Las Vegas, Nevada 2021-02-24 02:38:10 –
Real estate lawyers say revocation trusts would have hindered the public
Las Vegas (KLAS) — Former Zappos CEO and Las Vegas entrepreneur Tony Hsieh said it was worth an estimated $ 840 million, according to a document filed in court as part of two proceedings against his property.
Hsieh Su-wei died in a house fire in Connecticut in November. He was 46 years old.
In December, the entrepreneur had no will, so the judge nominated his father and brother as special managers of his property.
In two proceedings filed in the Clark County District Court, Xie’s longtime assistant and friend Mimi Fam was entitled to a portion of his wealth, and Xie’s property and company paid her money. Claims to borrow.
“That’s amazing, but it’s not, because it’s always happening,” says Las Vegas-based. Real Estate Lawyer Shane Jasmine Young He mentioned that there is no will or live trust that can be revoked. It would have protected the process from the general public. “I’m sure I didn’t realize this was probably the result, or the result of not planning, but unfortunately for his family and others in his life.”
According to the documents, in two proceedings, Fam alleges that she owes some of Sheh’s “huge wealth” to the work she did on his behalf. According to the proceedings, the two were so close that Xie used Fam’s cell phone as his own. The proceedings also allege that Hsieh and Pham used the same address.
According to the proceedings, Fam’s work partially includes unnamed companies, such as companies in Park City, Utah and documentary film companies.
“All these people will come out of the woodwork and say,’Oh, Tony promised me this, I have this contract, we have this agreement.'” Young said. “It’s already snowballing.”
Last week, Hsieh Su-wei’s real estate manager submitted a notice to the Clark County District Court to investigate the sale of nearly 100 real estate properties. Real estate lawyer Dara Goldsmith said the notice acknowledged the “potential for future sale” of real estate and did not necessarily mean that everything would be sold.
Documents show that the property includes the Zappos headquarters, which was recently valued at $ 20 million.
“Everyone must have the opportunity to make a point in this public process,” Young said. This process must pass the Probate Court, as Hsieh Su-wei’s property was worth more than $ 100,000 and there was no living trust that could be revoked. It also means that real estate is taxed, which ends up skimming from hundreds of millions of tops.
This process is the same for anyone worth more than $ 100,000. A trust acts as a gatekeeper for your wealth and assets in the event of death.
“Unfortunately, many of us don’t think about it, whether we are super wealthy or not,” Young said.Young offers Free webinar To help guide the Nevadans in their property plans.
Fam’s representative lawyer declined to comment while waiting for an ongoing proceeding. They are seeking a jury trial.
Hsieh has led retail giant Zappos for 20 years and retired as CEO in August 2020. He played a central role in revitalizing downtown Las Vegas, with an estimated net value of hundreds of millions of dollars.