, the versatile writer, actor, and director has died at the age of 98. Reiner was the creator of "The Dick Van Dyke Show" and was straight man to Mel Brooks' "200 Year Old Man. In recent years, Reiner was part of the gang in the "Ocean's Eleven" movies starring George Clooney.
Reiner's assistant Judy Nagy said he died on Monday night of natural causes at his home in Beverly Hills, California. Tributes have poured in from Steve Martin, Josh Gadd, Sarah Silverman, Alan Alda, and many more.
Reiner is the father of actor-director Rob Reiner who starred on "All in the Family" and directed "When Harry Met Sally..." and "The Princess Bride." Besides Rob, Reiner had another son, Lucas, who is also a film director, and a daughter named Sylvia, who is an author. It is safe to say that the Reiners are an extremely talented family.
It is likely that Rob Reiner will be the financial and creative heir as his father was his "guiding light."
The creative world, especially the entertainment industry, will miss Carl Reiner dearly.
See Carl Reiner Dead At 98, Rob Likely Financial As Well As Creative Heir, Wealth Advisor, June 30, 2020.
Saturday, May 9, 2020
Mary Pratt, a south paw pitcher in the All-American Girls Professional Baseball League and possibly the last living member of the original Rockford Peaches, passed away at the age of 101. The league, formed during World War II, was immortalized in the beloved film A League of Their Own.
Born November 30, 1918, Pratt graduated in 1936 from Boston University with a degree in physical education and started teaching. In 1943, she joined the inaugural season of the AAGPBL. She played five seasons in the league with Rockford and the Kenosha Comets. After her departure from the league, Pratt remained active in sports, officiating basketball, softball, field hockey and lacrosse games, and even served on the league's board of directors.
See Rockford Peaches Pitcher Mary Pratt of 'A League of Their Own' Fame Dies at 101, ESPN, May 9, 2020.
Wednesday, March 25, 2020
Daniel Craig Says he Doesn't Plan to Leave his Fortune to his Kids: 'Get Rid of it or Give it Away Before you Go'
Daniel Craig, the actor currently portraying the popular fictional character James Bond, recently said in an interview that he is not planning any of his $100 million to his children. He has an infant daughter, born in 2018, with actress wife Rachel Weisz, as well as older daughter Ella, who is in her 20s, from his previous marriage. He is also stepfather to Weisz’s 13-year-old son Henry.
Craig is far from the first celebrity to announce that he does not want to raise his children to depend on their parents for money. Elton John, along with his husband David Furnish, said in 2016 that they would be giving the bulk of their estates to charity rather than to their two sons. Simon Cowell, told the Mirror back in 2013 that he’s “going to leave my money to somebody. A charity, probably — kids and dogs. I don’t believe in passing on from one generation to another."
The next James Bond movie, No Time to Die, originally scheduled for release in April, but now delayed until November.
See Daniel Craig Says he Doesn't Plan to Leave his Fortune to his Kids: 'Get Rid of it or Give it Away Before you Go', Wealth Advisor, March 24, 2020.
Tuesday, February 25, 2020
Kirk Douglas, arguably the last member of Hollywood's Golden Age, passed away on February 5, 2020 at the age of 103. He is survived by his second wife Anne, who he married in 1954, and three of his sons - Michael, Joel and Peter. Kirk had suffered a stroke in 1996 and his health had declined, but he still occasionally appeared in movies and television productions.
In addition to being a three time Oscar nominee, he received a lifetime achievement Oscar in 1996, the Presidential Medal of Freedom in 1981, the Jefferson Award for public service in 1983 and was named to the French Legion of Honor in 1985. He was born in Amsterdam, New York to Jewish immigrant parents and was lucky enough to have an illustrious Hollywood career that spanned seven decades.
Kirk and Anne founded the Douglas Foundation 1964 and opted to bequeath the majority of his estate to the charity. The Foundation benefits the Children’s Hospital of Los Angeles, The Kirk and Anne Douglas Childhood Center, a St. Lawrence University scholarship for underprivileged students, Westwood’s Sinai Temple and Culver City’s Kirk Douglas Theater, a restored venue. Anne Douglas remains as the nonprofit's managing trustee.
Though at first glance it might seem harsh that Kirk did not leave anything to his beloved son Michael, who followed in his father's footsteps and became an actor. But the well-known Wall Street is worth over $300 million in his own right so he most likely was not expecting anything from his father.
See Nate Day, Kirk Douglas' $61M Fortune Given Mostly to Charity, None Went to Son Michael Douglas, Fox News, February 23, 2020; see also Jorge Fitz-Gibbon, Kirk Douglas Leaves Most of his $80 Million Fortune to Charity, Page Six, February 22, 2020; see also Will Twigger & Susan Knox, Kirk Douglas Leaves Entire £61m Fortune to Charity - and Son Michael Douglas Doesn't get a Penny, Mirror, February 23, 2020.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) and Jay Brinker (Cincinnati Estate Planning Attorney) for bringing these articles to my attention.
Sunday, February 9, 2020
Before it was Walt Disney Studio, it was Disney Brothers Cartoon Studio, founded by Walt Disney and his brother Roy O. Disney. Walt handled the creative side while Roy O. handled the business side. Walt died in 1966 of lung cancer, survived by his wife, two daughters and 10 grandchildren. Roy O. only had one child, Roy E., who would later become a senior executive for the company. Roy E. had four children - Susan, Roy P., Tim, and Abigail. Though the Disney clan raised their children in a way that was traditional and normal, their legacy is anything but simple.
In 1960, the Disney brothers owned 20% of the company that they had founded, but today the family only owns 3%. But at $130 billion, that would leave the family an investment of $3.9 billion in the company. And that of course does not include other holdings, investments, and endeavors. Some of the grandchildren became notorious, such as a granddaughter living quite lavishly, splurging on $5,000-a-night suites at the Royal Palms apartment homes in Las Vegas. Two other grandchildren fought over their portions to a trust fund, each arguing that the other was mentally incapacitated.
On the other side of the coin, a granddaughter of Roy O. was reportedly embarrassed by her family's wealth and stated that she had developed an "inferiority complex around people who have actually earned their money. She has said that if she could she would outlaw private jets, and she was one of 18 ultra-wealthy Americans to sign a letter asking presidential candidates to support a wealth tax in June 2019. Roy E. was the only heir that got involved in the business, and it is reported that though the original two brothers were close, the families have never been.
See Hillary Hoffower, A Family Feud Over a $400 Million Trust Fund, a Massive Fortune that Left One Heiress with an Inferiority Complex, and a Sprawling Media Empire. Meet the Disney Family, Business Insider, February 7, 2020.
Special thanks to Mark J. Bade (CPA, GCMA, St. Louis, Missouri) for bringing this article to my attention.
Saturday, January 25, 2020
W. Burlette Carter published an Article entitled, Finding the Oscar, Wills, Trusts, & Estates Law eJournal (2012). Provided below is the abstract to the Article.
In 1940, Hattie McDaniel became the first African-American to be awarded an Oscar. The controversial role that garnered the honor was that of a slave "Mammy" in the 1939 film adaptation of Margaret Mitchell's Pulitzer Prize Winning novel, "Gone with the Wind." In 1951, McDaniel willed her Oscar to Howard University, but today no one knows where it is. Theories include that Howard students took it during the 1960s Civil Rights protests. that a Howard professor took it, or that it was simply put away for safekeeping but no one knows where. Howard's archives could find no records of having actually received it. Considering probate papers, archival materials, and interviews, the article traces the path of the Oscar from McDaniel's death to its arrival at Howard and offers a theory as to the Oscar's ultimate fate. It also ties the Oscar to the story of how historical racism suppressed the ability of African Americans, and particularly the descendants of slaves, to protect wealth and to transfer it intergenerationally.
Saturday, December 21, 2019
The murder mystery Knives Out appears to be the surprise hit of the 2019 holiday season, racking up $70 million at the box office and numerous award nominations. The patriarch of a wealthy family, Harlan Thrombey played by Christopher Plummer, is found dead. It is soon discovered that just prior to his demise, the patriarch had changed his estate plan. During the plot's twists and turns, several concepts of estate planning our mentioned, including undue influence, slayer statutes, and will contestation.
Par for the course for Hollywood, one dramatic scene in particular in the movie is the titular will reading of the recently deceased. In a wood paneled library, the estate attorney sits behind the patriarch’s desk and reads the document. Many movie goers might be surprised that this is not an actual event. Paula Leibovitz Goodwin, partner in the Personal Planning Group at Perkins Coie in San Francisco, says that, “In the past there have been some that I have disappointed when I told them that there is no will reading in real life.”
Other concepts brought up by the movie are closer to reality. Christopher J. Burns, partner in Estate and Tax at Henson & Efron in Minneapolis, Minnesota, comments that due to increased longevity and failure to keep estate plans updated, “Contesting wills is becoming increasingly common." Undue influence is a common red flag, especially when a will is dramatically changed such as what occurs in the movie: natural heirs are disinherited and suddenly a caretaker is the sole beneficiary.
Though the term slayer statute seem farfetched and created from the mind of a Hollywood producer, it is a real premise in estate law. Under a state that has such a statute, an individual cannot inherit if they intentionally killed the deceased for the purpose of inheriting. “Some states apply the rule only to those convicted of homicide, others apply it to manslaughter, with some allowing the 'slayer’s' descendants to receive what the 'slayer' would have inherited, and others cutting off the slayer’s family line,” explains Caitlin Carey, an estate planning attorney in the Personal Planning Group at Perkins Coie.
See Megan Gorman, What The Movie ‘Knives Out’ Gets Right (And Wrong) About Estate Planning, Forbes, December 18, 2019.
Special thanks to Carissa Peterson (Hrbacek Law Firm, Sugar Land, Texas) for bringing this article to my attention.
Sunday, November 10, 2019
Ashton Kutcher and his wife, Mila Kunis, stated recently that they plan to leave their children nothing, instead giving any money they have earned from Hollywood or their investments to charity, including sex-trafficking causes. Kutcher has invested in several tech companies with his venture capital firm A-Grade Investments, so he understands that his children are already living what he believes is a "privileged life." He specifically said that they will not be receiving any trust funds.
Half of people that are destined to receive an inheritance receive $50,000 or less, and 30% will receive between $50,000 and $249,000 according to Federal Reserve data. Completely cutting off children is an unorthodox approach; teaching them positive life-long habits that can contribute to more beneficial payoffs may be more proactive, and could bloom into long-term financial security.
See Mitch Tuchman, Why Ashton Kutcher is Leaving Nothing to his Kids, Market Watch, November 9, 2019.
Special thanks to Lewis Saret (Attorney, Washington, D.C.) for bringing this article to my attention.