Bequests in the Media: Recent Cases

Hermès Handbag Heir to Revoke Huge Charitable Bequest?

It is axiomatic (we hope) that good bequest management starts at the moment the donor makes a commitment. A vivid illustration of the wisdom of continuing cultivation has surfaced in the media.

Nicolas Peuch, a reclusive 80-year-old member of the Hermès family, famed in the luxury goods business, appears ready to exit his contract to leave his fortune—about $13 billion—to the charitable foundation he started.

Reports are that the agreement allowed some wiggle room if Peuch produced a male heir. Thus far childless, the billionaire is reportedly trying to adopt his 51-year-old (male) gardener, who comes pre-equipped with children of his own, i.e., ready-made grandchildren. No surprise the charity asserts the contract is ironclad.

Local Pinchpenny Showers Charities with Hidden Wealth

A “golden age” of charitable bequests? For sure, and maybe platinum. Indiana resident Terry Kahn was so frugal he didn’t own a cellphone. Wasteful, in his view. Kahn, who lived in a modest home, died in 2021.

Unbeknownst to anyone, he had assembled a $13 million fortune that his co-executors are now distributing (in $1 million chunks) to charities addressing issues that were important to Mr. Kahn. Hidden millionaires abound. Gift planners, take note.

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(This article was originally published on LinkedIn on January 23, 2024.)