Posts Tagged ‘michigan’

Tom Carvel was the creator of soft serve ice cream and one of the founding fathers of the franchise system in America.  When his ice cream truck suffered a flat tire in New York in 1934, he sold his melting ice cream from a parking lot.  Those humble beginnings led to the first soft-serve ice cream store and eventually grew into the Carvel ice cream chain with 850 locations.  Carvel died in 1990 at age 84, with a fortune conservatively estimated at around $80 million.  The legal fighting started soon thereafter.   And it hasn’t stopped yet

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A tale of fortune, fraud, ice cream, and murder?

The Brooke Astor trial was a fascinating portrayal of greed and exploitation involving New York’s upper, upper crust society.  You can read The Probate Lawyer Blog’s coverage of the Brooke Astor case here .  Brooke Astor’s son, Anthony Marshall, and one of her attorneys, Francis X. Morrissey, Jr., were convicted of fraud, larceny, conspiracy and a host of related charges related to management of her financial affairs and changes to her will that occurred after she was diagnosed with Alzheimer’s disease. Because of this, Anthony Marshall, who is 85 years old, faces up to 25 years in jail.  But whether he actually sees any jail time is a big question.  He will certainly appeal the verdict and his lawyers will pull out every trick in the book to try to keep the millionaire from seeing the inside of a jail cell

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Will Brooke Astor’s son ever see jail time? Should he?

CNN and Fortune Magazine recently featured a fascinating article  about the legal battle between John Randloph “Bunky” Hearst, Jr., and his ex-wife.  Bunky is one of the grandsons of famed media mogul William Randolph Hearst, who left behind the powerful Hearst Corp.  William Randolph Hearst died in 1951 with a trust and estate worth about $400 million in today’s dollars.  But, more importantly, his trust established a corporate framework that enabled his board of trustees to expand the Hearst holdings into a multi-billion dollar media empire, owning hundreds of magazines, newspapers, television stations, 20% of ESPN, and more.  Here is the wikipedia page about Hearst Corp. that overviews how expansive it is.  William Randolph Hearst’s estate plan is a great example of how trusts can be used to maximize financial legacies and protect your heirs.  While most people don’t have to establish complicated boards to manage extensive business holdings like Hearst, everyone can learn a lesson here.  Livings trusts are the best way to pass along assets (be they vast or limited) because they can be individually tailored to meet the needs of any family.  Do you have modest assets and children who are good with money?  Maybe you want your trust to leave it to them all at once.  Or do you have a greater net worth, or perhaps heirs who would do more harm than good with money left to them?  If so, consider following William Randolph Hearst’s example.

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Hearst Family Legal Battle teaches important lessons

Glenn E. “Bo” Schembechler, Jr., is one of the most respected names in the history of college football.  And, no, I’m not saying that just because I graduated from the University of Michigan (twice).  He built one of the most successful football programs around, and it excelled for decades. Coach Bo died of heart disease on November 17, 2006, at age 77.  He was survived by his second wife, Kathryn, his son, Glenn III, and two children of his beloved first wife, Millie, whom Bo had adopted (a third adopted son died before him).

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Bo Schembechler’s son sues his stepmom over trust

The Michael Jackson probate dispute between his mother and his two executors has been active since it started this summer.  But it looks like it’s about to really get heated up. For starters, Katherine Jackson, Michael’s mother and a primary beneficiary (along with his children and unnamed charities), has been challenging decisions made by co-executors John Branca and John McClain on a regular basis.  She had asked for, and received, permission from the judge to allow her to challenge them based on conflict of interest and undue influence without jeopardizing her rights as a beneficiary under the “no contest clause” of Jackson’s will and trust

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New evidence coming in the Michael Jackson Estate case