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The
infamous Grateful Dead guitarist died of a heart attack in 1995 while
recovering in a drug treatment center. At the time of his death, his estate
was valued at $15 million, and he was earning more than $2 million a year. Jerry Garcia left a simple will, executed May 12, 1994, that left most of his estate to his wife, Deborah Koons Garcia and his four daughters, all from previous relationships. Garcia had married Deborah Koons Garcia in 1994. Deborah was his third wife, who admitted Jerry spent more time on his art than on his financial affairs. After his death, his widow stopped sending payments to Garcia's second wife, Carolyn "Mountain Girl" Adams. According to terms of their diorce settlement, the guitarist had paid Carolyn $400,000 since their divorce in 1993. Carolyn filed suit against the estate, claiming it had reneged on her divorce settlement. According to Carolyn, Jerry Garcia had promised to pay her $250,000 a year for the next 20 years, totalling $5 million.
Last year, as the whole matter went before a judge, Jerry's relationships with both women became very public. To prove the validity of their marriage, Carolyn even read aloud love letters from Jerry before the court. The judge ruled that the marriage was indeed legitimate, and awarded Carolyn a $5 million settlement. Deborah's widow appealed and contested the award, advising that Carolyn's claim was only valid during Jerry's lifetime. Late last week, as the case was under appeal, Carolyn finally settled for $1.5 million with the estate. She agreed to the lesser amount, bringing this very painful (and public) chapter of the Garcia legacy to a close. However, there are still claims against the estate from ex-wives, lovers, and former business partners totalling more than $30 million. Who wins? The estate attorneys do, as they drag this high-profile case through the family court system. Could the legendary guitarist have avoided most of this? Probably, with the execution of a living trust. The living trust is a private document that elects a trustee to manage the affairs of the estate. This trustee has a fiduciary responsibility to see that the terms of the trust are carried out, including any divorce settlements. You don't have to be a rock star to have your affairs end up in court. Living trusts can keep your family issues private, and out of the public eye. To learn more about protecting your privacy through living trusts, click here. Information from the Associated Press and CNN contributed to this report. Please contact SaveWealth for more information.
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The
infamous Grateful Dead guitarist died of a heart attack in 1995
while recovering in a drug treatment center. At the time of his
death, his estate was valued at $15 million, and he was earning
more than $2 million a year. Jerry Garcia left a simple will, executed May 12, 1994, that left most of his estate to his wife, Deborah Koons Garcia and his four daughters, all from previous relationships. Garcia had married Deborah Koons Garcia in 1994. Deborah was his third wife, who admitted Jerry spent more time on his art than on his financial affairs. After his death, his widow stopped sending payments to Garcia's second wife, Carolyn "Mountain Girl" Adams. According to terms of their diorce settlement, the guitarist had paid Carolyn $400,000 since their divorce in 1993. Carolyn filed suit against the estate, claiming it had reneged on her divorce settlement. According to Carolyn, Jerry Garcia had promised to pay her $250,000 a year for the next 20 years, totalling $5 million. Widow Garcia's attorney claimed "Mountain Girl" manipulated the guitarist into signing the divorce settlement, adding that their 1981 marriage was only a tax sham. Last year, as the whole matter went before a judge, Jerry's relationships with both women became very public. To prove the validity of their marriage, Carolyn even read aloud love letters from Jerry before the court. The judge ruled that the marriage was indeed legitimate, and awarded Carolyn a $5 million settlement. Deborah's widow appealed and contested the award, advising that Carolyn's claim was only valid during Jerry's lifetime. Late last week, as the case was under appeal, Carolyn finally settled for $1.5 million with the estate. She agreed to the lesser amount, bringing this very painful (and public) chapter of the Garcia legacy to a close. However, there are still claims against the estate from ex-wives, lovers, and former business partners totalling more than $30 million. Who wins? The estate attorneys do, as they drag this high-profile case through the family court system. Could the legendary guitarist have avoided most of this? Probably, with the execution of a living trust. The living trust is a private document that elects a trustee to manage the affairs of the estate. This trustee has a fiduciary responsibility to see that the terms of the trust are carried out, including any divorce settlements. You don't have to be a rock star to have your affairs end up in court. Living trusts can keep your family issues private, and out of the public eye. To learn more about protecting your privacy through living trusts, click here. Information from the Associated Press and CNN contributed to this report. Please contact SaveWealth for more information. |
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Widow Garcia's attorney claimed
"Mountain Girl" manipulated the guitarist into signing the divorce
settlement, adding that their 1981 marriage was only a tax sham.
