Testamentary Capacity and Family Businesses

Bessemer Trust provides this fascinating brief study of the testamentary capacity and other issues arising from the recent sale of the LA Clippers basketball team by the Sterling Family Trust to former Microsoft CEO Steve Ballmer for a cool $2 billion, following the publication of Mr Sterling’s racist comments and ensuing fine and lifetime ban from the NBA. As people begin to live longer (a good thing), we will see higher stakes contests in and out of court to prove someone did (or didn’t) have testamentary capacity – they could (or couldn’t) have validly signed a will, trust, living will, or power of attorney. Look for some high profile cases to emerge as highly contentious court battles – think celebrity or billionaire divorce trials. And look for creative attorneys to design provisions that hold up better in court or keep these matters out of court using improved negotiations and family dynamic consultations.

My law firmJohnson Law KC LLC, is experienced counseling clients on all aspects of estate planning, asset protection, and helping to structure charitable giving. We can help you answer these questions with confidence and friendly expertise. If we can serve you or your family with your charitable giving questions, please call (913-707-9220) or email us (steve@johnsonlawkc.com) to schedule a free, convenient consultation.

(c) 2014, Stephen M. Johnson, Esq.

 

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