Dec 13, 2019
News Story 1) Singer Prince's Estate Battling Sister Tyka In
Court, Fight Over Control Of His Legacy
The personal representative in charge of Prince’s estate is objecting to the late singer’s sister Tyka Nelson selling off a chunk to a third party.
According to court documents obtained by The Blast, Comerica Bank, who runs the estate, is responding to Tyka informing the court she sold a portion of her interest in the estate to a company, Primary Wave IP Fund.
Tyka requested that Primary Wave now be involved in “all matters related to the Estate” and be included in confidential business matters. In newly filed court documents, Comerica Banks says Primary Wave has no right to be included in anything. Comerica states, “Primary Wave is not an Heir of Prince Rogers Nelson and should not be recognized or treated as such.
In light of the unique nature of this Estate, the Court has granted the six Heirs a unique role in the administration of this Estate. The Court has permitted the Heirs unprecedented access to, and involvement in, the administration of the Estate, beyond that granted to heirs by the Probate code.”
They argue Primary Wave is not an Heir and it should be not be treated as such simply because it has purchased one or more Heir’s expectancy interests in the Estate.”
Comerica believes the addition of Primary Wave will slow down the estate matters. They also fear Primary Wave could access confidential information and agreements if allowed in. They are asking the judge to not allow Primary Wave into the estate.
News Story 2)
Holiday Scams According to AARP, older adults lose billions of dollars each year to scammers, who ramp up their efforts to steal consumers' money and personal information during the busy holiday season. Learning how to recognize the red flags of a scam will help you protect your older loved one from becoming a victim.
Here are some common holiday scams targeted towards older adults:
Online Shopping Scams:
Shopping online is a quick and convenient way to order holiday gifts, but it also opens the door to the risk of fraud or identity theft. If your senior loved one enjoys online shopping, remind them to use a credit card instead of a debit card to deter fraud. Encourage them to only shop from well-known and trusted online retailers. If a website looks unprofessional or suspicious or offers deals that appear too good to be true, it should be avoided.
Many people enjoy donating to charities during the holidays. But all too often, scammers take advantage of older adults' generosity to solicit donations on behalf of phony charities. Be on the lookout for scammers who contact your senior loved one via mail, phone, email, social media, or even door-to-door asking for donations.
Lottery Phone Scams:
In which callers convince seniors that a large fee or taxes must be paid before they can receive lottery winnings.
Which convince seniors that their grandchildren have been arrested and need bail money.
Which lull victims to believe that their online paramour needs funds for a U.S. visit or some other purpose
Marcus O’Toole-Gelo, Esq. Senior Associate Attorney at Genser Cona Elder Law.
Mr. O’Toole concentrates his practice in the areas of estate and asset protection planning, trust and estate administration, probate, tax planning, business succession planning, and estate litigation. Mr. O’Toole advises high net-worth clients regarding sophisticated estate and tax planning. He analyzes matters to determine the best course of action to protect assets, minimize estate taxes and transfer wealth to the next generation.