What To Do If You Find Cash Stuffed in a PianoSeptember 12, 2023
Hunter Biden Sues the IRSSeptember 25, 2023
Mohamed Al Fayed passed away recently, and there are already feuds brewing regarding his assets and where, and to whom, they are going. Since Al Fayed left behind four living children (his son, Dodi Fayed, died in a tragic car crash with Princess Diana in 1997), and more than £1.7 billion in assets (about $2.10 billion), it’s not surprising that there are squabbles. The amount and who will get it isn’t the only issue, though. The other concern is that many of Al Fayed’s assets were held through Trusts and in other ways that protected them from taxes. A lot of that included offshore holdings with Trusts in Lichtenstein, Luxembourg, and Bermuda.
A “Succession” style battle could now be in the works, with Al Fayed’s children trying to find all his assets and determine how he had set up the Trusts that protected them. If he didn’t leave clear instructions, locating everything he owned could create a legal battle and a long-term effort to make sure each one of his children gets what they feel they deserve. It’s rumored that Al Fayed held multiple properties worth more than one million pounds each, including the Paris Ritz hotel and a mansion in Surrey.
While these assets are easy to physically find, they’re also held in Trust in some of the aforementioned tax haven locations. Proving ownership and succession may not be as easy as Al Fayed’s children would hope, and it’s possible his full estate will take months or even years to settle. In the meantime, his children are fighting among themselves, making allegations of drug use and assault, in an effort to receive their late father’s assets.
There have been allegations made by the siblings themselves, and by their partners and spouses, as well. What’s actually accurate and what’s made up with a desire to be seen as more important or more deserving is hard to sort out, and the court may be involved with the heirs and Al Fayed’s estate for a long time. The 94-year-old, whose son was said to have died peacefully with his family around him, but now the headlines are telling a potentially different story of a family that didn’t get along and an ongoing feud that may last well into the future.
Creating your estate plan is a valuable gift. No matter how old you are or what types of assets make up your estate, you can benefit from the process. Contact us today to learn more!