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Mark Zuckerberg And His Charitable Plan Deserve Praise, Not Scorn

As if founding Facebook  and reaching #16 on Forbes’ ranking of the world’s billionaires wasn’t impressive enough, Mark Zuckerberg – along with his wife, Dr. Priscilla Chan — is out to change the world for generations to come.  But not everyone thinks his motives are pure.   Zuckerberg and Chan

Zuckerberg and Chan announced their decision to transfer 99% of their Facebook stock to a new charitable-based venture called the Chan Zuckerberg Initiative.  This will do this through a new limited liability company, with the stated purpose to “to join people across the world to advance human potential and promote equality for all children in the next generation.”  The stock will be handed over throughout their lifetimes, with no more than one billion dollars in stock gifted or sold annually for the next three years, according to a recent Facebook filing with the SEC.  Zuckerberg and Chan write that the value of the stock, presently, is about $45 billion, but that will likely grow over time considering their youth (Zuckerberg is 31; Chan is 30).

Zuckerberg and Chan believe that they have a “moral responsibility to all children in the next generation.” They point to society’s obligation to help future lives. By explaining their motivations to their newborn daughter, Max, through an open letter for the public to read on Facebook, Zuckerberg and Chan seek to encourage others to follow their charitable lead. Many public figures, like Warren Buffett, Bill and Melinda Gates, and others, quickly applauded the move.

But some questioned Zuckerberg and Chan’s charitable intent or even gone so far as to accuse them of tax evasion.   They claim that the tax benefit of donating appreciated assets, like Facebook stock, in a manner that avoids capital gains taxes on the appreciation harms society rather than benefiting it. They also point to the choice to use a limited liability company rather than a charitable foundation as proof of Mark Zuckerberg’s less-than-noble intent.

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Can Prenuptial Agreement Protect Kaley Cuoco From Ryan Sweeting's Support Request?

The news broke recently that the divorce proceeding between Big Bang Theory actress Kaley Cuoco and professional tennis player Ryan Sweeting just became a great deal more complicated than originally reported.  Kaley Cuoco and Ryan Sweeting

Perhaps that shouldn’t be surprising.  After all, Cuoco recently was named as Forbes’ highest paid TV actress for 2015 (in a tie with Sofia Vergara), with $28.5 million in earnings, including an impressive payday of one million dollars per episode.  Comparatively, Sweeting  — who boasts only one career tournament win and has been battling injuries — has an estimated net worth of only two million dollars, about $42 million less than Cuoco’s reported net worth.

So why should anyone be surprised that the spouse worth less is asking for financial support from the big bread winner?

Kaley Cuoco played a smart game from the start. Even though she and Ryan Sweeting were married after only six months of dating, Cuoco and Sweeting had a prenuptial agreement, signed on November 20, 2013 — more than a month before their wedding on December 31, 2013. With a good prenup in place, a drawn-out match over financial issues like spousal support can be largely avoided.

Note the important qualifier here — “largely” avoided is not “completely” avoided. The existence of a prenuptial agreement does not end the match. It certainly gives Cuoco a big lead in the battle over spousal support though.

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Celebrity Legacies: James Dean Estate Has A Cause

James Dean was the iconic rebel without a cause.  The James Dean Estate, on the other hand, has been driven by a cause -- maximizing the value of his image and likeness.  But was it taken too far when his heirs sued Twitter?  James Dean

This is installment #16 of our Estate Planning Lessons From The Stars series, which is based on the Celebrity Legacies TV show for which we provide commentary as the estate legal experts.  See other articles in the series here.

Perhaps no Hollywood legend has lasted so long, and left such an impact, as James Dean.  After dying in a tragic car crash at age 24, in 1955, Dean continued to appear among the top of highest earning deceased celebrities year after year, including being in the top ten as recently as 2012, when his estate earned about five million dollars.  Not bad for actor who only starred in three major films.

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Celebrity Legacies: No Easy Ride For Dennis Hopper's Estate

When is a divorce more than just a divorce?  When famed actor Dennis Hopper battled through an ugly divorce against his fifth wife, Victoria Duffy-Hopper, the battle was more about Dennis Hopper's estate than anything else.  So perhaps no one should be surprised that the war turned uglier once Dennis died.  Easy-rider-dennis-hopper

This is installment #15 of our Estate Planning Lessons From The Stars series, which is based on the Celebrity Legacies TV show for which we provide commentary as the estate legal experts.  See other articles in the series here.

The Easy Rider star had anything but an easy ride during the last few months of his life.  He passed away from cancer at age 73, smack-dab in the middle of his divorce war with Victoria, who was actually six years younger than Dennis Hopper's oldest daughter.

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Answering Questions About Whitney Houston's Millions And Bobbi Kristina's Death

After a six-month coma, the life of Whitney Houston's daughter Bobbi Kristina Brown, has tragically ended.  Just how tragic her short life really was may not be known for some time.  But the details that have emerged are nothing short of heart-wrenching, if the allegations of a recently-filed lawsuit filed on behalf of Bobbi Kristina prove to be true.  Bobbi Kristina

According to that lawsuit, Whitney Houston's millions were at the heart of this tragedy.  But what role did they really play in Bobbi Kristina's death?

It was on January 31, 2015 that Bobbi Kristina was found unresponsive, unconscious, and face down in a bath tub.  That was nearly three years from the day her mother famously drowned, also in a bathtub.  Bobbi Kristina was placed into a medically-induced coma and reportedly suffered severe brain damage.

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Lessons Learned From The Tom Benson Competency Battle

As owner of the New Orleans Saints and Pelicans, Tom Benson, is used to being in control. He worked his way up from humble beginnings, starting as a used-car salesman, to owner of multiple car dealerships, banks, real estate, and a television station. Of course, Benson is most well-known for owning the NFL’s Saints franchise, which he purchased in 1985. Since then, he has successfully managed the Saints through the lows of Hurricane Katrina to the highs of winning the Superbowl. In 2012, Tom Benson added the NBA’s Hornets (now named the Pelicans) to his stable of businesses. Forbes estimates his net worth to be just shy of $1.9 billion.   Tom Benson

For a man with that much success and business acumen, there can be no doubt that one of the things he would enjoy least is someone suggesting he’d lost his wits. Especially when that someone is his hand-picked protégée and granddaughter, along with his daughter and grandson. And even more so when he is brought into court through a legal proceeding about whether he is competent enough to make even basic decisions about his person or property. Add in the media scrutiny that follows for a man of his stature and it is not surprising that Tom Benson is very unhappy.

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What's Driving The B.B. King Estate Feud?

The late Riley B. King — better known as blues legend B.B. King — often said that the only woman in his life was his guitar, Lucille.  But that wasn’t exactly true.  King estimated that he had 15 children by 15 different women.  No wonder one of his biggest hits was called, When Love Comes To Town.   B.B.-King

B.B. King took responsibility for his children.  According to CNN, he set up a multimillion dollar education fund for his descendants.  King wrote in his memoir that he assumed responsibility every time a woman came to him and said a child was his, without arguing about whether that was true or not.  One of his daughters, Patty King, said in a previous interview with Rolling Stone that B.B. King was a great dad who had “done well” by his children.

That same daughter is now leading the charge against B.B. King’s business manager of 39 years, LaVerne Toney.  Patty King and half-sister Karen Williams lead a panel of five King children, out of the eleven surviving children, who have made serious accusations of wrongdoing against Toney.  These range from not letting the children see their father before he died, to providing improper medical care, and even poisoning B.B. King.

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