Conservatives talk about family values, but from what i can see we fall short in passing on these values. For example, most gun owners cannot be bothered to pass on a legacy of firearm training beyond the grave — they merely want to pass on the hunks of metal and forget that the real guns are their kids.
Well guess who was more serious about values transmission than most conservatives? Take a look at Hugh Hefner’s trust:
Placing restrictions on an inheritance is common practice. “While some restrictions may appear to be unfounded and are perhaps included solely as a means to control from the grave, drug and alcohol testing provisions are more often included out of genuine love and concern, especially when a beneficiary suffers from an addiction” says Kevin L. Johns, partner at Wyatt, Tarrant & Combs, LLP in Lexington, Ky. He went on to say that he has seen a significant increase in clients’ desires to require drug and alcohol testing, such as in Mr. Hefner’s plan, to protect beneficiaries and promote healthy behavior. Johns believes that we will continue to see such restrictions put in place in estate plans given the epidemic of addiction in this country.
Notorious for his sexual lifestyle, Hefner also went to great lengths to take posthumously conceived children into consideration (or at least his extra savvy estate planner certainly did). His trust makes sure to disinherit “any person who claims to be a child of mine, including any child of mine conceived after my death, unless such child lived with me in my household and was acknowledged by me in writing to be my child.”
Also notably, Hefner allowed for his sons, Marston and Cooper Hefner, to be appointed as co-trustees after they turn 30 years old, acknowledging they may have “existing or potential conflicts of interest in the administration, management and distribution” of the estate, but explaining that this was his desire given their “special knowledge and skills and relationship” to him.
Alcohol and drug rehab, financial mentorship via co-trusteeship — not a bad start with incentive trust planning for values transmission.