In 2006, Gertrude Feil died, leaving her children an inheritance reportedly worth billions. The problem is the siblings disagreed over several estate planning issues, such as which one of them should be in charge, as well as how profits from multiple real estate properties they inherited should be divided as time goes on. When family disagreements like this arise after an estate owner dies in Lake Charles or elsewhere in Louisiana, achieving amicable solutions can be quite challenging.
In the Feils’ situation, after debates raged on for some time, they finally reached an agreement and settled out of court. They decided that Jeffrey Feil, CEO of the Feil Organization, would continue his role in managing the family real estate empire. They also agreed upon a format for the distribution of profits from business properties worth about $7 billion. While Jeffrey will have the right to name a successor, a specified group (including members of the family) will have the right to exercise tight control over a new CEO.
Estate planning is generally a customizable process in which an individual can execute a plan that best suits his or her particular needs and ultimate goals. However, after an a Louisiana estate owner dies, if adult children or other heirs disagree with a court ruling or some other aspect of the process, it can lead to highly contentious battles that seem near impossible to resolve. In such cases, an experienced Louisiana attorney may prove to be an invaluable asset.
As in the Feil siblings’ situation, some estate planning disagreements are able to be resolved outside a courtroom. Even so, a key factor in obtaining an out-of-court settlement often lies in the type of representation provided. Estate planning attorneys can help the parties seek agreeable solutions in an expeditious and financially feasible manner.
Source: therealdeal.com, “Feil siblings settle dispute over $7B portfolio“, Accessed on May 30, 2017