San Antonio, TX Estate Planning

Late Art Collector Leaves $100,000 Tip, Boyfriend Contesting Will

Photo: Christie's (inset); Helayne Seidman

The long-time boyfriend of a filthy rich art collector who left $100,000 to two waitresses is fighting to get himself a much larger serving of his late lover’s fortune.

Art collector Robert Ellsworth’s boyfriend is not actually disputing that over-the-top tip. But he is disputing a good portion of his late partner’s will.

When Ellsworth died after a fall in 2014, a will he created in 2013 was offered into probate. The will was most remarkable for the $100,000 he left to a pair of waitresses at his favorite bar. The will also left $10 million to Ellsworth’s boyfriend, Masahiro Hashiguchi, who also received a home, $5,000 a month and regular payments from a trust. 

After Hashiguchi passes away, any assets left in the trust will be distributed to charitable organizations including Harvard University and the Metropolitan Museum of Art.

Despite what would seem like an extremely generous bequest to most people, Hashiguchi is challenging the 2013 will. The New York Post has the scoop in an article titled "Big-tipping bar regular's boyfriend fights for more than just $10M."

Hashiguchi claims that Ellsworth lacked the mental capacity to create the will because of dementia and alcoholism. He also claims that the lawyer who drew up the documents coerced Ellsworth into it so that the lawyer could profit from being the trust administrator.

Hashiguchi has submitted an earlier will from 2010 that leaves almost all of Ellsworth’s $200 million fortune under the control of Hashiguchi.

While it is still too soon to know what the court will decide in this case, one thing is certain. The waitresses will keep their large, final tip as both wills provide for it.

It’s important to have your estate documents reviewed by a professional with your best interest in mind. Contact us today to set up an appointment to review your current plan.

Reference: New York Post (May 14, 2015) "Big-tipping bar regular's boyfriend fights for more than just $10M." 

$788,000 Estate with No Heir to Claim It

 

Kathleen Hilda Ryan, a woman with Mullingar roots, died in Greenwich in the UK in October 2013, at 83 years of age. She left no will, but she did leave behind a small fortune of $788,000 (£500,000). Since then, no relatives have stepped forward to claim the inheritance.

Kathleen had no children of her own and no living siblings.

In fact, as far as anyone knows, she had no living relatives at all. However, it is believed that her aunt, Lizzie, emigrated from Ireland to New York at some point.

Thus, the search is on for what happened to Lizzie and whether she had any children.

If any of Lizzie's children are found, then they would inherit the estate. If no one is found in 30 years, then the estate will become the property of the British Crown.

Many people have submitted claims to being the descendants of Lizzie, but thus far no one has been able to prove it.

Irish Central reported the story in an article titled "Is your ancestor Lizzie Ryan from Westmeath? You could inherit $788,000."

In the United States, the law is basically the same with one big exception. If no relative is found the estate does not go to the British Crown, but rather it passes to the state in which the estate property is located.

Thus, unless you want your estate to become the property of state government, it is very important that you have some kind of estate plan, especially if you do not have any close relatives who can be easily found.

Of course, if you are descended from a Lizzie Ryan who emigrated from Ireland to New York in the mid-1900s, you might want to stake a claim to the estate of Kathleen Hilda Ryan while you can.

It's never too early to protect you and your heirs. Click here to read more about what is involved with setting up your estate plan.

Reference: Irish Central (May 16, 2015) "Is your ancestor Lizzie Ryan from Westmeath? You could inherit $788,000."

Bartender - How About a Round of Drinks for My Heirs?

A dying man left money in his will as a surprise for his best mates, so they could go on a boozy holiday together.

Roger Brown of Swansea, England recently died of prostate cancer at the age of 67. It came as a surprise to his friends that Brown left them a small sum of money with directions that they use it to go on a trip together to a European city and have drinks there on him.

You see, Brown had visited the same pub for over 40 years and drank there with the same group of people.

They all became close friends.

The Daily Star reported the story in an article titled "Cheers: Dead man buys last round for best mates by leaving surprise money in his will."

This small bequest was perfectly tailored for what the men did together.

It gave an appropriate way for Brown's friends to remember him.

You could do something similar in your estate plan by leaving something to people that you are close to. That does not mean that you have to leave your friends money to buy beer. You should leave something appropriate for what you and your friends do together.

When making your estate plan, keep in mind that you do not have to just give everything to your family. You can also give small sums to others who have touched your life.

It's never too early to protect you and your heirs. Click here to read more about what is involved with setting up your estate plan.

Reference: Daily Star (May 6, 2015) "Cheers: Dead man buys last round for best mates by leaving surprise money in his will."

Busted! Will Forgery Suspect Arrested

A Walnut Ridge woman was arrested Thursday for forging a will after someone else had died.

KAIT reported the story in an article titled "Woman arrested for forging new will after someone died."

An Arkansas woman, Kimberly Dement Dotson, has been arrested for allegedly forging the will of an elderly person.

She is believed to have forged the will after the victim passed away.

Naturally, the will stated that she should receive the entire estate.

Dotson told the court that the victim had no living relatives, which was not true. She also stands accused of using the man's debit card and withdrawing money from his bank account for her own personal use.

This is the latest incident of something that happens all too often.

It is very important that family members remain diligent and ensure that someone is not taking advantage of their elderly relatives.

If a relative passes away, it is also important to act quickly when filing wills with the court so that anyone who forges a different will can be caught before too much damage is done.

To learn more about protecting yourself and your elderly relatives, speak with an experienced estate planning (or elder law attorney) about what you can do.

For more information about estate planning in San Antonio, Texas and the surrounding areas click here to contact us.

Reference: KAIT, Region 8 Newsdesk (May 9, 2015) "Woman arrested for forging new will after someone died."

Another Celebrity OOPS – No Will for Greg Plitt

Bravo's fitness star Greg Plitt -- who was hit and killed by a commuter train -- did not have a will, and now his family is trying to ensure his $800,000 estate ends up in the right hands.

In January, Bravo TV star Greg Plitt died while shooting a commercial for an energy drink. The premise of the commercial was that the drink gave Plitt the energy to outrun a speeding train like Superman. 

Unfortunately, while attempting to perform this stunt, the train hit Plitt and killed him. 

Now, TMZ reports that Plitt passed away without an estate plan in an article titled "Bravo's Greg Plitt Had $800K in the bank...BUT NO WILL."

As Plitt had no spouse or children at the time of his death, by law his estate will go to his parents after any creditors are paid. Perhaps this is what Plitt would have wanted done with his estate, but we will never know. 

By not having an estate plan, Plitt forfeited the ability to have a say in who gets his assets. 

Do not make the same mistake. Contact an experienced estate planning attorney and take care of business because one never knows.

It's never too early to protect you and your heirs. Click here to read more about what is involved with setting up your estate plan.

Reference: TMZ (February 24, 2015) "Bravo's Greg Plitt Had $800K in the bank...BUT NO WILL."

Don’t Forget to Sign Those Documents!

A missing signature is at the heart of a legal battle in Australia. A man's estranged wife, who wanted to remarry, had served signed divorce papers on him months before his death but he had not signed them. And without a will, his estate goes to her …

Signing on the dotted line makes all the difference – especially when it comes to divorce and estate planning.

In Australia a young man and his estranged wife had both moved on. He was living with another woman and she wanted to get married to another person. 

The wife signed divorce papers and gave them to the young man. The two divided their marital property and went on with their lives. Several months later the man passed away. 

However, he had never signed the divorce papers he was given. 

This meant that under Australian law the two were still married. As the man did not have a will or other estate plan, by law his estate goes to his estranged wife. 

The Sydney Morning Herald has more on this story in an article titled "Family battle of wills over missing signature exposes the limitations of estate law."

Two lessons can be learned from this case. The first is that you have to sign legal papers for them to be official. If you are not sure what legal documents mean or whether it is in your best interest to sign them, then consult with an attorney. The second lesson is that you need an estate plan. 

If the man in this case had a will or other estate plan, his estate would not have gone to his estranged wife.

Because of these mistakes, a fight over the man's estate ensues in court. So far, every court to review has said that the estranged wife gets the estate because the couple was not legally divorced.

It’s important to have your estate documents reviewed by a professional with your best interest in mind. Contact us today to set up an appointment to review your current plan.

Reference: The Sydney Morning Herald (February 28, 2015) "Family battle of wills over missing signature exposes the limitations of estate law."

6 Motives for an Ethical Will

Unlike regular wills or trusts, which define how assets are conveyed to heirs, an ethical will conveys intangible values and guidance to one’s family. Consider writing an ethical will — also known as a legacy letter — for six reasons.

As we age we do not just accumulate property that needs to be passed on to future generations. We also accumulate life lessons and wisdom that would be helpful to pass on too.

Ethical wills are not a new concept. They have their roots in ancient Jewish tradition. They also resemble the time honored tradition of writing words of wisdom for future generations.

Recently, Life Health Pro published a list of reasons that people should consider ethical wills titled, "6 reasons every advisor needs an ethical will."

The list includes:

1. To provide a vehicle by which you can leave something behind and be remembered.
2. Document history and stories from which others can learn.
3. To help clarify your values before you pass them on.
4. Increase your own self-awareness and understanding.
5. Allows you to accept past mistakes and come to terms with your own mortality.
6. Gives you a sense of completion and accomplishment.

If those sound like goals that you are interested in, then you should consider making an ethical will a part of your estate plan. However, do not make the mistake of thinking that an ethical will can replace the rest of your estate plan.

Contact us to determine if an ethical will would accomplish your goals and align with your values.

Reference: Life Health Pro (February 9, 2015) "6 reasons every advisor needs an ethical will."

A $300 Million Estate Planning Lesson

In the last decades of Huguette Clark’s life, much of her $300 million fortune was spent and her valuable belongings sold. The best-selling book Empty Mansions is full of intrigue, deception and, ultimately, tragedy — when she finally died at 104 years old, Clark’s end-of-life wishes were challenged by relatives, and many of Clark’s millions went to lawyers instead funding a charity.

Fox Business recently published an interview with the book's author, Bill Dedman, titled "How an Elderly Heiress Lost Her $300 Million Fortune."

Huguette Clark was the heiress to a copper mining fortune worth $300 million. However, by the time she passed away, much of the money was gone and the rest of it was lost in the battle over Clark's estate. Despite Clark expressly not wanting to leave her fortune to her distant relatives, they got some of it anyway by challenging her will in court.

The full story is detailed in the book Empty Mansions.

Nevertheless, the Fox Business article contains a list of estate planning lessons for those who do not want to repeat Clark's mistakes.

The list of “mistakes” to avoid includes:

• Signing a will or trust is not a substitute for a full estate plan. Estate plans need to be comprehensive and flexible.
• Do not leave a fortune to a new charitable foundation. Clark wanted to leave her fortune to charity. However, because the charitable foundation was created in her will, that foundation was not represented in challenges to her will.
• If you plan to cut out your relatives, take the proper steps to make your estate plan more bulletproof. Clark left her will open to challenges from the very people she was trying to disinherit.
• Do not leave assets to your attorney or accountant. You should always have your estate plan prepared by people who do not have a stake in it.

This list contains very practical advice everyone planning his or her estate should heed, even if you do not have a copper mining fortune to pass along.

Contact the Voeller Law Firm to have your personal objectives accomplished by trusted attorneys.

Reference: Fox Business (February 19, 2015) "How an Elderly Heiress Lost Her $300 Million Fortune."

Dispute over Ernie Banks’ Will

A dispute between the family of Ernie Banks and the woman who cared for him during his final years intensified Monday with his twin sons asserting that the caretaker coerced the Chicago Cubs baseball great into signing a new will giving her all his assets.

Ernie Banks, a.k.a. “Mr. Cub”, suffered a protracted illness before his death. During that time he was cared for by a friend, Regina Rice. Initially, Banks' family praised Rice and thanked her for looking after the baseball player in his last months. However, it did not take very long after the funeral for the family and Rice to get involved in two disputes.

First, Banks' widow went to court to stop Rice from having Banks' remains cremated. For now that might be a moot point as no one claims to know where Banks' body is currently located.

The second dispute centers on some estate planning documents Rice allegedly had Banks sign last October. As well as making Rice his power of attorney at that time, Banks also signed a new will to leave his entire estate to Rice. His wife and children were specifically cut out of any inheritance with the only reason given that they would know why.

Banks' sons, however, through their attorney claim not to know “why” and claim that Rice coerced Banks into signing the will when he was too sick to do so.

ESPN Chicago reported the story in a recent article titled "Suitability of Banks' caretaker faulted."

This case is still in its early stages. Accordingly, it is too soon to speculate how it might turn out.

Unfortunately, this is not an unusual story. Anytime an elderly, ill person rewrites a will to exclude family, the will is likely to be challenged.

To avoid missteps, especially when it comes to changing your estate plan, be sure to contact us for guidance on how you can avoid the courthouse front door.

Reference: ESPN Chicago (February 16, 2015) "Suitability of Banks' caretaker faulted."

Protect Your Estate Plan through Document Storage

How important [is it] to preserve one’s original estate planning documents? Where should one keep these documents?

If you've gone to all the hard work of preparing your will and establishing an estate plan, the last thing you want to do is lose the documents.

Before a will can be submitted to probate, the original will must be located. If the original will cannot be found, it is assumed to have been revoked if the deceased was the last person known to have been in control of it.

Why?

This is because a will can easily be voided by tearing it up or throwing it in the fire. The law assumes that the deceased did something like that. This makes the safe storage of wills extremely important. The question then becomes where to store your will?

In an article titled "Estate Planning: Importance of original estate planning documents," Lake County News suggests that a bank safety deposit box is a good place to store your original will and other estate planning documents.

While that is true, it comes with a caveat.

Someone else needs to be on record at the bank having lawful access to the box. Otherwise, the bank will require a court order to grant access.

Ask your estate planning attorney where he or she suggests you store your important estate planning documents. Some attorneys are happy to keep the originals for their clients, while other attorneys are reluctant to assume that liability.

If your attorney does not provide that service, then he or she likely will know a safe place in your area.

Reference: Lake County News (November 15, 2014) "Estate Planning: Importance of Estate Planning Documents"