Chapter 20 – Father and Son: Page 37

Chapter 20 - Father and Son - Page 37

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  • kuku

    Oh Elan, not going to talk about it…. but lots of plans sounds promising!

    Yay Uncle Felipe, for talking him down from the ledge! I do NOT think Elan was going to jump, but the winds can get tricky up high….

    I’d think the bruises would show?

    So sad to think of Elan’s dad being corrosively jealous and resentful of a child.

  • Elan goes from not having money to having enough to buy a hotel chain….yeah, you are going to have a time dividing that up to give it all away!

    • Donald Burch

      Something Elan might find irritating. Often all his gifts are tax deductible. He might wind up with more than he started with if he sets up his giving well enough. Isn’t that a problem we all might enjoy having?

  • Donald Burch

    These boys are going to give me an ulcer. /sigh. Elan, honey, I love you but to work through your problems and avoid repeating mistakes in the future you need to talk about them. Don’t make me come over there. I swat a mean rolled paper.

  • Donald Burch

    I reserved my thoughts about Felipe’s revelation about Arthur to a separate comment. Of course, like anyone Felipe can only share his opinion/observation about Arthur and Lily’s relationship but it makes sense having looked back over the story. Arthur might have resented how Lily doted on their son more than she loved him and her leaving her money to Elan might have stabbed Arthur like a knife to the heart.

    I did not think about it before but it is my experience that parents who can do so often set up trust funds for their children. Typically, on the death of one spouse the survivor inherits most property while children inherit through through their trust. Lily specifically willed her estate to Elan, not Arthur. That is most unusual.

    If Arthur adored Lily as Felipe indicated why did she feel compelled to cut her husband out of her will? Did she in fact cut him out or did Arthur burn through his inheritance and later turned a greedy eye to his son’s? There is a very deep and troubling story here. I would like to know more about what happened.

    • JesBelle

      My read of it was that Lily had the money in trust (maybe from her parents?) and when she died, the remainder went to Elan on his 21st birthday. Perhaps Lily’s parents weren’t quite as smitten with one A. Singer as their daughter was and wanted to make sure that at least some portion of their daughter’s money would go to their grandchild. It seems like the sort of thing that protective parents would do. After all, fortunes can come and go and they were obviously dealing with a very large sum. If Lily set up the trust, it would make sense to name Arthur as the excecutor, but if the grandparents did, they might choose another party that they trusted.

      • themice

        This, with my limited knowledge of wills and estate planning, see it. Lily’s family is old money and established trusts for Lily and their grandson. Lily’s death made her trust Elan’s by their choice, and funds could be drawn on it for the care of Elan until 21 when he was old enough to handle that sum. Elan’s trust, which he doesn’t know about the particulars, goes to him at an older age. Arthur does not come from money, but was smart and able to establish a small fortune with some smarts (and luck) moves in the 80s, thus he was “new money” for a while but almost like lottery winners he thought his “genius” would always work. He felt entitled to Lily’s trust upon her death.

        • JesBelle

          That makes sense. My grandparents left some money to my mother, but she predeceased my grandfather. The money that would have gone to her will be split between my siblings and myself, with no money going to my father. It seems sort of cold, but it’s the estate planner’s job to be dispassionate about such things and no one can say what will be happening 20 years down the road.

  • bronakopdin

    I love uncle Felipe!

    Not only does he no press the issue he simply trusts Elan without asking any questions what he needs the room for!

    I want a relative like that!