Did she have any children? Trump was the upstart developer from Queens who was trying to break into the Manhattan real estate market. When God created Leona, the world received no favors. He divorced his wife of 33 years to marry her, in 1972. He was to chew out the little guy.. STATE OF NEW YORK ) ) ss: COUNTY OF NEW YORK ). If THE LEONA M. AND HARRY B. HELMSLEY CHARITABLE TRUST is not then an organization which can receive contributions eligible for income tax and estate tax charitable deductions, my Executors shall distribute my residuary estate to charitable organizations having purposes similar to those provided in such Trust Agreement, contributions to which are eligible for income tax and estate tax charitable deductions, as my Executors shall select in their sole discretion. "This was her last wish. Jeremiah McCarthy, the Helmsleys' executive engineer, also alleged that Leona repeatedly demanded that he sign invoices to bill personal expenses to the Helmsley-Spear and, when McCarthy declined to do so, exploded with tyrannical outbursts, shouting, "You're not my fucking partner! Only the little people pay taxes., That echoes the sentiment Donald Trump expressed in a 2016 debate with Democratic nominee Hillary Clinton. University Medical Center and Greenwich Hospital in Connecticut are among those that were renamed to honor the Helmsleys generosity. The Will was executed as a single, original instrument and was not executed in counterparts. See the article in its original context from. The hotel mogul ran a $5 billion empire that included managing the Empire State Building, the Park Lane Hotel and the Graybar Building. Leona Helmsley who, like Martha Stewart, was an enormously successful business woman whose name and image ultimately became the symbol D. As to each and any corporation, partnership or other business entity, public or private, in which my Executors in that capacity hold any equity interest exceeding one percent (1%) of the net value of such corporation, partnership or other business entity (each such corporation, partnership or other business entity being hereafter referred to as the Entity). Kos Media, LLC. Leona was convicted of evading $1.7 million in taxes in 1989 and served 18 months in federal prison. A safe near Harrys den had stacks of $100 dollar bills and jewelry. Douglas Campbell, 73, a retired partner at a real estate firm, said Helmsley, who served prison time on a tax evasion charge, was a quiet philanthropist. At trial a former housekeeper recounted that Helmsley had once told her: We dont pay taxes. A giant in stature and a giant in vision. distressed banks during the Depression. [62] The work was performed by Eugene Brennan, a personal friend of Jeremiah McCarthy, the chief engineer of Helmsley-Spear. [62] When McCarthy pleaded with her to honor the bill, citing the favor done on his behalf and informing her that Brennan had six children to support, Helmsley replied, "Why didn't he keep his pants on? These two could NEVER be compared. I am holding back no longer.". All powers or discretion conferred on my Executors and Trustees may be exercised only in such manner as is consistent with the allowance of such, Last Will and Testament of Leona Helmsley, Last Will and Testament of Jacqueline Kennedy Onassis, Estate Planning - No Contest Clause In Your Will, Understanding The Rule Against Perpetuities. We will continue to publish one item each weekday They won, and she was forced not only to compensate the tenants but to give them three-year leases. Although I guess they could have been Harrys. Helmsley died Monday of congestive heart failure at her summer home in Greenwich, Conn. She was 87. I am aware that conflicts of interest may arise by reason of service on the part of my Executor as such and as officer, partner, director, manager or employee of the Entity and by reason of my Executors owning an interest in the Entity in their own right. After the service, the coffin was wheeled outside the chapel, and as most of the mourners waited inside, it was soldered shut, a process that consumed about 45 minutes. She was very anxious to avoid any imprisonment. No one dealing with any Executor or Trustee shall be required to investigate such fiduciary's authority for entering into any transaction or to see to the application of the proceeds of any transaction. On Aug. 30, 1989, after a two-month trial whose every maneuver was covered in the New York tabloids, Mrs. Helmsley was convicted of evading $1.2 million in federal income C. The following provisions shall be applicable to the trusts created under paragraphs A and B, above: If for any year the net fair market value of the trust assets is incorrectly determined, then within a reasonable period after the value is finally determined for federal tax purposes, the Recipient shall receive from the trust (in the case of an undervaluation) or pay back to the trust (in the case of an overvaluation) an amount equal to the difference between the unitrust amount properly payable and the unitrust amount actually paid. Heres a Tweet from former Republican Rep. Barbara Comstock, a Trump critic: Trump called Leona Helmsley a disgrace to humanity for her tax dodging. get along without a phone in the bath. Real estate baroness Leona Helmsley arrives at court in New York in this January 21, 2003, file photo. She had nothing. The District Attorney is bringing a criminal prosecution involving employee benefits that neither the IRS nor any other District Attorney would ever think of bringing. My Executors are directed to dispose of such interests in excess of one percent (1%) as promptly as they shall determine to be reasonably practical without adversely affecting the value realizable on the sale of such interests. No additional contributions shall be made to the Trust after the initial contribution The initial contribution, however, shall consist of all property passing to the trust as a result of my death. Buildings at New York She was notorious for the way she treated other people, and earned the nickname, Queen of Mean. In retrospect, she was one of the icons of the 1980s, when greed was good and the super Millionaire in her own right?? (2) If my grandson DAVID PANZIRER survives me, I leave the sum of Five Million Dollars ($5,000,000) to him. Leona Helmsley, the imperious Manhattan hotel magnate who was derided as "the Queen of Mean" in the late 1980s when she was on trial for income tax evasion and was deemed the woman New Yorkers . With time off for good behavior, Helmsley was behind bars for just 21 months and 11 days. [41], Helmsley left the bulk of her estateestimated at more than $4billionto the Leona M. and Harry B. Helmsley Charitable Trust. of Mean; and at least three books, The Queen of Mean, by Ransdell Pierson; Palace Coup, by Michael Moss, and Unreal Estate: the Rise and Fall of Harry & Leona Frankels defense failed and Leona, at age 71, was ordered to surrender on income tax day, April 15, 1992. view of Long Island Sound that they purchased in 1983. Mr. Helmsley had no children of his own. of her era, but ultimately tarnished by her methods and style. Simply too much of a hassle for landlords particularly those renting to the poor and the middle class. However, anything to the contrary notwithstanding, I direct that even if the value of the charitable remainder trust is less than the minimum amount which is required for a trust to qualify as a charitable remainder trust (such minimum is currently ten percent), I nevertheless direct that the unitrust amount of five percent not be changed, even if it means the trust would therefore not qualify as a charitable remainder trust. She may not have been a perfect woman, but she certainly was memorable. But Frankel was furious that this vicious, nondiscriminatory people-biter got so much money. Nothing in this Trust instrument shall be construed to restrict the trustees from investing the Trust assets in a manner that could result in the annual realization of a reasonable amount of income or gain from the sale or disposition of Trust assets. If any such section, regulation or administrative pronouncement at any time requires a charitable remainder unitrust to contain provisions that are not expressly set forth herein, such provisions shall be incorporated into this Will by reference and shall be deemed to be a part of this Will to the same extent as though they had been expressly set forth herein. The work included a $1million dance floor, a silver clock and a mahogany card table. Taxes are for the little people is really all she will be remembered for. The distribution amount shall be prorated on a daily basis for a short taxable year and for the taxable year ending with ALVIN'S death. Each of the undersigned, individually and severally being duly sworn, deposes and says: The within Will was subscribed in our presence and sight at the end thereof by THE LEONA M. HELMSLEY, the within named Testatrix, on the 15th day of July 2005 at 36 Central Park South, New York, New York. Leona Helmsley was known for not liking dirt, and left $3 million for the 1,300-square-foot family mausoleum to be "washed or steam-cleaned at least once a year". The late New York real estate heiress and hotelier Leona Helmsley in 2003. Give me a break. Together, they built a real estate empire that included landmark buildings like 230 Park Avenue and the Empire State Building, Helmsley will be lavishly laid to rest in a mausoleum worth $1.4 million -- more than the average Manhattan apartment. She left $15million for her brother Alvin Rosenthal. Here, some tales from Frankels 18 years of working for the Queen: Helmsley was using company monies and phony invoices to charge Helmsley Hotels for the renovation of Dunnellen Hall, the couples sprawling 28-room Jacobean hilltop mansion on 40 acres in the ritzy back country of Greenwich, Conn. their hotel and real-estate empire to provide themselves with such extravagances as a $1 million marble dance floor above a swimming pool, a $45,000 silver clock, a $210,000 mahogany card table, a $130,000 stereo As Frankel writes in the last line of the book, All in all, in the good luck lottery that floats unpredictable in the cosmos, I hit the jackpot.. The within Will was shown to the undersigned at the time this affidavit was made, and was examined by each of them as to the signature of said Testatrix and of the undersigned. Leona Helmsley was a well-known American businesswoman who had amassed a massive fortune as a hotelier. Leona had wanted to give the dog to her brother Alvin, but he didnt want it. Also that year, two of Harry Helmsleys top associates accused Mrs. Helmsley in a lawsuit of stripping the couples realty company of its assets C. If any Executor or Trustee becomes disabled, that determination of disability shall also constitute that individual's immediate resignation as an Executor or Trustee, without any further act. Roberts was a chain smoker, consuming several packs a day. I intend to create charitable remainder trusts as described in section 664(d)(2) of the Internal Revenue Code, and this Will shall be interpreted in accordance with this intent. Although having initially received a sentence of sixteen years, she was required to serve only nineteen months in prison and two months under house arrest. Any amount or amounts distributed to trusts for my grandchildren to be held pursuant to this paragraph A of Article FOUR shall be held in separate trusts, in accordance with the following provisions: In each taxable year of the trust, the beneficiary (hereinafter in this paragraph A of Article FOUR referred to as the Recipient) shall receive, during the Recipient's life, an amount equal to five percent (5%) of the net fair market value of the assets of the trust valued as of the first day of each taxable year of the trust. Mrs. Helmsley worked as a teenage model and held other part-time jobs before being a secretary at a real estate company. I thought she was the cigarrete girl in one of the Hemsley hotels when they met and he fell for her. Trumped-up charges billed to the company as business expenses included a $1 million marble dance floor installed above the swimming pool, a $45,000 silver clock, a $500,000 jade figure and a $210,000 mahogany card table. The following year, Harry and Leona Helmsley were indicted on charges "[20] In 1988, then-U.S. Attorney Rudy Giuliani indicted the Helmsleys and two of their associates on several tax-related charges, as well as extortion. Provisions for distribution of the income of the trust are intended to mean this percentage distribution, in accordance with my understanding that certain tax benefits are available for the trust only if the distribution is determined in this way. B. I leave my residuary estate to THE LEONA M. AND HARRY B. HELMSLEY CHARITABLE TRUST, to be disposed of for charitable purposes in accordance with the provisions of that Trust Agreement. There she stood, draped in an evening gown and dripping in jewels, standing on the on the staircase of New Yorks opulent Helmsley Palace Hotel. B. See? Thankfully she was given the opportunity to pass on her good fortune before her demise. For other uses, see, Helmsley's mugshot taken after her arrest in 1988, the Leona M. and Harry B. Helmsley Charitable Trust, "Billionaire hotelier who thought ofherself as an empress", "Leona Helmsley, the notorious Queen of Mean - From Lena to Leona", "Leona Helmsley, Hotel Queen, Dies at 87", "She Captured The Soul Of Harvey Weinstein", "How Leona Landed Harry Against Her Schemes, He Had Little Chance", "The Other Real-Estate Billionaire Supervillain", "Leona Helmsley, Hotel 'Queen,' Is Dead at 87". The headings in this Will have been inserted solely for convenient reference, and shall be ignored in its construction. 90-30 and Section 664(d)(2) of the Code. from high corporate tax rates. She spent her final years at her penthouse atop the Park Lane Hotel. Frankel adjusted her head on the pillow, asking her, Are you comfortable? I make a living, she answered. In 1996, a judge ordered her to pay $1.5 million to a long-term employee who was chief financial officer of the Helmsley enterprises and who Of the $10million originally bequeathed to Trouble, $4million was awarded to the charitable trust, and $6million was awarded to Craig and Meegan Panzirer, who had been disinherited in the will. (1) If my grandson DAVID PANZIRER survives me, I leave the sum of Five Million Dollars ($5,000,000) to the trust established for his benefit under paragraph A of Article FOUR. Accordingly, the provisions of the trust under this paragraph B shall be construed and the trust created under this paragraph B shall be administered solely in accordance with said intention and in a manner consistent with Section 664(d)(2) of the Code and the regulations thereunder and with any successor section or regulations and any revenue rulings, revenue procedures, notices or other administrative pronouncements that may be issued thereunder by the Internal Revenue Service. Should the provisions of such trust under this paragraph A be inconsistent or be in conflict with any such section, regulation, or administrative pronouncement, as issued from time to time, then such section, regulation or administrative pronouncement shall be deemed to override and supersede the provisions which are set forth herein. Anyone can read what you share. Ms.Hensley did her time as did Ms. Stewart Look at the crooks who are getting off easyespecially those who are favored by the Bush Administration. At her death she owned a significant commercial and residential real estate and hotel portfolio, including interests in the Empire State Building and the Lincoln Building, the Park Lane Hotel on Central Park Frankel did what he could to mitigate Helmsleys legal trouble, but in the end her behavior was just too blatant. ", How Donald Trump threw Leona Helmsley an anvil when she was going under on tax fraud charges, Ways to get involved in the upcoming elections. Their signing a registration book would prove that they had visited the grave. Helmsley flouted the law and social custom in her quest for riches. My sincere condolences to Mayor Bloomberg on the passing of his best friend and confidant. He left her his entire fortune, including the Helmsley hotels, the Helmsley Palace and the Empire State Building, estimated to be worth well in excess of $5billion. Mrs.Astor was the epitome of class while Leona barely rose above tr***. [17], On March 31, 1982, Helmsley's only child, Jay Panzirer, died of a heart attack resulting from arrhythmia. Helmsley was buried next to her husband, Harry, in a $1.4 million mausoleum in Sleepy Hollow Cemetery in Westchester County. For this work, the executors received $100 million. Helmsley's publicist, Howard Rubenstein, declined to comment about the details of Helmsley's funeral arrangements. She will be entombed at Sleepy Hollow Cemetery north of New York City where more than 40,000 people including captains of industry and common immigrants are buried, said Phil Zegarelli, the mayor of Sleepy Hollow, population 10,000.
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