Estate of Denial news clips (6/6/16)

Storm swirls around Karmonos family over $105 million dispute involving Carolina Hurricanes loans  (MI)

WDIV Detroit

May 31, 2016

The Karmanos family, businessman Peter Karmanos and his three elder sons, are fighting over more than $100 million.

The case is now in Oakland County Circuit Court. The dispute centers on Karmanos’s will, which stands to give substantial amounts of money to his sons. The problem? Pete Karmanos borrowed millions of dollars from trusts, made up of Compuware stock, promised to his three sons, Peter the third, Nick and Jason.

 

Forbes Library trustees cite concerns over altering terms of will (MA)

GazetteNET

June 1, 2016

NORTHAMPTON — After meeting in closed session Wednesday, the Forbes Library board of trustees issued a statement detailing its reasons for taking legal action in probate court against the city and citing concerns about altering the will that established the institution.

The trustees said their talks with Mayor David Narkewicz broke down in January after City Solicitor Alan Seewald sent the board an opinion concerning library governance.

 

Redstone Doctor Says Mogul ‘No Longer Trusts’ Viacom CEO

Bloomberg

June 2, 2016

Viacom Inc. controlling shareholder Sumner Redstone had the legal mental capacity to remove Chief Executive Officer Philippe Dauman from the trust that will oversee the company, according to a psychiatrist who examined him last month.

Redstone, 93, told the psychiatrist that he wanted Dauman removed as trustee because “he’s done a bad job” and that he opposes Dauman’s decision to sell a stake in Viacom’s Paramount Pictures division, according to a statement provided by a representative for Redstone.

 

Will Your Heirs Have to Pay Up When You Die With Debt?

U.S. News & World Report

June 2, 2016

The number of senior households with debt increased from about 44 percent in 1989 to just over 61 percent in 2013, according to the Federal Reserve Board’s Survey of Consumer Finances. The median debt in households headed by people 60 or older rose from $9,038 in 1989 to $40,900 in 2013.

With seniors’ debt burden rising, many are likely to die with debts still unpaid. While not all that debt will pass to their heirs, much of it will come out of any inheritance they expect to leave behind.

 

Tight deadlines proposed for potential heirs to Prince’s estate

Minneapolis Star Tribune

June 2, 2016

The special administrator marshaling Prince’s $100-million-plus estate has submitted a proposal to verify potential heirs in an effort to resolve parentage questions by the end of the month.

If approved by Carver County District Judge Kevin Eide, potential heirs would have a week after filing a claim with the estate to submit an exhaustive, sworn affidavit outlining their parentage. The affidavit must be directed to Laura Krishnan at the law firm Stinson Leonard Street, which represents Bremer Trust, the special administrator of the estate.

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