Click here to close now.

Welcome!

News Feed Item

Mick Jagger Could Face Legal Challenges from L'Wren Scott's Siblings Over Inheritance, According to Top Estate Planning Lawyer

Robert J. Kurre, of Kurre Schneps LLP, says situation is a cautionary tale for those who wish to disinherit next of kin

MANHASSET, N.Y., April 2, 2014 /PRNewswire/ -- The late L'Wren Scott's $9 million estate, which she left to boyfriend Mick Jagger in a three-page will, has significant issues that could result in his receiving nothing, according to nationally recognized elder law and estate planning attorney Robert J. Kurre, Esq. of Kurre Schneps LLP in Manhasset, N.Y.

Since Scott's will does not provide for her brother and sister, she left them with "an invitation to start a lawsuit over her will," says Kurre.  Under New York law the next of kin, who would receive the estate if no will existed, must either consent in writing to the will or they will be served with a citation calling them into court. 

"When the next of kin are left out of a will, they often initiate a legal challenge, especially when substantial assets are involved.  Disgruntled heirs use this as an opportunity to voice their objection in hopes of a settlement so the beneficiaries named in the will can avoid lengthy, expensive litigation," he says.  "This situation is a cautionary tale to anyone who wishes to disinherit their next of kin or leave assets to them in unequal shares."

Since Scott committed suicide and her will was prepared less than a year ago, Kurre expects her siblings will claim that she lacked the legal capacity to execute her will.  If successful, their lawsuit, which could go on for years, would keep the will from being accepted by the court and her estate would pass equally to them.

Although Scott was a New York resident, she had her will drafted by a California attorney whose specialty is listed as real estate and business law.  The attorney had the will hand delivered to Scott while she was at a hotel and she executed it that same day.  Since the attorney was not present when Scott signed the will, it is also likely to be challenged, and possibly overturned, on the grounds of not meeting the legal formalities to execute a will. 

In addition, Kurre notes that Scott leaving her entire estate outright, rather than in a trust for the benefit of Jagger, was a mistake.  "If the will is admitted to probate, she made a wealthy man even richer by leaving the assets outright to him.  Jagger's net worth is estimated to be $305 million according to celebritynetworth.com.  Since Jagger will not need the money, the gift made in the will may serve only to increase the value of his estate, resulting in millions of additional dollars in estate taxes due at the time of his death." 

Kurre says Scott could have set up her estate to avoid probate by establishing a revocable trust during her lifetime, which would have acted as a substitute for the will.  In that case, her assets would have passed directly to Jagger without a court proceeding, and her brother and sister would not be asked to consent to the will or be served with a court-issued citation.  In addition, she could have included a "no contest" clause which provides that if her brother or sister challenged her estate plan and lost, then he or she would get nothing.  However, a no contest clause works only if you are willing to leave something of value to the potentially disgruntled heir.

Also, if Scott left her estate in a trust for the benefit of Jagger, the inheritance could have been protected from lawsuits and creditor claims against Jagger and been excluded from his taxable estate.  In the trust, Scott could have also directed who would receive the money remaining in the trust upon Jagger's death, rather than leaving that up to the rock icon.

Kurre cautions that "law, like medicine, has become very specialized, and the benefits of working with a seasoned estate planning attorney to protect a legacy and have your wishes carried out cannot be overstated."

Kurre offers an educational guide entitled A10 Costly Mistakes to Avoid When Setting Up Your Estate Plan."  To receive a free copy, call 516-829-7900 or e-mail [email protected] .

About Kurre Schneps LLP
Kurre Schneps LLP is a Manhasset-based elder law and estate planning firm with an "AV" rating, the highest rating in legal ability and ethics from Martindale-Hubbell, the preeminent attorney rating organization. For more information, visit Kurre Schneps LLP.

File No. 2014-1125 in the New York County Surrogate's Court.

Contact
Kurre Schneps LLP
Estate Planning & Elder Law Attorneys
Robert J. Kurre, Esq.  516-829-7900
[email protected]

SOURCE Kurre Schneps LLP

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In the midst of the widespread popularity and adoption of cloud computing, it seems like everything is being offered “as a Service” these days: Infrastructure? Check. Platform? You bet. Software? Absolutely. Toaster? It’s only a matter of time. With service providers positioning vastly differing offerings under a generic “cloud” umbrella, it’s all too easy to get confused about what’s actually being offered. In his session at 16th Cloud Expo, Kevin Hazard, Director of Digital Content for SoftL...
Agile, which started in the development organization, has gradually expanded into other areas downstream - namely IT and Operations. Teams – then teams of teams – have streamlined processes, improved feedback loops and driven a much faster pace into IT departments which have had profound effects on the entire organization. In his session at DevOps Summit, Anders Wallgren, Chief Technology Officer of Electric Cloud, will discuss how DevOps and Continuous Delivery have emerged to help connect dev...
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, will explore the IoT cloud-based platform technologies drivi...
Containers are changing the security landscape for software development and deployment. As with any security solutions, security approaches that work for developers, operations personnel and security professionals is a requirement. In his session at DevOps Summit, Kevin Gilpin, CTO and Co-Founder of Conjur, will discuss various security considerations for container-based infrastructure and related DevOps workflows.
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world...
Overgrown applications have given way to modular applications, driven by the need to break larger problems into smaller problems. Similarly large monolithic development processes have been forced to be broken into smaller agile development cycles. Looking at trends in software development, microservices architectures meet the same demands. Additional benefits of microservices architectures are compartmentalization and a limited impact of service failure versus a complete software malfunction. ...
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at th...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of...
Malicious agents are moving faster than the speed of business. Even more worrisome, most companies are relying on legacy approaches to security that are no longer capable of meeting current threats. In the modern cloud, threat diversity is rapidly expanding, necessitating more sophisticated security protocols than those used in the past or in desktop environments. Yet companies are falling for cloud security myths that were truths at one time but have evolved out of existence.
The cloud has transformed how we think about software quality. Instead of preventing failures, we must focus on automatic recovery from failure. In other words, resilience trumps traditional quality measures. Continuous delivery models further squeeze traditional notions of quality. Remember the venerable project management Iron Triangle? Among time, scope, and cost, you can only fix two or quality will suffer. Only in today's DevOps world, continuous testing, integration, and deployment upend...
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare...
"We provide a web application framework for building really sophisticated web applications that run on a browser without any installation need so we get used for biotech, defense, and banking applications," noted Charles Kendrick, CTO and Chief Architect at Isomorphic Software, in this SYS-CON.tv interview at @DevOpsSummit (http://DevOpsSummit.SYS-CON.com), held June 9-11, 2015, at the Javits Center in New York
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of pro...