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    Should eccentric bequests be allowed?

    Leona Hemsley left $12 million to her dog in her will. In addition, she signed a "mission statement" indicating her wish that the charitable trust created by her will, which has an estimated $5 to $8 billion in net assets, be devoted to the welfare of dogs.

    Is such a request excessive and should it be allowed?

    Link:
    http://www.nytimes.com/2008/07/02/us...icle_popular_3


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    Re: Should eccentric bequests be allowed?

    It's your money use it when you need it - or when you can't.



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    Re: Should eccentric bequests be allowed?

    Sure, it's her money.



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    Re: Should eccentric bequests be allowed?

    It basically looks like she created a charitable trust with the quirk that it take care of her dog (presumably very well). I don't see a problem with it if someone likes dogs. There will be a lot of happy shelters.


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    Re: Should eccentric bequests be allowed?

    I also posted the follow up to this story last week. The dogs in this nation will actually get $5-8B nationwide. That is a lot of dog care.


    Have Dog, Will Travel in Style


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    Re: Should eccentric bequests be allowed?

    I need to find a rich lady who will (soon) leave me all her money...



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    Re: Should eccentric bequests be allowed?

    Oprah?


    Let my Fred's Posse Ride: Georges, 3sus, Hallice, Deonte, Dustin, Abdel, Monte, Matt, and McKaT.

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    Re: Should eccentric bequests be allowed?

    My cat is ******.



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    Re: Should eccentric bequests be allowed?

    Quote Originally Posted by alaskaguy View Post
    Leona Hemsley left $12 million to her dog in her will. In addition, she signed a "mission statement" indicating her wish that the charitable trust created by her will, which has an estimated $5 to $8 billion in net assets, be devoted to the welfare of dogs.

    Is such a request excessive and should it be allowed?

    Link:
    http://www.nytimes.com/2008/07/02/us...icle_popular_3
    Excessive? Probably. Should it be allowed? Yeah. Who's going to decide what people are allowed to give money to?



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    Re: Should eccentric bequests be allowed?

    Quote Originally Posted by AIT View Post
    Excessive? Probably. Should it be allowed? Yeah. Who's going to decide what people are allowed to give money to?

    She should be taxed on that money at 50%!!! She did not work to get it and the government needs to take it away from her! Evil rich.


    This is the politics section right? Ohhh scratch that.


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    Re: Should eccentric bequests be allowed?

    In this particular case the judge supervising the implementation of her will cut the bequest to her dog from $12 to $2 million.


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    Re: Should eccentric bequests be allowed?

    She was evil. She was charged with 1.2 million in tax evasion. A movie was made about her called "The Queen of Mean". One of her most famous quotes was something like "Only the little people pay taxes".


    Quote Originally Posted by brianhos View Post
    She should be taxed on that money at 50%!!! She did not work to get it and the government needs to take it away from her! Evil rich.


    This is the politics section right? Ohhh scratch that.



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    Re: Should eccentric bequests be allowed?

    How is her dog supposed to get by on 12M? The dog is going to be embarrassed when she shows up at a cocktail party with a shabby 5 or 6 carat collar. If only people would think of the legacy they will leave...



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    Re: Should eccentric bequests be allowed?

    She really was a pretty horrible person for most of her life and appeared intent on keeping that reputation after her death. 2 of her grandkids got $5 mill each, 2 got nothing, and her 2 dogs got $24 mill.

    The column below explains how we as taxpayers subsidize these "charitable" trusts that really don't do that much actual charity work. It's not even a matter of picking a "worthy cause" but these things only have to pay 5% of their total every year and even that can be used all for administrative costs or paying trustees if they want to. It makes sense not taxing charitable contributions but only if they actually do something.
    http://www.nytimes.com/2008/07/09/opinion/09madoff.html



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    Re: Should eccentric bequests be allowed?

    Quote Originally Posted by vanillathrilla View Post
    I need to find a rich lady who will (soon) leave me all her money...
    I've been down this road. The problem is while she is still alive.



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