Two Daughters Inherit $20 Million Trust – with Strings and Ex-Wife Attached

The New York Post states, “A wealthy Manhattan landlord left $20 million to his two daughters — but they can collect only on his strict terms.”

 

Maurice Laboz, the late real estate millionaire left his two daughters – Marlena, 21, and Victoria, 17 – trusts of $10 million each in which they are entitled to when they turn 35. However, they are able to get receive some of the money beforehand if they follow the guidelines of their late father. The New York Post bullets the rules below:

• Marlena will get $500,000 for tying the knot, but only if her husband signs a sworn statement promising to keep his hands off the cash.
• She nets another $750,000 if she graduates “from an accredited university” and writes “100 words or less describing what she intends to do with the funds” — with the trustees appointed by her dad to oversee her money responsible for approving her essay.
• Both daughters get a big incentive to earn decent salaries by 2020. Each young woman is guaranteed to receive an annual payout of three times the income listed on their personal federal tax return. In a not-so-subtle nod to the taxman, their checks will be cut every April 15.
• If the daughters have kids and don’t work outside the house, the trustees will give them each 3 percent of the value of their trust every Jan. 1. There’s one catch: The money flows only for a “child born in wedlock.”
• The sisters could earn the same amount being “a caregiver” to their mother, Ewa Laboz, 58, whom their father was in the middle of divorcing. She got nothing in the will and has indicated that she will contest it.

 

Maurice Laboz signed the will nine months before his passing at the age of 77. He left behind a $37 million fortune, in which we justifies leaving his wife out because of a prenuptial agreement.

Ewa Laboz filed court papers to contest the will that Maurice Laboz left behind, stating that she deserves a portion of the estate because she was still married to him when he passed.

The Michael J. Fox Foundation for Parkinson’s Research and Meals on Wheels are two of the charities that will be receiving the rest of the fortune.