Banking on that million-dollar inheritance?
If you’ve ever dreamed of winning a fortune through the lottery or inheriting millions through some rich deceased relative, then you’ll probably find this story interesting:
Marlena and Victoria Laboz are the daughters of the now deceased New York real estate magnate Maurice Laboz. They are both set to inherit $24 million dollars (out of a $37 million dollar fortune) in the wake of their father’s death in 2015, but only if they follow the strict rules and conditions set out in his Last Will and Testament. This isn’t just another story of some young kids who squandered their fortune, but an interesting case study of how those who are deceased can still affect the lives of their loved ones from beyond the grave.
Both Marlena (age 21) and her sister, Victoria (age 17), have a laundry list of rules to follow if they want to see a penny of their late father’s money before the age of 35. They are set to receive $10 million by the age of 35 but that money could roll in earlier, IF they follow these rules:
1) Both daughters receive $500,000 upon marriage prior to the age of 35 IF their husbands agree to sign a prenuptial agreement.
2) Each daughter receives another $750,000 if she a) graduates from an accredited university, and b) writes a 100-word essay on what she plans to do with that cash (the trustees appointed by her father are supposed to voice their approval before releasing those funds).
3) If gainfully employed by the year 2020, the two siblings are each set to receive three times their annual income (as listed on their tax returns).
4) They earn the same amount if they stay at home, to be caregivers to their mother.
5) If one (or both) sibling chooses not to work (because neither of them will have to) AND they have children, they will continue to receive 3% of the value of their trust.
The remainder of Laboz’s estate and assets will be given to charitable organizations.
Unsurprisingly, Marlena and Victoria are unhappy with this situation, and as of August 2015, they brought the matter to court to contest the Will. Joining the sisters is their mother, who was cut out of Laboz’s Will prior to his death (Laboz was in the midst of divorcing his wife when he died). It’s unclear how much money she is seeking from her late ex-husband’s estate.
On the one hand, a Testator has the right to lay down the rules of how he or she wants his money allocated, but on the other hand, should the pair have to jump through a series of hoops in order to effectively claim their father’s legacy?