You’ve probably read about it this past week.
A New York landlord who passed away left $20 million to his daughters. But they’re going to have to bend over backwards – and forwards and sideways – to get it.
“Daddy Dearest” – as The New York Post called Maurice Laboz – laid down some pretty strict guidelines for his daughters for how they marry, how they work, and whether they have children before they marry.
His daughters are Marlena, 21, and Victoria, 17.
Marlena can get a cool half-million for getting married. But only if her husband signs a document giving up all rights to that money. And she’ll net a cool $750,000 if she graduates from a university approved by her father’s trustees, and writes an acceptable essay about her plans for the money.
Both daughters will get an annual gift of three times the income listed on their tax returns. However, if they have children and don’t work outside the house, the trustees will give them each only 3% of the value of their trust every year…if their children weren’t born out of wedlock.
The sisters can also earn 3% of their trust’s value by caring for their mother, whom their father was divorcing.
Maurice Laboz was probably doing what he thought best for his daughters. But it sounds like he got a bit carried away.
To my darling son Danny, here’s the bad news and the good news. Bad news first: Danny, Mom doesn’t have $20 million to leave you. The good news? You won’t have to do cartwheels to get your money.
But there’s a wider moral to this story…
If you want to be sure your wishes will be followed after you’re gone, you’d better take the time to legalize them while you’re still here!
