Escobar & Associates Law Firm, Ltd.
Email Us
Are You Ready to Take the Next Step?
Call Now
888-339-6061| 702-430-7401
View Our Practice Areas

Nevada estate planning often includes the use of a trust

In Nevada, it is common for people to use trusts as a part of their estate planning efforts. In most cases, the trust that is created takes ownership of assets that are held for distribution at the time of the death of the creator of the trust or other event. In estate planning documents, the assets can be directed to be given to any number of people or organizations, including universities.

In one recent case, Farrah Fawcett left a trust to benefit a large university from her state. The former actress established a trust containing valuable assets, including artwork. Now, the university is in litigation with Ryan O'Neal, Fawcett's former boyfriend, over the contents of the trust.

The University of Texas has claimed that the trust contained an artwork created by renowned painter, Andy Warhol. The print depicts Fawcett in Warhol's typical style and was in her home when she died. However, actor Ryan O'Neal, says that she did not own the painting, thus the trust could not own it, when she died. In fact, he says that she was only storing for him.

In this celebrity litigation, the estate planning documents established by Fawcett will be of primary importance to the court. It has been asked to rule that the trust owns the painting, while O'Neal continues to insist the piece of art belongs solely to him. As would be the case here in Nevada, the court will likely look to the intent of Fawcett when she created her estate planning. It remains to be seen what the outcome of this case will be, though it continues to generate media interest around the world.

Source: wealthmanagement.com, Who Owns Warhol???s Farrah Fawcett Painting?, Megan Leonhardt, Nov. 14, 2013

No Comments

Leave a comment
Comment Information

Our Office

Escobar & Associates Law Firm, Ltd.
150 North Durango Drive Suite 230
Las Vegas, NV 89145

Toll Free: 888-339-6061
Phone: 702-430-7401
Fax: 702-304-8265
Las Vegas Law Office Map

Map

Call us to schedule a consultation