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May 16, 2019

Tom Petty & Amazon?

In this week’s blog we are covering Tom Petty and Amazon sellers. If you’re wondering about the connection between the two, then let me start with online selling.

On our next episode of Wealth Protector TV, I am exploring online selling, sales tax issues, and asset protection with expert attorney, Paul Rafelson. Paul is at the forefront of helping Amazon sellers and other entrepreneurs understand how to organize and run a successful business from a legal perspective.

Paul is the “go-to” expert for Amazon sellers and has been featured on numerous industry podcasts, news shows, and blogs. Every business coach, owner, and advisor should click the image below to secure a spot in our show because you will get an inside look at what exactly is going on inside the world of online selling.

What about Petty? Legendary rocker Tom Petty died on October 2, 2017 of a drug overdose.  Unfortunately, the family dealings with his estate have not been smooth and the story is a lesson for all of us. That’s the entire Petty Family below…

Petty married his first wife, Jane Benyo, in 1974 and they had two children together, Adria and Annakim. The marriage was seen as a music industry success story because it lasted so long. However, due to Tom Petty’s heroin addiction, the couple split in 1996.

 

Tom Petty got married again in 2001 to Dana York and remained married to York when he died. Now we get into the family legal battle.  Tom Petty named his wife Dana York as the trustee of his trust, but the trust gave “equal participation” to Adria and Annakim when it comes to managing his music catalogue. What does that mean?

 

Well, the daughters think it means that they get two votes out of three and so they control the situation. As you might imagine, Dana York is not interpreting the trust in the same way. Dana has accused the daughters of acting irrationally and now both parties have lawyered up. A $5 million dollar lawsuit has been filed by the daughters against Dana York.

 

Our experts here at the BarthCalderon will tell you how critically important family communication is when it comes to handling your planning. You just have to find a way to sit your family down and have a clear discussion about your plans.

 

Tom Petty did a good thing and had a trust in place, but he left the gate wide open for misinterpretation. I bet Petty would have articulated exactly what he had in mind for his daughters and wife if they all sat down to discuss it.

 

Clear-cut planning becomes especially important when you have a blended family like Tom Petty. We see a ton of situations that involve “unintended consequences” because the planning was improper, non-existent, or unclear. In blended families, you also have people who are not blood-related and/or did not grow up together. With that said, they don’t have as close of a bond which can be a factor that leads to legal fights over an estate.

 

We have an excellent short video on blended family planning with one of our top experts, Brad Barth, and you can check it out by clicking the image below.

 


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