• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • Speaker Connection
  • Services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate Planning Services
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Wills & Trusts
  • Elder Law
    • Coping with Alzheimer’s
    • Guardianship and Conservatorship
    • Medicaid Crisis Planning
    • Medicaid Planning
  • Seminars
  • Webinars
  • Resources
    • Communities We Serve
      • Keller, Texas
    • Elder Law Resources
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
    • Estate Planning Resources
      • 3 Reasons to Create a Trust
      • Estate and Gift Tax Figures
      • Estate Planning Articles
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Estate Planning Worksheet
      • Is Your Estate Plan Outdated?
    • Free Consultation
    • Free Estate Planning Seminars
    • Frequently Asked Questions
      • Estate Planning
      • Trust Administration & Probate
    • Newsletters
    • Our Client Care Program
    • Pre Consultation Form
    • Professional Resources
      • Educational Alerts
  • Reviews
    • Our Reviews
    • Review Us
  • Contact Us
  • Blog

McGee Law Firm

Your Resource for Estate Planning, Elder Law and Medicaid / VA Planning

Call Us Today 817-899-3286
  • Facebook
  • Instagram
  • LinkedIn
  • YouTube
Attend a Free Seminar
Home / Uncategorized / Do it the Right Way

Do it the Right Way

June 30, 2022 by Brandon McGee

Let’s look at a history of Duke University.

Doris Duke was born into wealth.  Her grandfather, George Washington Duke, and then her father, James Buchanon Duke, built what became a dominant player in the tobacco industry.  By the dawn of the 20th century, the American Tobacco Company was so successful, it was one of the twelve original companies comprising the Dow Jones Industrial average when it originated in 1896.  It’s dominance in the tobacco industry was so great that it was broken up in an antitrust suit around the time Doris was born.  You will probably recognize some of the brands sold by the American Tobacco Company or its successor companies:  Marlboro, Camel, Kool, Winston, Salem, American Spirit, Lucky Strike, and most major recognizable brands of cigarettes sold today.

In 1924, Doris’ father set up an endowment of $40 million for Trinity University in Durham, N.C., in honor of his own father who had given generously to the institution.  The President of the university renamed it in honor of the philanthropic family who had supported it so generously: Duke University.  He also set up a couple of trusts, of which Doris and any children of hers would be beneficiaries.  Doris was twice divorced and had no children.  She later adopted Chandi Heffner, a 35 year old Hare Krishna.  Even though Doris later wanted to disinherit Chandi, this later ended in a dispute.

Duke University

Doris died in 1993 with approximately $1.3 billion in assets.  You can see her Will.   But, after her death, there were several disputes.  One of the disputes involved Chandi, who settled with the trusts for $65 million.  Another dispute concerned Doris’ executors.  She had named her butler, Bernard Lafferty, who was barely literate, and United States Trust Company, as her executors. The court supervising the estate removed both of them because Bernard had squandered and mis-used the funds and U.S. Trust had failed to reign him in.

What can you learn from Doris’ mistakes?  First, name appropriate people to serve in important positions.  A barely literate butler, while perhaps a faithful employee, is not appropriate to manage a billion dollar enterprise.  Next, Doris’ affairs did not have to be public.  Doris could have chosen to use a revocable living trust.  With such a trust, her affairs would have remained private.

Whether you have a large estate, like Doris, or a more modest estate, like most of us, the McGee Law Firm can help you achieve your goals and help you avoid making the many mistakes that Doris made.

Compliments of the McGee Law Firm, Attorney Brandon McGee

Written By: The American Academy of Estate Planning Attorneys

  • Author
  • Recent Posts
Brandon McGee
Brandon McGee
Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.
Brandon McGee
Latest posts by Brandon McGee (see all)
  • Common Mistakes in Estate Planning - March 16, 2023
  • How to Conduct an Estate Plan Review - March 15, 2023
  • What Happens When You Don’t Trust Your Trustee – Part I - March 14, 2023

Filed Under: Estate Planning, Uncategorized

About Brandon McGee

Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.

Primary Sidebar

Blog Subscription

Sign up for our estate planning blog to receive all of our latest news and updates!

  • This field is for validation purposes and should be left unchanged.

Follow us

  • Facebook
  • Instagram
  • LinkedIn
  • YouTube

TESTIMONIALS

Client Review
May 25, 2021
    

Brandon McGee is knowledgeable, experienced and professional regarding Estate Planning. The entire process of multiple meetings to establish our input, draft and sign documents and fund the Trust were well organized and clearly explained. At completion, we were presented with a very well organized binder with the documents (both paper and electronic) and lists for future action.  In short, we find Brandon McGee and his staff to be competent, professional and friendly. ~ Brian C.

default image
Brian C.

Fort Worth Address

Fort Worth
810 W. 10th Street
Fort Worth, TX 76102
United States (US)
Phone: (817) 899-3286
See Larger mapGet Directions

Fort Worth Map

map

Southlake Address

Southlake
101 River Oaks Dr., Ste. 110
Southlake, Texas 76092
United States (US)
Phone: (817) 899-3286
See Larger mapGet Directions

Footer

  • Advantages of Working With our Firm
  • About the American Academy
  • Disclaimer
  • Sitemap
  • Contact Us

Connect to Us

  • Facebook
  • Instagram
  • LinkedIn
  • YouTube
footer logo

© 2023 McGee Law Firm
All Rights Reserved