Here Are Some Juicy Estate Stories
For those who think that researching estate law is dull, the answer is that the conclusion is usually true. However, with some effort, I have been able to uncover what might be considered an almost tabloid version for the curious at an unassuming site titled the “Wills, Trusts & Estates Prof Blog.” The Blog reports stories already in the media which were referred to it. Since we might all be interested in a mid-winter “pick me up”, here are some strange but true estate law stories.
- The Case of the Radically Underinsured Not-Yet_Born Child. It seems Kim Kardashian’s name cannot be ignored even when that is your preference. However, in a recent edition of the Blog, it appears that Kris Jenner, who, after further research I discovered is Kim’s mother, demanded that the rap singer, Kanye West to whom Kim would be engaged except that she is currently still married to Kris Humphries, the NBA player, should obtain a $10 million life insurance policy on Kim and Kanye’s yet unborn child naming the child as beneficiary and Kim as contingent beneficiary. Using my analytical estate planning mind, I have to say first that the life insurance sum requested is grossly inadequate. Consider that Kim’s August wedding alone to Kris Humphries cost $10 million although they obtained almost $18 million selling rights to it and, therefore, made money on their wedding, and the projected cost of her to-be-held nuptuals to Kanye West for which they have hired a wedding planner at a cost of $500,000, is $20 million. The total life insurance on their child would not even equal half the cost of their wedding. Kim or someone would need to be named trustee for the trust for her child and I question whether a child who is yet to be born could be named as beneficiary. All of this leaves aside questions of morality and legality which would not seem to be major issues for the family in question so long as these issues receive due attention in the media – for which I apologize.
- Belgian Royalty Dodges Taxes. Frankly, I did not realize that Belgium has a Queen but apparently Queen Fabiola of Belgium, who has been receiving a million dollar plus annual pension since her husband, King Baudouin, died in 1993 has been engaging in some fairly sophisticated tax planning. The complaint is that last September, during the depths of the European monetary crisis, she established a foundation allowing funds to be channeled to relatives without payment of inheritance taxes. Although legal, it seems some Belgians are not especially thrilled with continued support of the monarchy and King Albert, II, her brother in law was not even informed in advance. The Queen claims she needs the pension for household expenses including salaries. This might mean servants.
- The Very Unlucky Lottery Winner. Urooj Khan, a 46 year old Chicago lottery winner for $425,000 in July, 2012, must have thought he was the luckiest man in the world. A day after claiming his funds, he died of cyanide poisoning. His brother and sister went to probate court to obtain an order freezing funds when his widow tried to negotiate a check. His widow, Shabana Ansari denied any involvement and agreed with the Cook County Medical Examiner that her deceased husband’s body be exhumed. According to Ansari, four people ate what appears to have been Mr. Khan’s last meal which was taken at home. These were Mr. Khan, his teenage daughter, his wife, and his father-in-law. News reports stated that his father-in-law had federal tax liens against him totaling $124,000. This adds to the list of some unfortunate lottery winners.
- Be Careful When Quoting William Faulkner. Apparently the author William Faulkner has strong advocates protecting his copyrights long after death. In a suit against Northrop Grumman Corporation and the Washington Post Company, Faulkner Literary Rights challenged a quote taken from a 1956 Faulkner essay for Harper’s Magazine. The quote, “We must be free; not because we claim freedom, but because we practice it,” was used in a full page ad of Northrop Grumman published by the Washington Post and resulted in a settlement. Sony Pictures was sued for a quote in Woody Allen’s movie, “Midnight in Paris,” where Owen Wilson states “The past is not dead. Actually, it’s not even past…” The quote from Faulkner’s publication “Requiem for a Nun” published in 1950 was “The past is never dead. It’s not even past.” The moral may be to find another author to quote.
For more, listen to “50+ Planning Ahead” a weekly radio program on WCHE 1520 on every Wednesday from 4:30 pm to 5:00 pm with Janet Colliton, Colliton Law Assocs., PC, and Phil McFadden of Home Instead Senior Care.
About the Author Janet Colliton
Esquire, Colliton Law Associates, P.C. Janet Colliton has practiced law for over 38 years, 37 of them in Chester County, Pennsylvania, a suburb of Philadelphia. Her practice, Colliton Law Associates, PC, is limited to elder law, Medicaid, including advice, applications and appeals, and other benefits planning including Veterans benefits, life care and special needs planning, guardianships, retirement, and estate planning and administration.