When most people think of Hugh Hefner, they picture the famous Playboy bunny logo, young and buxom blonde women by his side, and his ever-present robe and captain’s hat. But people should also think of his smart business and planning sense. After all, Hefner started a unique business with $8,000 in 1953 and grew it into a massive global enterprise.
How Hefner used the resulting wealth to plan for his golden years and beyond was as unique and innovative as the way he lived his life. It certainly isn’t a road-map for everyone, but it worked out well for him.
It started at least as far back as 2010, when Hefner and his second wife, Kimberley Conrad, finalized their divorce after a 12- year separation. At this time, records from his divorce pegged his net worth at about $43 million plus the value of his Playboy Enterprises stock and real estate. Those records also revealed his yearly income to be nearly $3.5 million, with his expenses topping out at just Read more...
Princess Abigail Kawananakoa
Princess Abigail Kawananakoa, known to her friends as Kekau, is true Hawaiian royalty. Now, a bitter court battle rages over the questions of whether she is mentally capable of managing her vast fortune and whether she is the victim of physical abuse and financial exploitation.
Princess Kawananakoa, age 92, is a direct descendant to the throne of the Kingdom of Hawaii. When the United States annexed Hawaii in 1898, it ended the reign of Queen Lili’uokalani, Kawananakoa’s great-grand aunt. As the closest living relative, Kawananakoa is considered to be the heir apparent who would have assumed the throne if the monarchy had been restored.
Abigail Kawananakoa was also the beneficiary of a large fortune, thanks to her great-grandfather, James Campbell. Campbell, a 19th-century sugar cane industrialist who made his fortune in Hawaii, died in 1900 with an estate worth $3 million at the time. The Campbell Estate has grown since then, topping out over $2 billion in 2007 when the Estate was converted into corporate holdings. Kawananakoa Read more...
When British pop star George Michael, 53, whose full name was Georgios Kyriacos Panayiotou, died on Christmas Day, 2016, he was discovered by his lover, Fadi Fawaz. Tensions around George Michael’s estate have been building between Fawaz and Michael’s surviving family members, which include his two sisters and his father, ever since that day.
According to reports from England, Michael’s family members want nothing to do with Fawaz, to the point that he is not even welcome at the funeral. After months of delays before Michael’s body was released, during which it was determined he died of natural causes related to a heart condition, Michael’s sisters are planning a small, private ceremony at a 30-seat chapel.
George Michael Died Of Natural Causes
Fawaz has complained that the family left him out of funeral plans and felt that he was being blamed for George Michael’s death, until the final determination of how he died was made public. George Michael’s cousin said it was Fawaz who snubbed the family, not the other Read more...
While the final Tom Clancy estate battle may not have been as exciting as the climactic scenes in The Hunt for Red October or Patriot Games, the struggle between author Tom Clancy’s widow and four adult children over his $86 million estate is now over. The seven justices on the Maryland Court of Appeals (the highest court in Maryland) were asked to rule about what a key clause in the codicil to Clancy’s will actually meant. While it was close — four votes to three — the ruling marked a decisive victory for Clancy’s widow.
Considering that Tom Clancy is one of the best-selling authors of all time, it is ironic that the fight boiled down to how to interpret a clause in his estate planning documents that was written in an unclear manner.
The dispute centered around a provision in Clancy’s second codicil (which means amendment) to his will. The will, originally signed in 2007, divided Clancy’s assets into three trusts: one-third for his wife, another third for Read more...
Muhammad Ali was never one to shy away from battles. From heavyweight champions in the boxing ring, to the United States Government, and to the ravaging effects of Parkinson’s disease, Ali continued to fight. Now there are growing fears that the fight will follow him into the grave, with mounting reports of trouble on the horizon for his estate and his legacy.
The circumstances are ripe for an estate battle. Muhammad Ali fathered nine recognized children (including his adopted son from his most recent marriage) over the course of four different marriages. Estate disputes between the surviving spouse and children from prior marriages are the most common source of trouble in probate courts across our country. Add in the reality of Ali’s long-standing struggles with Parkinson’s disease — which can have not only physical effects, but mental as well — and there is a strong possibility that unhappy heirs may file challenges in court.
Muhammad Ali’s Estate Could Be Worth More After His Passing
And, of course, there is the Read more...
Prince died without a will. So did Tupac Shakur, Bob Marley, and many other legendary musicians. Snoop Dogg doesn’t even want a will.
The question is: Why?
It seems like such a basic concept; everyone needs a will. Otherwise the laws of the state you live in determine who receives your assets and controls your legacy after you die. Without a will, you have no say in what happens, and the chances of a family fight increase dramatically.
Even though a will is relatively simple to create, studies consistently show that between 60% and two-thirds of adult Americans don’t have a will. All states recognize a “holographic” will, which is one in your own hand-writing. They are perfectly valid as long as a couple basic conditions are met. This is not to say they are perfect by any means, but usually better than nothing. And most lawyers can create a basic will for a few hundred dollars or even less.
Even when an estate is modest is size, dying intestate Read more...
Only a very few pop artists enjoyed careers as diverse, colorful, and successful as David Bowie. He remained fascinating and on the cutting-edge, up until the very end, in ways that extended far beyond making music.
Bowie, whose real name was David Robert Jones (and who didn’t want to be confused with Davy Jones), passed away from liver cancer a mere two days after the release of his latest album, Blackstar, on his 69th birthday. Knowing that his cancer was terminable, many people believe Bowie intended his last album — featuring lyrics about mortality — to be a farewell. In fact, the tract, Lazurus, begins with the line, “Look up here, I’m in heaven,” and ends with, “Oh, I’ll be free … Just like that bluebird … Oh, I’ll be free … Ain’t that just like me?”
It’s fair to say there was no one else like David Bowie. He was truly one-of-a-kind, from his iconic music, various personas, and his ever-adapting image, to his finances.
David Read more...
As gay, lesbian, and other proponents of same-sex marriages celebrate the United States Supreme Court’s landmark ruling in Obergefell v. Hodges, millions of Americans will now be eligible for dramatically different legal rights upon the death or disability of a life partner than were previously possible.
In fact, in the field of estate planning — including planning for not only what happens when someone dies but also when someone becomes incapacitated — the landscape in the LGBT community has just changed. Gay and lesbian couples now have a level playing field, equal to opposite-sex couples.
Supreme Court Ruling On Gay Marriage Means Financial & Estate Planning Changes
The legal implications are far-ranging, from symbolic, to monetary, to life-changing. In fact, the Supreme Court opinion in Obergefell illustrates this by sharing the stories of three sets of plaintiffs involved in that case.
Gay Marriage Ruling Lead Plaintiff, James Obergefell
The lead plaintiff, James Obergefell, was motivated by nothing more than being legally recognized as the spouse of his partner, John Read more...
Pictured: (l-r) Chris Kyle, Dean Cain — (Photo by: Trae Patton/NBC/NBCU Photo Bank via Getty Images)
As the movie, American Sniper, enjoys box office success, questions and controversies surround the estate of Chris Kyle. One of his biggest critics is Jesse Ventura, the always-outspoken former professional wrestler and potential presidential candidate. Ventura recently explained in an interview with Howard Stern on SiriusXM that “Chris Kyle is not a hero. A hero must have an honor, and a liar has no honor.” Ventura feels that Kyle had a talent for shooting straight, but was merely doing his job and does not deserve hero status.
Jesse Ventura Wins Lawsuit Vs Chris Kyle – The American Sniper
Jesse Ventura has not been the only one to question the hero label placed on Chris Kyle. Bill Maher, Seth Rogan, Michael Moore and others have also made comments questioning the glorification of Chris Kyle in the movie, while Howard Stern, Sarah Palin, Rupert Murdoch and others have defended his hero status. Ventura, however, has Read more...
Yes, Tom Benson has a great deal more money and power than most of us. How much? Try $1.9 billion, according to the annual Forbes rankings. Indeed, there are only 350 richer people in the whole country. The successful owner of the NFL’s New Orleans Saints and NBA’s New Orleans Pelicans, Benson built a wide-ranging empire of car dealerships, banks, various real estate holdings, and a television station. He still actively participates in running his businesses — most of all his beloved Saints.
But for all of his wealth, prestige, and status, Tom Benson is in the midst of the same type of probate-related court battle that entangles many elderly individuals in our country. Some of Benson’s heirs do not believe the 87-year-old is mentally competent to make his own decisions any more. They are seeking to have him declared legally incompetent and protect him from what they claim is undue influence.
This court battle is rapidly turning ugly and is splitting the family in half. The offense is led Read more...