Everyone wants to win the lottery. You’ve probably fantasized about what you would do if you have won the lottery: travel, pay off your debts, provide for your loved ones, etc. That last part is a particular sore point for the  Lloyd family. When you think of squabbles over money, you think of rich families and their greedy relatives, all trying to grab their piece of pie. You probably don’t think of family members fighting over lottery winnings. After all, winning the lottery is a joyous occasion (for most people). Frances Lloyd, mother of three, was elated when she won $3 million in the lottery. She promised to purchase a new home and give the money to her loved ones. 

Unfortunately, Lloyd passed away in January of 2022 without a Last Will and Testament. Right before her passing, she deposited her winnings in a joint account with her daughter, Lisa, to assist with with paying bills and purchases. $500,000 of that money was allegedly given to Lisa to help her and her husband with the purchase of a new home. Lloyd’s other two children, Stephen and Frances, are now suing their sibling for what they feel is their rightful share of the $3 million dollars. The suit is pending. You can read more here.

Need a quick pick-me-up? A taxi driver from Nova Scotia left behind a massive fortune to his community; an inheritance that will be cherished for decades! We hear stories like this from time to time; someone working an ordinary job (e.g. a janitor or a teacher) who ends up surprising everyone after their passing. There’s a similar story about a janitor who died with millions to his name. There was also the teacher who left behind a sizeable donation to the school she taught at. An astronomical sum of money is bequeathed for the benefit of the community. The biggest question is: how did these people manage to save up millions from these types of jobs? Frugality and saving up every penny is usually the way they did it, but at the same time, they passed on without properly enjoying the money. Many people want that type money in their prime: they want to be able to enjoy vacations, paying off debts, etc. Is it worth it to save a fortune, but not to be able to save it?  

On the flip side, the taxi driver (and the janitor referenced in the article above) left behind millions to their loved ones. At least the money wasn’t squandered. 

This story is no exception: a retired taxi driver by the name of John MacLellan, who worked as a taxi driver for 63 years until his retirement at the age of 83, left an entire community astonished when he entrusted his fortune to the St. Martha’s Regional Hospital in Nova Scotia. Located in Antigonish, St. Martha’s Regional Hospital is the only catholic hospital in the province. He passed away at 96 with a fortune in the bank. The inheritance will be put to good use. 

How did John leave behind a whopping $1.68 million to a hospital? Maybe some answers could be found here

The sandwich generation has it rough: they’re juggling their finances, helping out their kids AND taking care of their elderly parents. In this article, we’re just focusing only on the elderly parents the adult children are trying to look after. We’ve written a lot in the past about the importance of taking care of your loved ones, including your elderly parents.

Parents may be reluctant to have a discussion on their financial matters. One place to start is having a frank discussion with your (elderly) parents about their finances. Their finances, bank accounts, offering advice, etc. A thorough look into their finances to offer support and advice can be useful. Offer advice, but don’t take over their finances. It is also important to be aware of their professional contacts: their attorney, doctor, insurance agents, financial advisors, etc. Also note that if you have siblings who can help, how the responsibilities will be divided up. If one sibling lives closer, can they shoulder responsibilities during the week, and if you live farther, can you take over other responsibilities during the weekend? Although it’s rarely discussed anymore, children may want to look at having their parents move into an inter-generational household, and help your parents out that way. 

 The following article is a good way to get started

A Last Will and Testament is an important legal document that many don’t think about drafting until they are on their death bid (or just about to take a vacation). A Will is an important document which ensures that your loved ones get access to your estate, assets, etc., when you die. For most of us, that is. Celebrities, who have provided for their loved ones, are taking a different track: they are leaving everything to either charities of their choice, or (weirdly enough) dispensing everything to their pets (like Leona Helmsley or Karl Lagerfeld). Who is going to properly take care of their pets, unless it’s s a loved one doing the care? Lagerfeld left behind $3 million to his cat, and Helmsley left a whopping $12 million-dollar fortune to the care of her dog, Trouble. How long do pets live, and do they need that amount of money to take care of their needs?

Simon Cowell is the recognizable (grumpy) face of American Idol. The dour Brit has a reputation of making potential singers cry on television, and his rudeness is part of the success of American Idol. Cowell is also a record executive but his claim to fame is the show. He’s no different than the other celebrities we’ve mentioned in this regard: he’s leaving his fortune to charity and not to his son, Eric. Simon Cowell is the recognizable (grumpy) face of  the television show “America’s Idol.” Cowell rose to fame as a judge on the syndicated television show and it has no doubt contributed to his large fortune. What does Cowell plan to do with his fortune when passes away? It turns out that Cowell is a huge dog lover. Much like other celebrities, Cowell isn’t leaving his money behind to his children. Instead, Cowell plans to leave behind a whopping $26 million to several dog shelters. You can read more about this here