Articles Posted in Current Affairs

7.19.19When Gloria Vanderbilt died at age 95, it was truly the end of an era. Her life included the high society world of old New York and the disco scene at Studio 54. However, her son Anderson Cooper reports that he won’t inherit any money from his mother.

Gloria Vanderbilt’s life in the spotlight began when she was very young. She remained in public view through a long and fascinating life. As a child, she and her trust fund were headlines in an epic divorce. Now that she has passed, speculation has reemerged about what happened to the Vanderbilt money. According to Trust Advisor’s article, “Does A Long Island Landscaper (And Not Anderson Cooper) Inherit Gloria Vanderbilt's Fortune?” the money may be long gone.

It’s reported that she had to sell off a few houses to pay the tax bills. Anything left behind is well-hidden in some estate planning documents. With her family fortune dwindling over time, Vanderbilt’s fashion empire came and went. However, the distributions kept coming to fill the holes.

7.15.19There are definitely advantages to all the perks of fame and fortune that come with being a celebrity. However, aging celebrities are just as vulnerable as regular people, when it comes to elder financial abuse. The major difference is that their stories are reported in the news.

Recent news stories about both the late legendary Marvel comic book creator Stan Lee and ‘60s psychedelic artist Peter Max are sad reminders that elder abuse can happen to anyone, no matter how famous or talented they are. There are a few striking similarities in what happened to Peter Max and Stan Lee, as reported by Next Avenue in the article “Stan Lee and Peter Max: What to Learn From Their Elder Abuse Cases.”

Both of these highly creative and successful men were taken advantage of by people who they trusted and who they were close to. In Stan Lee’s case, Keya Morgan, his former business partner and caretaker, was arrested for elder abuse, false imprisonment and grand theft of an elder dependent adult. The family says Lee was isolated from the family and then moved out of his home. There is now a restraining order against Morgan.

5.10.2016Once again, the value of image and other intangibles will overshadow any other issue with a celebrity estate that is expected to break earnings records.

The countdown on the estate tax liability for Prince's fortune has already begun, but arriving at the final number will not be easy and certainly will not be resolved without significant legal action.

For those involved with Prince's estate, calculating just how big Uncle Sam's bite may be a real challenge. Some say it's next to impossible and might also fuel a lengthy feud between the government and the estate, as more than half the estate's value could be forfeited in taxes.

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