Law Talk TV Episodes
Angelina Jolie, Farrah Fawcett, Tom Petty
1Dying Angie Jolie leaves $116 M to Son Maddox – Ailing Angelina Jolie is reportedly down to 92 pounds and is leaving her film empire, called Jolie Pas, worth $116 million to her son Maddox and cutting her five other children out of the will. Maddox was on the private plane in September 2016 when there was a family fight that lead to Angie divorcing Brad Pitt. Maddox took Angie’s side.
2Farrah Fawcett Portrait for Sale – Ryan O’Neil is asking $18 million for the Andy Warhol portrait of heart throb Farrah Fawcett, of Charlie’s Angels fame. Warhol gifted the portrait to the lovebirds, but Farrah’s alma mater the University of Texas claimed Farrah willed the painting to the school. Love Story star Ryan fought off the school’s claim, and now wants to cash out without leaving the portrait to his junkie son Redman who is behind bars for attempted murder.
3Tom Petty Marketing – Tom Petty’s widow Dana and his daughters are in a food fight over tom’s first daughter from his first marriage Adria from using Tom’s likeness to peddle salad dressing. Dana claims that Tom would never have sold out despite many chances to do so. Adria says Dana has been misappropriating money from Tom’s estate and Dana says Adria is unhinged.
Huguette Clark, Frank Sinatra, Robin Williams estates
1Huguette Estate – Huguette Clark was a mysterious and reclusive New York multi-millionairess who passed away near her 105th birthday. Clark was the daughter of William Andrews Clark, who was believed to be one of the richest Americans of his time. No one saw Huggette for 22 years. She watched over by a private nurse, her attorney, and an accountant — Clark was said to have considered her collection of dolls to be her closest companions. When she has passed away, her $400 million went an art foundation that her will created and to her long-time nurse, Hadassah Peri, and various other individuals, including her attorney and accountant who each stand to receive $500,000 each.
2Frank Sinatra No Contest – Frank, married four times, had a no contest clause in his Trust because he did not want his family to fight over his inheritance. A living trust is similar to a will, but it is not subject to probate – judicial certification – and therefore does not become a public document.
3Robin Williams Image Licensing – Williams left behind an estate estimated somewhere between $50 and $100 million including art and investments, Napa Valley mansion and home in Tiburon. His image licensing, as in most situations with deceased celebrities, would normally provide the estate the opportunity for additional earnings, but Williams put a restriction clause in his Trust that bars anyone from using his likeness for 25 years after his death.
1031 Exchanges and Capital Gains
11031 Exchanges and Capital Gains. If you sell real property you can avoid a 25% capital gain tax by doing a 1031 Exchange. You will have a maximum of 45 days after escrow closes to “identify” potential replacement properties. You can identify a total of three or, alternatively, as many as you want, but the total value may not exceed 2X your 1031 funds with Accommodator.
Julia Zharova Ballet, Sumner Redstone, Prince Estate
1Julia Zharova dances ballet and talks about the Friday, March 3, 2017, Russian Celebration Reception, at 7 PM, at the SF Symphony, located at 201 Van Ness Ave, San Francisco.
2Sumner Redstone Sues Ex-Girlfriends for $150,000,000 – Billionaire Sumner Redstone is suing his two ex-girlfriends for $150,000,000 for elder abuse, saying they isolated him from his family and took his money. The 93-year-old CBS mogul says the two women, Manuela Herzer and Sydney Holland, received $150 million in gifts from him, leaving him owing taxes.
3Prince Estate Still in Dispute – The Prince estate dispute rages on, like “Let’s Go Crazy.” Prince’s estate, worth $300 million dollars is in for a long battle over who really are his heirs. Dozens of people came forward claiming to be his son, daughter, or other relative. 4) Unlimited EB-5s -Rather than limiting business people who have $1 million, to invest in America, through the EB- 5 Visa program, to 10,000 immigrants per year, there should be no limit on EB-5s.
Duke v Chesapeake Energy
1Duke v Chesapeake Energy Corp. Probate fight over $19 million oil magnate Aubrey McClendon pledged donations to Duke University proves you cannot take it with you. Wildcatter McClendon’s estate must pay the IRS first, next secured and unsecured creditors.
Prince, Michael Jackson, Menendez Brothers
1Prince Dies With No Will – Pop star Prince died recently, leaving behind an estimated $300 million estate. His financial advisers say they are looking for a will. Prince’s sister, Tyka Nelson, says there was no will. If you die without a valid will (“intestate”) then state law applies. If a family member contests the will, or if siblings can not agree about how to divide a parent’s assets, then a judge may have to intervene to settle matters. That means acrimony, delay and expense. Prince’s estate will continue to receive income for decades after his death
2Michael Jackson Estate Battle – In a battle with the IRS, Jackson’s estate has claimed that the pop icon Michael Jackson was worth almost nothing when he died. The estate claims that accusations of child molestation and rumors of heavy drug use had caused many of his sponsors to drop Jackson. His estate claims he was only worth $2104 when he died, in contrast to the IRS’ estimate of $434 million.
3Menendez Brothers Broke – The Menendez brothers have said they are broke. Valued at $14.5 million when the case broke, the Menendez family estate has almost entirely been depleted by taxes and legal fees. All that remains of an estate that consisted of prime Beverly Hills real estate and millions of dollars in entertainment industry stocks is one house in Calabasas, a condominium in New Jersey, some jewelry, a few pieces of furniture and $651,948 in cash. Nearly $11 million has already been spent, about half on taxes and lawyers’ fees for the defense of sons Lyle and Erik Menendez, who admit that they killed parents Jose and Kitty Menendez.