So the book was named by that conversation.
|Luana Anders; keeper of the clipboard.|
Breakdown Over Tom Petty’s Estate Offers a Lesson
May 24, 2019
|Tom Petty. Faengslet, Horsens, Denmark June 2012|
So reports WealthManagement.com, which notes that Adria Petty and Annakim Violette, Petty’s daughter’s from his first marriage, recently sued his widow, Dana York Petty, and are seeking at least $5 million in damages.
The daughters accuse Dana of setting up a company, Tom Petty Legacy, LLC, as a vehicle to deprive them of assets. This company is separate from Petty Unlimited, LLC, established in 2018 to manage the singer’s assets after he died.
The daughters claim the terms of Petty’s trust give them “equal participation” in making decisions about handling the estate. Dana has claimed in court documents the daughters are attempting to “rule by majority.” She also has said that as sole trustee for the estate, she gets the final word on decisions.
Both interpretations are plausible, Carrie Harrington, a trusts and estates attorney at Levenfeld Pearlstein in Chicago, tells WealthManagement.com: “Equal participation” could mean Petty wanted each of the three to have an equal vote, which would give the daughters a 2-1 majority. It could also mean the daughters have the right to participate in the decision-making process but can be overruled by Dana. The attorney who drafted legal documents for Petty could provide clarity on his intentions.
The lesson here for financial planners seems to be to make sure the language in trust and estate documents is crystal clear, preventing multiple interpretations.
Well, here's Tom addressing that SAME issue on October 26th, 2017:
(an excerpt from "BACKSTAGE PASS TO THE FLIPSIDE: TALKING TO THE AFTERLIFE WITH JENNIFER SHAFFER" Homina Publishing 2018. All Rights Reserved, used with permission.)
|All Flipside all the Time|