Dear daughters, here is $27m - but there is a catch
Two young New York women have become millionaires by inheritance but there is a catch - in fact there are a quite a few catches.
Real estate millionaire Maurice Laboz left his daughters Marlena, 21, and Victoria, 17, $27 million - but there is a long list of terms, the New York Post reports.
First, they won't get most of the money, $13m each, until they are 35 although they will get access to some of it if they follow their father's rules.
The Post reports Marlena will get $687,000 if she marries, but only if her husband agrees he will not go after her money.
She will get another $1 million if she graduates “from an accredited university” and writes “100 words or less describing what she intends to do with the funds”.
Trustees will oversee the will and the delivery of the cash.
Starting in 2020, each daughter guaranteed an annual payout of three times the income listed on their personal federal tax return
If the daughters have children and don't work outside the home they will each be given 3 per cent of the value of their trust every January 1 - but they will only receive the money for a “child born in wedlock.”
Estate lawyer Jeffery Barr told The Post: “It’s a way to control things from the grave. You don’t see a lot of it, but it happens."
Mr Laboz signed the will in April 2014, about nine months before he died at age 77. He left a $50m fortune with substantial amounts going to charities.
His wife, Ewa laboz, 58, was left nothing and is contesting the will saying it is an example of 'prenuptial agreement, which limits her rights'.
They were in the midst of divorcing when Laboz died and it is believed the two daughters will be given bonuses for acting as a caregiver for their mother.
The remainder of his fortune is said to be given to charities, including The Michael J Fox Foundation for Parkinson's Research and Meals on Wheels.
Morning news break – July 28
