March 4, 1990 |
A line in the obituaries of Malcolm Forbes, the owner of Forbes Magazine who died last weekend, may have started many Americans thinking about their own family finances. Forbes' sons will inherit the family's business magazine, the articles said, but also a potential tax liability of 55% of the firm's value. To be sure, not many Americans compared their nest egg to Forbes' estate--a business that could be worth as much as $1 billion.
February 21, 1988 |
The public is about to get what it always wanted from the late Andy Warhol: a good look at his private life. One of the 20th Century's most celebrated and secretive men, the influential Pop artist made a cult of his fame, but only his closest associates and friends knew the truth: He was born to shop and he died as a pack rat.
CALIFORNIA | LOCAL
April 3, 1994 |
The Menendez brothers have said they are broke. It turns out they are right. Initially valued at $14.5 million, the Menendez family estate has almost entirely been run through, according to recently unsealed probate records that explain how the millions were lost to taxes, legal fees, inflated real estate appraisals and even bad karma.
April 27, 1988 |
Liberace's attorney testified Tuesday that he made more than $400,000 in legal fees in 1987 for his work on the late entertainer's estate and trusts. Beverly Hills attorney Joel Strote defended the fees as reasonable for the amount of work he did as executor of Liberace's estate and trustee for two trusts set up by the famed pianist. "This was anything but a windfall," said Strote, who billed the estate $58,475 in one month alone.
May 28, 2000 |
You may not need a will. Or you may want an elaborately designed trust drafted with the help of lawyers and bankers. Here is a quick guide to common inheritance situations: * Suppose your uncle just died without a will, leaving your aunt and cousins as heirs. Assets such as a home, a car and bank accounts that your uncle and aunt held as joint tenants with the right of survivorship would continue to be held by your aunt. Insurance policies would be paid out to whoever is named as a beneficiary.
January 15, 2007 |
Country songwriter Darrell "Wayne" Perry made his fortune with hits such as Lorrie Morgan's "What Part of No" and Tim McGraw's "Not a Moment Too Soon." Now, nearly two years after his death, a dispute over his estate is unfolding like a heartbreaking country ballad. Perry's children have accused their evangelist aunt of persuading him to decline medical care in favor of prayer for the throat cancer that killed him.
August 22, 1999 |
Ira Cohen still doesn't think of himself as a millionaire, but, as he discovered a few months ago, it doesn't take that much these days for your assets to add up--big time. The two-story tract house he owns in Glendora was worth several hundred thousand dollars. Thanks partly to the stock-market boom, there was a surprising several hundred thousand more in his 401(k) accounts. And he bought a vacation lot in Tucson that has appreciated in value. His total net worth: $1 million-plus.
December 27, 1992 |
Tough new measures are under study by the State Bar of California that would prevent attorneys from preparing wills and trusts that bequeath them substantial gifts from their clients' estates. State Bar President Harvey Saferstein said he has asked a committee that reviews the professional code of conduct for the state's 135,000 lawyers to decide if the bar should adopt provisions to discipline attorneys for drafting wills and trusts that bestow large gifts of stock, money or property on them.
April 20, 1988 |
The executor of Liberace's estate said he made a trip to Switzerland a year ago to check out the late entertainer's Swiss bank account, calling the trip "a very sensitive mission." Joel Strote said he wanted to check the files in Zurich personally because he was concerned "that the income may not have been reported." Strote did not expand on the statement. His testimony continued Tuesday afternoon.
CALIFORNIA | LOCAL
December 24, 2004 |
Marlon Brando's former business manager filed a $3.5-million claim against the Oscar-winning actor's estate Thursday, alleging that he had sexually harassed her throughout her employment and breached their contract when he removed her as a co-executor of his will, just days before his death. The claim, submitted by attorneys for Jo An Corrales of Kalama, Wash.