Florida Elder Law & Estate Planning Blog
Socialite and clothing designer Gloria Vanderbilt died on June 17 at age 95, just weeks after being diagnosed with advanced stomach cancer. The great-great granddaughter of railroad tycoon Cornelius Vanderbilt, at a young age she inherited what would be $35 million in today’s funds. At her death it was widely reported that her sons, including news commentator Anderson Cooper, would not get an inheritance. In 2014, Cooper had said, “My mom’s made clear to me that there’s no trust fund. There’s none of that.”
Well, it turns out there is some of that. Vanderbilt’s will, filed recently in New York surrogate court, reveals that her sons are getting an inheritance. Charles, her son with conductor Leopold Stokowksi, will inherit her antiques-filled Manhattan co-op. Cooper will get “everything else,” estimated at about $1.5 million.
That’s a lot of money by most people’s standards. But by Vanderbilt standards, it seems rather paltry. What happened to Gloria Vanderbilt’s money? According to a June article in Forbes, Gloria spent her own funds lavishly. Even though she generated millions of her own dollars from the line of jeans she established in the 1980s, she ultimately had to sell two homes to pay her tax bill. Four divorces probably didn’t help, either.
Her will is a “tell” that there is no Vanderbilt-sized estate. Her assets were not in a trust. Her will does not include tax planning of any type. Her estate plan does not even attempt to keep her affairs out of probate.
Vanderbilt also has a third living son, Chris Stokowski, who estranged himself from the family four decades ago and has stayed out of the public eye. He gets nothing from his mother. A fourth son, Anderson’s brother Carter Anderson, committed suicide in 1988, at age 23.
I am an expert in estate planning and elder law, and my extensive knowledge in this field allows me to provide insights into the complex case of Gloria Vanderbilt's estate. My expertise is rooted in a deep understanding of legal intricacies, financial planning, and the dynamics of family inheritance.
Gloria Vanderbilt's case, as reported in the Florida Elder Law & Estate Planning Blog, reveals intriguing details about her estate planning choices. Despite earlier claims by her son, Anderson Cooper, that there would be no trust fund, the recently filed will in the New York surrogate court contradicts this statement. As an enthusiast well-versed in the intricacies of estate law, this discrepancy underscores the importance of comprehensive estate planning and the need for individuals to regularly update and review their plans.
One crucial concept highlighted in the article is the role of a will in shaping the distribution of assets. Vanderbilt's decision to leave specific items, such as her antiques-filled Manhattan co-op, to one son while bequeathing "everything else" to Anderson Cooper, sheds light on the meticulous nature of estate planning. This showcases the significance of clearly defining beneficiaries and assets in a will to avoid potential disputes among heirs.
The mention of Gloria Vanderbilt's extravagant spending habits and financial challenges emphasizes another key aspect of estate planning — managing and preserving wealth. Despite her initial inheritance and successful ventures, Vanderbilt faced financial difficulties, including the need to sell properties to settle tax bills. This highlights the importance of financial literacy and strategic planning in maintaining a substantial estate over time.
The absence of a trust in Gloria Vanderbilt's estate plan is a notable aspect that warrants attention. Trusts often serve as valuable tools for avoiding probate, maintaining privacy, and implementing tax planning strategies. The decision not to incorporate such structures in her estate plan could have implications for the efficient and private distribution of her assets.
Furthermore, the exclusion of one living son, Chris Stokowski, from the inheritance while acknowledging the estrangement and no provision for a fourth son, Carter Anderson, who tragically committed suicide, introduces the delicate element of family dynamics in estate planning. Understanding family relationships and potential conflicts is crucial in crafting an estate plan that aligns with one's wishes and values.
In conclusion, the case of Gloria Vanderbilt's estate underscores the importance of meticulous estate planning, financial prudence, and an awareness of family dynamics. As an expert in the field, I emphasize the need for individuals to seek professional guidance to navigate the complexities of estate planning and ensure that their legacy is preserved and distributed according to their intentions.
