Daughters’ $20M Inheritance Controlled By Deceased Father
Two daughters of a wealthy NYC landlord have been left a $20 million inheritance, but the girls can only access the money on their deceased father’s terms.
The real estate millionaire, Maurice Laboz, passed earlier this year leaving each daughter $10 million dollars as long as they get good jobs, marry as he sees fit and don’t give birth to kids outside of marriage, reported the New York Post.
The daughters, Marlena, 21, and Victoria, 17, may collect the funds once they hit 35, but there are ways for each daughter to cash in a bit earlier, meaning more rules to abide by.
Marlena may get access to $500,000 if she marries and has her husband sign an agreement that he will not touch any of her inheritance.
The eldest sister can get another $750,000 if she attends and graduates from “an accredited university,” but must also write 100 words or less on what she will do with the funds with her dad’s appointed trustees to oversee approval.
And what about the grandchildren? Well, if both daughters have kids and are stay-at-home mothers they will receive three percent of the funds every January 1st… if the kid isn’t born out of wedlock.
However, if the daughters do decide to earn great salaries they will receive an annual payout three times the income on their personal federal tax return in 2020.
Laboz signed his will in April 2014, just nine months before passing at the age of 77.
“It’s a way to control things from the grave,’’ estate lawyer Jeffrey Barr told the New York Post. “You don’t see a lot of it, but it happens. People do it because . . . they think it’s for the good of the children.’’
Laboz left behind a $37 million fortune. The leftover $17 million will go to charities.
Is this a smart strategy to help the daughters manage the funds or is it a bit overbearing?