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What Did Chicago PD Actress Marina Squerciati Receive from her Mom’s Boyfriend’s Will?

What Did Chicago PD Actress Marina Squerciati Receive from her Mom’s Boyfriend’s Will?

“A new court filing designed to prevent the mistress of John R. Jakobson from testifying that he promised to leave Chicago PD actress Marina Squerciati some of his $100 million fortune, states the Wall Street mogul said she would get a 'big surprise' in his will.”

Millionaire John R. Jakobson's son, who is the executor of his father’s estate, is attempting to stop Marie Squerciati from speaking out by using the dead man's statute, which protects the assets of the dead from claims of communication by the living to serve their interests.

Wealth Advisor’s recent article, “Wall Street mogul John R. Jakobson promised mistress that their love child Marina Squerciati would get a ‘big surprise’ in his will--then left Chicago PD star Nothing” reports that documents filed with the Manhattan Surrogate Court state vague terms the man who died aged 86 in April 2017— and who reportedly had many affairs—allegedly used when stating plans for his will.

'I’m a gentleman and you may read into that only good,” the senior Jakobson purportedly told his mistress in 1981 about their alleged daughter, now 37, who went on to star as Officer Kim Burgess on Chicago PD.

The mogul's widow, Joan Jakobson, said she didn’t know about Mariana, who kept her family life a secret, until she found out she was left out of the will. Jakobson's three living children from his marriages were included in the will. However, the family of the man, who at 25 became one of the youngest people to buy a seat on the New York Stock Exchange in 1955, has refused to acknowledge her as one of his children.

Marina is the allegedly product of his affair with her mother Marie Squerciati, who was a television writer in the 1970s and 80s and reporter for the Village Voice, as well as The New York Times. The affair was said to have lasted for a year and led to Marina's birth in 1981. For her whole life, Marina kept her father's identity a secret, as he allegedly paid her mother $1,200 a month for more than 20 years. That monthly check was used for Marina's nanny and for her apartment in New York City. Jakobson also reportedly paid for Marina's schooling including the $175,000 tuition for Dalton School, then $131,000 for her education at Northwestern University, where she graduated from in 2003 with a bachelor's degree in theater.

Even though Jakobson made oral promises that he'd provide a “substantial” trust for Marina in his will, it looks like he didn’t. When Marina got engaged, her mother allegedly asked Jakobson for a gift to which he allegedly reaffirmed that she “would receive money under his will.”

In her court filings, Marina contends that the price of her silence was “extraordinary” and that she missed out on the opportunity to build a relationship with her alleged father and was denied “any relationship whatsoever with her half-siblings.”

The Squerciatis contacted his estate last fall to ask if Marina was named a beneficiary, according to court papers.

Attorneys for the family say Marina's claims have “no basis in fact or law” and “amounts to nothing more than an avaricious attempt to enforce an alleged, vague oral promise made to [her] mother, rather than to herself, and which resulted in no legally recognizable injury to her.” They note that even if Marina could prove that Jakobson was her father, she had no written evidence of his promise to leave her money in his will… and that she had “ample opportunity as an adult” to have her father put his word in writing.

Marina was offered a $50,000 settlement by the Jakobson lawyers.

Reference: Wealth Advisor (October 14, 2019) “Wall Street mogul John R. Jakobson promised mistress that their love child Marina Squerciati would get a "big surprise" in his will--then left Chicago PD star Nothing”

What Do I Need in My Estate Plan in Addition to a Will?

“This time of year, families gather to celebrate the season, offering an opportunity to air your plans for the inevitable.”

American Legion’s recent article, “Planning beyond the will” says that it’s important that your estate planning papers are synced with your wishes and the current law, but you should also look at some items outside of the fundamental documents:

Beneficiary designations. This includes life insurance policies, IRAs, current and former employer retirement plans and annuities. A beneficiary designation supersedes any instructions in a will or trust. As a result, it’s important that your designations reflect your current wishes and are synched with the rest of your estate plan.

Property title. Be sure that you know how your property is titled. If the family home is titled as joint tenants with rights of survivorship, then it will pass seamlessly to the surviving owner. There are also potential income-tax implications. Ask your estate planning attorney about this and the best way to address title concerns.

Personal property plans. This could be as simple as giving your trustee or executor the authority to make decisions, designating instructions with respect to specific property in your will or trust, or incorporating a personal property memo into your plan. The guidance you give can alleviate major problems, when you’re no longer around to settle disputes.

A continuity book. In the military, it’s common that just as you’re getting used to your responsibilities, it’s time to PCS (Permanent Change of Station) or switch jobs. Many leaders require a continuity book that helps bridge that knowledge gap, so your successor has an idea of what to do. You can adopt this practice in your personal affairs. This can include an inventory of your assets, liabilities and insurance policies. This “continuity book” should also include your social media account passwords, key contacts, funeral wishes and the location of your key estate planning documents. This is an important resource for trustees and executors, as they assume their duties.

Enjoy the holidays, and this year, work on making sure that your family spends many more happy holidays together.

Reference: American Legion (October 18, 2019) “Planning beyond the will”

What Was in Comedian Rip Taylor’s Will?

“Rip Taylor, known as the “King of Confetti” and “The Crying Comedian,” who became an icon of 1970s game shows with his outrageous, flamboyant style and fondness for confetti, has died at the age of 84.”

Comedian Rip Taylor’s publicist, Harlan Boll, confirmed that Taylor died on Sunday in Beverly Hills.

Taylor was known for dousing his audience with buckets of confetti. Anyone attending a Rip Taylor performance expected to be wearing confetti by the end of it.

Born Charles Elmer Taylor on January 13, 1935, in Washington, D.C., Taylor became a regular on game shows like Hollywood Squares, late-night TV shows and sitcoms. He launched his own show, The $1.98 Beauty Show, designed to be a parody of beauty pageants, in the 1970s.

Wealth Advisor’s recent article asks pointedly: “Rip Taylor net worth: How much was he worth when he died?” The article notes that Taylor’s career spanned more than 40 years, first trying comedy after serving in the Korean War. When he enlisted in the U.S. Army, he was sent to the Signal Corps but wound up in special services, where he entertained the troops in Tokyo and Korea.

His first role was as a voice actor for The Jetsons TV series in 1962. In 1963, he made his first national television appearance on The Ed Sullivan Show, where he earned the nickname the crying comedian, as he pretended to cry on stage imploring the studio audience to laugh at his jokes.

“I sat on a stool telling jokes, and nobody was laughing,” he said during an interview with UPI in 1992. “In desperation, I pretended to cry as I begged them to laugh. That killed ’em.”

Throughout his career, Taylor made as many as 2,000 guest appearances on shows like Match Game, The Gong Show and Super Password.

Taylor also appeared in Tom and Jerry: The Movie, Scooby Goes Hollywood, The Brady Bunch Hour and To Tell The Truth.

With his long and successful career, the actor and comedian managed to earn a good amount of money doing what he loved.

According to CelebrityNetWorth, at the time of his death, Taylor’s net worth was believed to be approximately $3 million.

Reference: Wealth Advisor (October 14, 2019) “Rip Taylor net worth: How much was he worth when he died?”

Does Your Retirement Plan Include Long Term Care Insurance?

“No one likes to think about needing long-term care. Yet the reality is that many people will, at some point in their life.”

Roughly 60% of those turning 65 can anticipate using some form of long-term care in their lives, according to the U.S. Health and Human Services Department. It may be a nursing home, assisted living, or in-home care.

CNBC’s recent article, “Not having long-term care insurance can be ‘the single biggest devastator’ of your financial plan,” reports that over 8 million Americans have long-term care insurance. However, the cost of that insurance is rising. This increase is because of several factors, including the fact that companies underpriced their policies for years and misjudged how many would drop coverage.

Because of those rising premiums, some individuals may choose self-insurance. That means saving a pool of money to earmark for long-term care. Coverage is also available through Medicaid, which has eligibility requirements.

Even with these increases, you should purchase some form of coverage. This is because not being insured can be the biggest devastator of a financial plan.

The rule of thumb has been to buy LTC coverage at age 55. However, it really depends on your situation. The big unknown is health, and the odds of being able to qualify for coverage at age 60, compared to age 30 or 40 is vastly different.

A traditional LTC policy will cover the costs of care for a certain period of time, generally up to six years. The amount of coverage is based on the average cost of care for your location. Most insurers offer it in the form of a monthly benefit, and possibly with some inflation protection.

There’s also a hybrid policy that covers long-term care costs but becomes life insurance paid to heirs, if it’s not used. Of the 350,000 Americans who purchased long-term care protection in 2018, 85% chose the hybrid coverage. It’s also called combo or linked-benefit. The big difference is price: you’ll pay more for the hybrid policy.

Medicaid is another option, particularly if you don’t have a way to save. To be eligible, you must deplete your assets. You can also work with an attorney to find out how you can shield your assets, before you need care. Medicaid also looks back five years into your finances, so if you have given away any money during that period of time, it will be subject to penalty.

Reference: CNBC (October 14, 2019) “Not having long-term care insurance can be ‘the single biggest devastator’ of your financial plan”

How Do I Change My Will?

“You don’t want to cause a fight over these items, after your dad is gone.”

Many parents have wills that were drafted years ago. Now they want to leave some specific items to people. Those are items not specifically mentioned in the will.

How can he change his will? Can he just write this list and sign it in front of a notary, or does he need to have his will changed?

If you’re the executor and don’t want your father to have to spend more money to add these items to the will, how is it done?

Dad can keep it simple, says nj.com’s recent article, “Does my dad need to pay money to get a new will?” However, doing so will likely cause more trouble for the executor.

The father can create a written list that disposes of tangible personal property, not otherwise identified and disposed of by the will.

The list must either be in the testator’s handwriting or be signed by the testator. This list also must describe the item and the recipient clearly. This list can be created before or after the will is signed.

This list can be amended or revoked. It should be kept with the will or given to the executor, so he or she knows about it and can ensure it is followed.

This list isn’t legally enforceable. The executor may elect to honor such a distribution, assuming the beneficiaries of the other tangible personal property and/or residuary estate agree. That’s so, even if the will doesn’t reference the written list but the testator nevertheless leaves the list.

However, it would not be in the interest of the executor and may be perceived as a breach of fiduciary duty to honor such a list and make such a distribution, if the beneficiaries named in the will object. No one wants to cause a fight over the items on the list, after the parent is gone.

As a result, it would be wiser to invest in having the items added to a revised will to protect the father’s wishes. If some of the beneficiaries got into a quarrel over the items on the list, it could result in a family fight that a properly drafted and executed revision or amendment could prevent.

Reference: nj.com (October 14, 2019) “Does my dad need to pay money to get a new will?”

How Do I Calculate My Executor’s Fee?

“My parents died five months apart. I am the executor. How is the executor fee calculated fairly?”

An executor's fee is the amount of money that’s charged by the individual who’s been named or appointed as the executor of the probate estate for handling all of the necessary tasks in the probate administration.

If you’ve been appointed an executor of someone’s estate, you may be entitled to a fee for your services.

The executor or personal representative fee could be based upon a variety of factors. Some of these factors may be dependent upon the law in your state, says nj.com’s recent article, “Both of my parents died. How do I calculate the executor fee?”

In most states, the executor fee is set by statute. For example, in New Jersey, it is 5% of the first $200,000 of assets taken in by the executor, 3.5% of the next $800,000 of assets, and 2% on anything in excess of $1 million. Likewise, California has a sliding scale based on the amount of the estate.

However, in Minnesota and Nebraska, the law states that the fee should be “reasonable.”

The amount of work involved is determined by the specific estate. The executor is generally responsible for collecting the estate assets, paying the debts and taxes (if any) and then giving what’s remaining to the heirs.

If you elect to take the commission, it’s taxable income which must be shown on your personal income tax return.

In New Jersey, if there are co-executors, the statute says that an additional 1% can be included to the commission. However, any one executor cannot receive more than the amount to which a sole executor is entitled.

Note that the executor only receives a commission on what he or she takes control of as executor.

This means that the executor doesn’t get a commission on assets that have beneficiary designations on death or that are jointly owned with right of survivorship. These assets pass outside of the will and the executor doesn’t take possession of these assets.

In many instances, the probate estate of the first spouse to die is less than the second. That’s because many of the assets were held jointly with right of survivorship. As a result, they aren’t probate assets and are not subject to the commission.

If that’s the case, the commission on the first spouse’s estate would be much less than the commission on the second estate.

Reference: nj.com (October 10, 2019) “Both of my parents died. How do I calculate the executor fee?”

How Can Beneficiary Designations Wreck My Estate Plan?

“Beneficiary designations are a crucial part of estate planning, yet they are often overlooked. Once you have signed your estate planning documents, you need to make sure that your beneficiary designations are consistent with the rest of your estate plan.”

It’s not uncommon for the intent of an individual’s will and trust to be overridden by beneficiary designations that weren’t chosen carefully.

Some people think that naming a beneficiary should be a simple job, and they try to do it themselves. Others don’t want to bother their attorney with what seems like a straightforward issue. A well-intentioned financial advisor could also complete the change of beneficiary form incorrectly.

Beneficiary designations are often used for life insurance and retirement benefits, but more frequently, they’re also being used for brokerage and bank accounts. People trying to avoid probate may name a “payable on death” beneficiary of an account. However, they don’t know that doing this may undermine their existing estate plan. It’s best to consult with your attorney to make certain that your named beneficiaries are consistent with your estate planning documents.

Wealth Advisor’s “7 Ways That Beneficiary Designations Can Mess Up Your Estate Plan” lists seven issues you need to think about, when making your beneficiary designations.

Cash. If your will leaves cash to various people or charities, you need to make certain that sufficient money comes into your estate, so your executor can pay these gifts.

Estate tax liability. If assets do pass outside your estate to a named beneficiary, make certain there will be sufficient money in your estate and trust to pay your estate tax lability. If all your assets pass by beneficiary designation, your executor may not have enough money to pay the estate taxes that may be due at your death.

Protect your tax savings. If you have created trusts for estate tax purposes, make sure that sufficient assets flow into your trusts to maximize the estate tax savings. Designating individuals as beneficiaries instead of your trusts may defeat the purpose of your estate tax planning. If there aren’t enough assets in your trust, the estate tax provisions may not work. As a result, your heirs may eventually end up paying more in taxes.

Accurate records. Be sure the information you have on the change of beneficiary form is accurate. This is particularly important if the beneficiary is a trust—the trust name, trustee information and tax identification number all need to be right.

Spouses as beneficiaries. Many people name their spouse as the primary beneficiary of their life insurance policy, followed by their trust as the secondary beneficiary. However, this may defeat your estate planning, especially if you have children from a first marriage, or if you don’t want your spouse to control the assets. If your trust provides for your surviving spouse on your death, he or she will be taken care of from the trust.

No last minute changes. Some people change their beneficiary designations at the last minute, because they’re nervous about assets flowing into a trust. This could lead to increased estate tax payments and litigation from heirs who were left out.

Qualified accounts. Don’t name a trust as the beneficiary of qualified accounts, like an IRA, without consulting with your attorney. Trusts that receive such qualified money need to contain special provisions for income tax purposes.

Be sure that your beneficiary designations work with your estate planning, rather than against it.

Reference: Wealth Advisor (October 8, 2019) “7 Ways That Beneficiary Designations Can Mess Up Your Estate Plan”

What Are My Estate Planning “Must Have’s”?

“Estate planning is not only for the wealthy—everybody can benefit from ensuring their assets and finances are properly taken care of after their death.”
Many people think that having an estate plan just means drafting a will or a trust. However, there’s much more to include in your estate planning to be sure all of your assets are transferred directly to your heirs at your death. A successful estate plan also includes provisions allowing your family members to access or control your assets, if you become incapacitated.
Investopedia’s recent article, “6 Estate Planning Must-Haves,” provides us with a list of items every estate plan should include:
· A will and/or a trust;
· Powers of attorney;
· Beneficiary designations;
· A letter of intent; and
· Guardianship designations.
In addition to these documents and designations, a thorough estate plan also should consider the purchase of insurance, like long-term care insurance, a lifetime annuity to generate some level of income until death and life insurance to pass money to beneficiaries without probate.
Let's look at each item on this checklist to make sure you haven't left any decisions to chance.
Wills and Trusts. A will or trust should be one of the primary parts of your estate plan, even if you don't have a lot of assets. Wills make certain that your assets are distributed according to your instructions. Some trusts also help limit estate taxes or legal challenges. Talk to an experienced estate planning attorney about wills and trusts.
Power Of Attorney. A durable power of attorney (POA) allows an agent or a person you assign to act on your behalf, if you’re unable to do so yourself. A healthcare power of attorney (HCPA) designates another person to make critical healthcare decisions on your behalf in the event of incapacity.
Beneficiary Designations. Some of your assets will pass to your heirs without being mentioned in your will, such as 401(k) plan assets. Therefore, maintain a beneficiary and a contingent beneficiary on these types of accounts. Likewise, insurance plans should have a beneficiary and a contingent beneficiary, because they also pass outside of a will. Your beneficiaries should be over 21 and mentally competent.
Letter of Intent. This is simply a document for your executor or a beneficiary to define what you want done with a particular asset after your death or incapacitation. Some letters of intent also contain funeral details and other special requests. A letter of intent isn’t legally binding. It helps inform a probate judge of your intentions and may help in the distribution of your assets, if the will is declared invalid for some reason.
Guardians. If you have minor children or are considering having kids, naming a guardian is very important. Be sure the person(s) shares your views, is financially sound and willing to raise your children. You should also name a backup or contingent guardian.
Without these designations, a court could order your children to live with a family member you wouldn't have selected, or in some instances, the court could instruct that your children become wards of the state.
A will is a great place to start, but it's only the starting point.
Reference: Investopedia (July 16, 2019) “6 Estate Planning Must-Haves”

Can Charles Manson’s Heirs Get Profits from “Once Upon A Time…In Hollywood”?

“Profits from the use of a song written by notorious cult leader Charles Manson in Once Upon A Time…In Hollywood are poised to go to the killer’s grandson, against director Quentin Tarantino’s wishes…”
The Quentin Tarantino movie, starring Brad Pitt, Leonard DiCaprio, and Margot Robbie, features the Manson killings and ends with a shocking bloodbath 50 years after the grisly murders.
Wealth Advisor’s recent article, “Charles Manson’s grandson can profit off of Once Upon a Time…In Hollywood,” also notes that the movie prominently features a song called “Look at Your Game, Girl,” written by aspiring songwriter Charles Manson before his followers’ murderous spree. The tune is sung a cappella by girls in Manson’s ‘family,’ as they walk through Los Angeles and forage for food.
Tarantino said that he only used Manson’s music, after assuring himself that his family wouldn’t benefit, and that royalties and licensing fees would go to the victims’ families. However, since the movie was released, controversy has exploded and a DailyMail.com investigation has discovered the issue around Manson’s music is far more complicated and likely to wind up in court.
“Quentin told friends that he struggled with the decision to use Manson’s music, and only agreed to use it after being assured that any money from its use would go to the victims’ families,” a movie insider told DailyMail.com
Mary Ramos, music supervisor on the film, agreed, noting “Even considering using that, we wanted to find out ... what happens if this is used, where the money goes. And there was a trust set up for the victims, and no-one even associated with the Mansons and the Manson family makes money off that song.”
Manson had initially visited director Roman Polanski’s home in 1968 search of Hollywood legend Doris Day’s music producer son Terry Melcher, who had talked about giving Manson a recording deal. Manson was upset that Melcher changed his mind on the contract, and discovered that he no longer lived at the house.
On August 8, 1969, Manson ordered family devotees Charles ‘Tex’ Watson, Patricia Krenwinkel and Susan Atkins to return to the house and kill everyone inside, including actress Sharon Tate, Polanski’s wife.
Fast forward a few decades. Guns N’ Roses recorded Manson’s song “Look at Your Game, Girl” on the hit album ‘The Spaghetti Incident?’ that went platinum in 1993. Lawyer Nathaniel Friedman, who filed a 1971 wrongful death suit for one of the victim’s grandchildren, negotiated a lucrative settlement with the band.
However, that wrongful death judgment wasn’t extended, and eventually the rights to profits from Manson’s music reverted to the killer’s family, although that led to a bitter fight when Manson died in prison in 2017, at age 83. There were two men who claimed to be Manson’s biological sons. Another man said he was Manson’s biological grandson, and a friend claimed to have been bequeathed Manson’s estate in his final will.
After a long legal battle, Manson’s grandson, Jason Freeman, won and was given permission to take possession of the killer’s remains in March 2018. However, there’s still a fight ongoing over who will inherit the Manson estate. However, Freeman will most likely prevail, given his early success. As a result, any royalties, licensing fees, or profits from the use of Manson’s song in “Once Upon A Time…In Hollywood” probably will go to Manson’s grandson.
Reference: Wealth Advisor (August 27, 2019) “Charles Manson’s grandson can profit off of Once Upon a Time…In Hollywood” 

Don’t Forget to Update Your Estate Plan

“Are you the type of person who signs their will, sticks it in a drawer and never looks at it again? Or are you constantly updating and making small changes to your will, based on which one of your grandchildren has fallen out of favor?”
There are some people who sign their will once in their life and never change it. They may have executed their estate plan late in life, or after they were diagnosed with a serious disease. However, even if your family life and finances are pretty basic, there are still changes in the law that you may need to incorporate into your estate plan. Some of the people that you named in your will could also have died or moved away.
Forbes’ recent article, “Why You Should Change Your Will Now,” warns us that if you’ve taken the “one and done” approach to your estate plan, think again. In addition to the reasons already mentioned, your assets may have changed dramatically since you signed your will. The plan you put in place years ago, may not have considered new federal and state estate taxes. Now that you’ve accumulated significant wealth that will be passed on to your children, you might need to review your plans for that wealth for your children.
You may want to include grandchildren to help pay for their college education.
It is also not uncommon for parents to want to protect their children from themselves. This can be because of addiction issues or a lack of financial literacy. If that’s an issue, some parents elect to hold monies in trust for adult children, as a way to ensure that the funds will be there throughout the child’s lifetime.
A person’s estate plan should grow with them over time. An estate plan for a twenty-something may be very basic, but a newly-married couple will want to include provisions for their spouse. Parents need to think about providing for and protecting their children. Adult children have another set of concerns and you need prepare for the possibility of divorcing spouses, poor life choices, addiction issues and just poor money management. There are many stages in life when you may need to readjust the provisions for your children in your estate planning documents.
If you haven’t looked at your will in a while, do it now.
Reference: Forbes (August 27, 2019) “Why You Should Change Your Will Now”