26-year-old Gina Rutledge was a doting mother over her two children, Jude aged 7, and Javen aged 6. Her Last Will and Testament specified that in the event should anything happen to her, her mother should take custody of her two children. Sadly, she passed away from brain cancer in 2021. Another party had contested the Will, arguing that they should take custody of the late mother’s two children: Gina’s mother, Jes, believes that the other party would be unable to properly care for her grandchildren. Besides, they are HER grandchildren and should naturally go to the grandmother. Family friend Fiona McKenney, agrees. 

There wasn’t much of a description about the other party seeking custody of the two children, other than the fact that they’re not biologically-related to the children in anyway. It’s apparent that the children are not being fought over by the biological father’s family. Details on who is fighting for custody and is “trying to run up legal fees in court,” are scant. McKenny, one of the owners of J.M. Automotive, generously donated a organizing a raffle for the grandmother’s 1996 Ford Escort. This was done to help offset legal costs in court, should the matter be taken to court. Tickets for the raffle were $50 each. At this time, in 2023, the result of this raffle (and the possible ensuing court battle) are unknown. You can read more here.

 

The purpose of a Last Will is so that you, as an individual, can bequeath your items/assets/estate to whomever you like. Thorny moral (and legal) issues are raised,  however, when a massive fortune is left behind and NONE of it goes to a person’s family…that is just a guarantee that people will fight over your fortune and inheritance. An inheritance (particularly in this day and age) can either help set you up for life, or be so little, that the amount you are getting worth almost nothing. We’ve previously written about many disputes in court over wealthy inheritances; many even relying on their parent’s inheritances to help them pay off debt, and others who have felt ignored by their parents simply favouring one child of the other. We have also written about inheritances given by wealthy people to their pets (Lagerfeld left behind $3 million to the care of his cat, for instance). That money, depending on what you personally believe, could have perhaps been better used elsewhere. How much money does a cat need to survive? 

The case we’re looking at today isn’t much different: an inheritance that shocked family members, that was given away to someone other than family. You have heard of Harry Potter? The billion-dollar franchise that J.K. Rowling created? The family of the man who ran Scholastic, the company that publishes the famous Harry Potter books, left his family reeling after it was revealed in his Last Will and Testament, that the family would not be getting ANY inheritance. The 1.2 billion fortune would instead be going to Richard Robinson’s lover, with nothing for his ex-wife or his two sons. Maurice “Reece” Robinson, the youngest son at the age of 25, spoke on behalf of the family, calling the decision to leave no inheritance to the family as “shocking.” The 2018 succession plan has outlined Scholastic’s chief strategy officer Iole Lucchese as the sole successor. You can read more in the link below: 

The 1.2 BILLION fortune that was left behind.

It’s always good news to hear about someone (working an ordinary job) who winds up donating thousands in their Last Will and Testament to their community. That’s a common refrain among lottery winners, that they’ll donate a fortune to their community, but it’s rare to hear this from people who simply work ordinary jobs. How do they amass large fortunes? 

Being frugal helps. 

It’s always assumed that teachers are underpaid despite performing a very important job: molding the minds of the youth. We often hear stories about teachers, who, despite loving their jobs, have to quit out of necessity. (It’s a sad state of affairs when bartending at night can sometimes garner more money than teaching can in certain places). There are also stories on the news about teachers who struggle with more than one job to make ends meet. 

That’s why this story is refreshing: 

 Patricia McCandless taught at Springboro High School for seven years in the 60’s. The school must have left a great impression on her, because she left a whopping fortune to the school after her death in 2018. She got a degree in library science after resigning from her job as a teacher, but she must have loved the place so much. She did, after all, leave behind a fortune of $471,644 (her entire estate), to the school. 

The reason as to why the school left an impression on her may lie in the fact that working there was her first teaching job. You can read more about the fortune she left behind, here.

Millennials and GenZ are poor; these two younger generations are both facing emotional and financial turmoil in their lives. It’s no secret that with the 2008 recession, the global pandemic, and the inflationary cost of everything, it is not secret that Millennials and GenZ have very little in the way of savings. Wealth is (supposedly) being hoarded by the Boomer generation and that money is going to be transferred to the younger generations. Millennials, particularly older Millennials, are running out of time to generate wealth, as many are approaching middle age. They’re no doubt looking forward to a wealth transfer to help them settle in their lives.  

Millennials and GenZ are facing an astronomical cost of everything and older Millennials are running out of time to have children (if they are having children). Will the wealth transfer help? 

The great wealth transfer of $68 trillion is on the horizon. Boomers (the generation born after World War 2) will pass on $68 trillion to the next generation. But there are new tax laws in place; some adult heirs may be expected to withdraw from their IRA’s within a decade of inheritance in order to pay taxes.  What does this mean for your inheritance?  What does the $68 trillion wealth transfer mean for you?