News & Events
Jessica Babrick's article "Settled! Philippe Dauman Out As Redstones Regain Control of Viacom" was published by Forbes on August 19, 2016. In the article, Jessica discusses the settlement resolving various lawsuits between the Redstones and former Viacom CEO Philippe Dauman, and the issue of possible undue influence in the case. According to Jessica, Shari's influence on Redstone's decision to terminate Dauman would not be clear without Redstone's testimony or a medical examiner's opinion regarding his mental capacity. To read the full article, click here.
Five Shareholders Selected to Best Lawyers in America, 2017
Weinstock Manion congratulates Sussan H. Shore, Martin A. Neumann, Neil Solarz, Robert E. Strauss and Jonathan S. Forster on their selection to The Best Lawyers in America, 2017. Best Lawyers lists are compiled based on an exhaustive peer-review evaluation designed to capture the consensus of leading lawyers in the nation in regards to the legal abilities of their colleagues. Over 79,000 leading attorneys globally are eligible to vote, and more than 12 million votes have been received to date. As lawyers are not allowed to pay a fee to be listed, Best Lawyers is considered one of the highest accolades in the legal industry. Corporate Counsel magazine has called Best Lawyers "the most requested referral list of attorneys in practice."
Proposed Regulations Affect Discounts for Intra-Family Transfers
On August 2, 2016, the IRS and the Treasury Department issues new proposed regulations under Internal Revenue Code Section 2704. The proposed regulations target routinely applied valuation discounts for transfers of ownership interests in family-owned business entities. The "2704 regulations" could become effective in early 2017 and would dramatically reduce the tax benefits arising from the use of common planning strategies for those with larger estates. Click here to read more.
How a Will Treating Children Differently Can Still be Fair - NY Times
Jonathan Forster was recently quoted in the New York Times article How a Will Treating Children Differently Can Still be Fair. In the article, Jonathan discusses the consequences of dividing an estate into unequal shares amongst children. Click here to read the full article.
Prince Estate: The Importance of Having a Will - Forbes
Weinstock Manion Shareholder and Director Gary Borofsky's article "Prince Estate: The Importance of Having a Will" was published by Forbes on July 18, 2016. In the piece, Gary addresses the vital role tax planning plays in an overall estate plan. According to Gary, creating a comprehensive estate plan protects high net worth individuals form paying a substantial amount in estate taxes and ensures their assets are passed to selected beneficiaries.Click here to read the full article.
Paparazzi at the Probate Court: Celebrity Estate Courtroom Drama
Blake Rummel's article "Paprazzi at the Probate Court: Celebrity Estate Courtroom Drama" appeared in Forbes on June 20, 2016. In this article, Blake discusses issues that arise in celebrity Probate Court cases and how probate judges are often called upon to opine on humanity. Click here to read the full article.
Jessica Babrick Selected to "Up-and-Coming 100: 2016 Southern California Rising Stars" list by Super Lawyers
Weinstock Manion is pleased to announce that shareholder Jessica G. Babrick has been selected to the list of "Up-and-Coming 100: 2016 Southern California Rising Stars" list by Super Lawyers for the second consecutive year. The "Up-and-Coming 100" recognizes attorneys under the age of 40 in the region who received the highest point totals in the "Rising Stars" nomination, research and blue ribbon review process. Click here to view the full list.
A Strong Spirit May Transcend Rules, Just Not Probate Rules - Los Angeles and San Francisco Daily Journal
Blake Rummel's article "A strong spirit may transcend rules, just not probate rules" appeared in the Los Angeles and San Francisco Daily Journal on May 2, 2016. In the piece, Blake discusses the ramifications of late music superstar Prince dying without a will, the possible reasons behind him not having one, and whether intestacy laws in the future might include an intestate person's "charitable intent."
Click here to read the full article.
Several Weinstock Manion Attorneys Shed Light on Prince Estate
Martin Neumann and Robert Strauss were recently asked by several publications to discuss what may happen to Prince's estate after his unexpected death, as well as the lack of an obvious plan for the disposition of the artist's multi-million dollar estate. Martin was quoted by the Los Angeles Times, Forbes, CBS MoneyWatch and Buzzfeed News, while Robert was quoted in The Hollywood Reporter and USA Today.
According to Martin, Prince's music is expected to the be the focal point of his estate, and will only increase in value after his death, particularly his unreleased material.
"There's tremendous value there," Martin told the Times. "For someone like Prince who's been around for so long, obviously the value of his catalog will increase after his death, significantly more so than for other people."
Robert agreed, saying that the expected value of Prince's estate made the absence of a will even more surprising. Given Prince's history of generously donating to a variety of charitable causes, it's hard to believe the possibility that half of his wealth could end up in the hands of the IRS.
"It's a mess," said Robert in the Hollywood Reporter piece. "It's unlikely to be consistent with what he would otherwise have wanted to do... In the absence of a contribution agreement, the charities would get nothing."
For the Los Angeles Times story, see Value of Prince's $200-million estate is expected to soar in coming years
For Forbes, see Prince Died Without a Will. What Happens Next To His $150 Million-Plus Estate?
For CBS MoneyWatch, see 7 Factors That Will Determine Prince's Real Worth
For the BuzzFeed News article, see More Than Half of Prince's Vast Estate Will Go To Taxes
To read the Hollywood Reporter piece, see Prince's Estate: No Will Could Mean Chaos, Tax Bills and Lawsuits, Say Experts
For the USA Today story, see Could Paisley Park Become a Prince Museum? Maybe Not. - 5/6/2016
Martin Neumann Speaks to Los Angeles Times on Prince's Estate
Martin Neumann was recently quoted in Ryan Faughnder's Los Angeles Times article "Value of Prince's $300-million Estate is Expected to Soar in Coming Years," which discusses the many questions surrounding what may happen to Prince's intellectual property in the wake of his unexpected death last week. According to legal experts, the value of the artist's estate is only expected to skyrocket, particularly when it comes to his unreleased works. "There's tremendous value there," said Martin. "For someone like Prince who's been around for so long, obviously the value of his catalog will increase after hid death, significantly more so than for other people." To read the full article, click here. - 4/25/16
Jessica Babrick Quoted in Bloomberg Articles
Jessica Babrick was recently quoted in Edvard Pettersson's Bloomberg pieces "New Redstone Competency Report Filed in Court - and Sealed" and "Sumner Redstone Lawyers Said to Try to Settle Capacity Suit." In the articles, Jessica discusses the numerous estate and probate issues at hand in the highly publicized mental competency lawsuit alleging that television executive Sumner Redstone is no longer mentally competent. According to Jessica, settlement talks could be halted if Judge David Cowan has doubts about Redstone's capacity. "You don't know how concerned Cowan is," said Jessica. "We don't have access to all the documents that he has seen." To read the full articles and the rest of Jessica's comments, click here and here. - 4/20/2016