Treated Like a Dog?
You may remember the surprising news that the late Leona Helmsley left a $12 million bequest in her will for her Maltese dog named Trouble. With the large bequest, Helmsley’s will provided that Trouble would continue to enjoy the same opulent life even after Helmsley’s passing. In addition to the money, Helmsely’s will also provided that Trouble would be buried next to Helmsley in the family mausoleum. Helmsely’s will also set aside an additional $3 million for cleaning and maintenance of the mausoleum. With the $12 million gift, Trouble was apparently the recipient of one of the largest single individual trusts from Helmsley’s fortune, estimated to be worth $4 billion.
Now it appears that poor Trouble will not receive the entire gift and have to survive on a mere $2 million. Helmsley’s grandchildren alleged that Helmsley was not mentally competent when she signed the 2005 will which left the large bequest to Trouble. According to this article in the New York Post, a Manhattan judge approved an agreement to reduce Trouble’s inheritance from $12 million to $2 million. Under the new deal, $10 million of Trouble’s bequest will go to Helmsley’s large charitable foundation.
It seems only appropriate that Leona Helmsley, dubbed by some as the “Queen of Mean” would have an equally controversial animal. According to a former housekeeper, Trouble slept in Helmsley’s bed and was fed chef-prepared meals in porcelain bowls and silver trays. This same housekeeper actually sued Helmsley for nerve damage she allegedly suffered after being repeatedly bitten by the animal. Trouble’s care taker estimated Trouble’s annual expenses at $190,000 including an estimated $100,000 for the dog’s security squad (which was apparently warranted because of the alleged death threats against Trouble). Given that Trouble is already nine years old, Trouble’s trustees did not oppose the settlement, apparently believing $2 million was adequate for Trouble’s care.
Ray Charles' Management Problems Continue After his Death
Children of legendary recording artist Ray Charles are in a battle over the management of the late singer’s assets. The estate’s management and family member’s wishes have clashed according to a recent article published in the Los Angeles Times. The issue stems from the children’s’ wishes to handle the marketing of their father’s name and image, and assert a greater voice in the way his charitable foundation is run.
In 2002, Charles gathered his children and told them that the bulk of his assets would be left to the foundation, but that $500,000 would be placed in trusts for each of them. Charles also indicated that there might be more for them “down the line,” which led some of his children to believe that they would own the right to profit from licensing his name and likeness. In 1992, prior to his passing, Charles established a partnership with two of his children to market apparel and other items bearing his likeness. Charles’ estate plan, however, is apparently silent with respect to the rights associated with the use of his image, rights that his children contend he pledged to them.
The focus of the family’s complaints is Joe Adams, Charles’ long-time manager who started working for the singer in the early ‘60’s. Adams has served as the head of Ray Charles Enterprises, director of Charles’ foundation and also trustee of the children’s trusts. Adams’ stewardship of Charles’ foundation had also been challenged by Deputy Attorney General Wendi A. Horwitz, after learning that Adams was serving as chairman, president and treasurer of the foundation, which is in violation of state law.
During Charles’ career, Adams was seen by many as wielding too much control over the star. Now it appears that Adams may have too much unchallenged power over the late musician’s estate. Despite his nickname—the Genius—it appears that Charles’ management problems have continued following his demise.
