Elizabeth Taylor Will and Trust
Elizabeth Taylor (February 27, 1932 – March 23, 2011)
For more information about Elizabeth Taylor, please see her biography in Wikipedia.
For more, see The Taylor-Burton Diamond
Taylor also owned the 69.42 carat pear-shaped Burton Taylor diamond.
For more, see The Krupp Diamond
LAST WILL AND TESTAMENT of Elizabeth Taylor
The first fight will be over Elizabeth Taylor’s estate (estimated $600 million to $1 billion), but the second fight is much larger including millions her name will earn for many years in the future. The money she made during her life isn’t causing any problems, but friction is already arising between family, charities, and business managers over the money she will make after death. Elizabeth Arden will continue to sell White Diamonds (which made $77 million last year), and the estate will also profit from film re-releases and other merchandising. Much like Elvis and Michael Jackson, Taylor failed to understand and plan for money made after death.
“The one thing she didn't do, just like Elvis and Michael Jackson, was plan for income after death,” A friend of Taylor’s stated “This is what has already started to cause friction between family, business managers and the many charities that meant so much to Elizabeth.”
Taylor was “one of the first people out there basically branding her personality,” Bloomberg Businessweek Senior Editor Diane Brady said.
The cosmetics company Elizabeth Arden has said it will continue to sell Taylor’s perfumes, which earned approximately $75 million last year. With that and the re-releases of her movies, a new fortune is in the making.
That jewelry collection includes a ruby and diamond Cartier necklace from husband Mike Todd, the 33.19-carat Krupp diamond from Richard Burton, which she wore as a ring, and a crystal and diamond lily of the valley brooch from actor Rex Harrison.
Some portion of her fortune will go to her four children – Michael and Christopher Wilding, Lisa Todd, and Maria Burton – and 10 grandchildren.
Her $150 million in jewelry is likely to be auctioned off. “There is a sense a lot of her money will go toward AIDS,” said Brady. “That was obviously something that was a big cause of hers. She raised more than $270 million for that through her foundation.” Taylor started two charities: American Foundation for AIDS Research, and the Elizabeth Taylor AIDS Foundation.
The New York Post reported that during the 1990s Taylor earned about $2 per second.
Now that she has gone, the focus falls on the man on whom she relied in her final years, Jason Winters.
She was so close to Winters — tall, handsome and 28 years her junior — that there was repeated speculation that he was to become the eighth Mr Elizabeth Taylor.
The gossip about what would have been a ninth nuptials (she married Burton twice) made her laugh because Winters runs a talent agency with his partner Erik Sterling. He is said by associates to be ‘100 per cent gay’. They met via her work for Aids victims in the late 1990s and their friendship blossomed. She took several holidays at his home in Hawaii. He may yet, though, be the heir to her fortune, or just administer the continuing fortune via a trust.
Her four children — Michael and Christopher Wilding, Lisa Todd and Maria Burton — believe that he will get her cash when all is done. Taylor’s children were said to be at odds last year fighting over the expected spoils. How extraordinary it will be if Winters is the one who gets to distribute the diamonds now that she has gone. It was he who helped her out of the decline after the end of her last marriage to Larry Fortensky. Under Winters’ influence, she began to dye her white hair black again, and started a social revival of sorts.
Over the next few years, she made grand appearances at events such as Liza Minnelli’s wedding to David Gest in 2002 and Elton John’s Oscars party in 2005. The next year, she donned a snorkel and went swimming with sharks in Hawaii while on holiday with Winters. Gossip columnists were told that she was ‘madly in love’ with Winters and that he felt the same way. Of course it wasn’t true, but it seems that Taylor did genuinely love his company and was using the idea of a marriage to gauge interest in reviving her acting career.
Though that never happened, money kept on coming in at the rate of about $200 million a year; thanks to royalties and a highly lucrative range of perfumes.
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