Latest news with #inheritance
Daily Mail
an hour ago
- Business
- Daily Mail
Travers 'The Candyman' Beynon 'sued' by his Free Choice tobacco founder stepfather in $55 million legal battle - as notorious playboy drops off the radar
Notorious Gold Coast playboy Travers 'Candyman' Beynon is being sued by his stepfather Trevor in an explosive multimillion-dollar legal stoush. Trevor Beynon, 79, is the founder of the Free Choice tobacco store empire, and was married to Travers' mother, Sandra, when the couple founded the cigarette chain. Now, according to court documents, Trevor is alleging that Travers, 53, used 'sham' documents in an effort to gain more control over the group's assets - which is at odds with what Trevor intended in his will. The Gold Coast Bulletin recently reported that Trevor ceased his role as director of two 'key' Free Choice companies in March. Court documents indicate he is now alleging that he was removed from the position against his will. From A-list scandals and red carpet mishaps to exclusive pictures and viral moments, subscribe to the DailyMail's new showbiz newsletter to stay in the loop. The publication reported that documents lodged before the Supreme Court of Brisbane allege that Trevor met with Travers in 2007 to discuss the future of Free Choice Tobacco. As alleged in those documents, they agreed that Travers would take control of the business on the condition that siblings received a percentage of profits from some of the businesses. It was also claimed that two years after Sandra Beynon died in 2015, Travers enlisted lawyer Matthew Burgess to draw up documents preventing siblings from challenging Travers to a larger cut of the estate. They allege in the documents that they, along with accountant Richard Hoult, created estate planning documents which stated Trevor would gift $55 million to one of Travers' companies - Free Choice Master Holdings - and then loan it back. A separate deed also purported to secure the loan against Trevor's assets, according to the court documents. According to court filings, it allegedly came to a head in January this year, after Trevor and Travers had a disagreement over the management of Free Choice, which resulted in Travers enforcing the interest repayments on the alleged $55 million loan. Trevor claimed in the court documents that he had never paid or received the $55 million, alleging the figure was 'made up'. Trevor also argues the documents had shifted control of his assets to Travers and would prevent his estate from servicing debts after he died. He alleges that he had never signed documents to allow his shares in free Choice companies to be transferred from his ownership, and that he was removed from company directorships without due process. Trevor is asking the court to declare the $55 million a gift and the loan declared fake as well as seeking reinstatement as director of Free Choice companies and that his shares be placed back in his hands. Daily Mail Australia has reached out to Travers' lawyer for comment. Questions started to swirl this week following Travers' apparent internet exit. The flamboyant businessman was certainly not shy about sharing glimpses of his lavish lifestyle to social media. His Instagram account, which enticed a million followers to fawn over posts of luxe parties and high-end living, has been apparently deleted. It's the same story for Travers' Candyshop Mansion website which as been offline since May this year. His Facebook and TikTok pages are still active, however they have not seen some action in quite some time. Travers' last post on Facebook was back in April 2023, while his last TikTok post occurred in August 2019. It's apparently a similar story for the Beynon family tobacco empire with the main Free Choice Tobacco site also currently offline. While its string of franchise stores are still operating, the Gold Coast Bulletin reported that Free Choice vacated its Gold Coast head office in February, with the space, owned by one of Beynon's companies, now leased to a new business. It comes amid what appears to be a period of upheaval for Travers with the playboy recently having another crack at offloading his Candyland mansion. Travers first listed the property back in 2023 and, at one stage, it had an eye-watering $25 million price tag attached The Gold Coast Bulletin reported in May that Travers had enlisted another agent to give the property the push it needs to get it over the line. He had engaged the services agents Ivy Wu and Isaac Kim from Ivy Realty to run an expression of interest campaign for the lavish property. Travers originally purchased the property, located in the northern Gold Coast suburb of Helensvale, in 2010. He later purchased neighbouring land, effectively tripling the footprint of the compound. The property sits on a substantial 1.4 acres with 175 metres of private water frontage. The house itself is set across an expansive 2,230 square-metre floorplan and boasts mosaic murals and hand-painted frescos throughout. The opulent home, which has hosted many wild parties over the years, sits behind large two-ton crested gates and features a gorgeous sandstone driveway and marble-clad majestic courtyard. Its highly desirable location is close to a variety of amenities including world renowned Surfers Paradise shopping centres, restaurants and beach. The listing came after Travers welcomed his fifth child, Santiago, back in June last year. He took to his Instagram Stories to confirm that he and wife of 14 years Taesha had welcomed a baby boy as he shared sweet snaps of the little one. Welcome to the world son,' Travers wrote alongside a video of him holding his newborn son's hand. Travers also shares two daughters Velicia, 12, and Serafina, 11, with his wife Taesha and has two other children - Valentino, 24, and Luciana, 22 - from his previous marriage to Ninibeth Leal.
Yahoo
2 hours ago
- Business
- Yahoo
6 Ways To Keep Your Estate Taxes Low
Estate planning isn't the sexiest topic on the planet, but it's worth thinking about as you're deciding how to pass on assets onto your beneficiaries. Sure, you want to ensure that your wishes are honored, making plans on keeping your estate taxes as low as possible. Discover More: Read Next: Fidelity, one of the largest financial institutions in the U.S., suggests that you consider these six factors as you work out how to keep estate taxes low. The first three have to do with how estate taxes could affect your heirs, whereas the others are more directly tied to helping you lower them. Right now, you might not have much to worry if taxable assets in your estate are under $1.399 million if you're single, or $27.98 million for married couples. However, the Tax Cuts and Jobs Act (TCJA), enacted in 2017, is set to expire by the end of 2025. Unless changes are made, the exemption for estate taxes will go down to about half the amount, adjusted annually for inflation. Even if you believe your estate is much smaller than around $5 to $6 million, you never know if by the time you pass away, you'll have that amount. Think about it: After adding up other assets like vehicles and balances in various retirement accounts, your estate could easily get close to or above the tax exemption threshold. Check Out: Your state may have different laws when it comes to your estate. Some may have lower tax exemption thresholds. For example, Iowa, Pennsylvania, Nebraska, and New Jersey have an inheritance tax on all assets inherited by beneficiaries. The amount of inheritance tax paid will depend on their relationship with you. Other states have much lower exemption amounts. Kentucky, for example, is $1,000, whereas Oregon's is $1 million. Even if you're well under the estate tax exemption in your state, it may be higher in the future. Your home value rises over time. If you don't expect to have your heirs inherit your property for decades, the increase in value could bump it up well past those exemptions. It might be a smart idea to take stock of all the assets you plan on giving to your beneficiaries and be aware of how much estate taxes may be taken out. Donating part of your estate to a qualifying nonprofit or charitable organization can help to lower your estate's value, and therefore lowering the amount of estate taxes that may be owed. A common way you can do that now is by opening and contributing to a donor advised fund. The money in the account can be used towards charitable donations. There may be some exemptions as to how much you can contribute to this type of account, and other taxes you may be on the hook for such as capital gains tax. Consult with an accounting or tax professional to help you. A 529 account is a type of investment account where you name a beneficiary and funds can go towards their qualifying educational expenses. Money held in this account is generally not considered part of your estate, as long as it's held there for at least five years. Giving some of your money now to your children or heirs could lower your estate's value, and therefore lower the amount of estate taxes that may be owed. If you go this route, plan out how much you want to give now and how it can affect what you'll need to live on now and during your retirement years. You'll also want to understand how much you can gift before the amount is considered taxable. In 2025, the gift tax exclusion is $19,000, or $38,000 for married couples. More From GOBankingRates Warren Buffett: 10 Things Poor People Waste Money On This article originally appeared on 6 Ways To Keep Your Estate Taxes Low
Russia Today
3 hours ago
- Business
- Russia Today
Durov divvies-up his billions for his kids
Telegram founder and CEO Pavel Durov has announced plans to leave his fortune to the more than 100 children he has fathered. However, they won't have access to their inheritance until 30 years from now, the Russian-born entrepreneur told French newspaper Le Point on Wednesday. Durov, who holds Russian, French, UAE, and St. Kitts and Nevis passports, said he is the official father of six children with three different partners – though he added that he has fathered over 100 children in 12 countries through sperm donation. 'I recently wrote my will... I decided that my children will not have access to my fortune until thirty years have passed, starting today,' the 40-year-old told the outlet. He said he wants his children 'to live like normal people, to build themselves up on their own, to learn to trust themselves, to be able to create – not to be dependent on a bank account.' His fortune currently stands at $17.1 billion, according to Forbes, which puts him at number 133 among the world's richest people. Last year, Telegram – which has over a billion active users – posted a record $540 million in profit, marking a sharp turnaround from a $173 million loss the previous year. Durov added that he makes no distinction between his children, saying those who were conceived naturally and those who came from his sperm donations 'will all have the same rights.' He noted that his work involves risks, and that 'defending freedoms earns you many enemies, including within powerful states.' He added that he wants to protect his children and the company he created. 'I want Telegram to always remain true to the values I stand for,' Durov said. He stated that a nonprofit foundation would take over Telegram's management in the event of his 'disappearance,' adding that the main goal is to ensure the platform remains independent while respecting privacy and freedom of speech. Durov stressed that he remains Telegram's sole shareholder, owning 100% of the company, 'the only way to guarantee Telegram's complete independence.' Last year, Durov was arrested in France and placed under judicial supervision over alleged complicity in crimes linked to Telegram users. The entrepreneur, whose company is based in Dubai, was released on €5 million ($5.46 million) bail and was temporarily allowed to leave France in mid-March with judicial approval.
Yahoo
3 hours ago
- Business
- Yahoo
Telegram boss says he has fathered more than 100 children
The multi-billionaire founder of instant messaging app Telegram, Pavel Durov, says he has fathered more than 100 children. "The clinic, where I started donating sperm 15 years ago to help a friend, told me that more than 100 babies had been conceived this way in 12 countries," Mr Durov told French political magazine Le Point. Mr Durov, who says he is the "official father" of six other children with three different partners, added that all of his offspring will share his estimated $13.9bn (£10.3bn) fortune. He also reiterated that he denies any wrongdoing in connection with serious criminal charges he faces in France. "They are all my children and will all have the same rights! I don't want them to tear each other apart after my death," Mr Durov said. But the self-exiled Russian technology tycoon told the magazine that none of his children would have access to their inheritance for 30 years. "I want them to live like normal people, to build themselves up alone, to learn to trust themselves, to be able to create, not to be dependent on a bank account," he said. The 40-year-old said he had written a will now because his job "involves risks – defending freedoms earns you many enemies, including within powerful states". His app, Telegram, known for its focus on privacy and encrypted messaging, has more than a billion monthly active users. Mr Durov also addressed criminal charges he faces in France, where he was arrested last year after being accused of failing to properly moderate the app to reduce criminality. He has denied failing to cooperate with law enforcement over drug trafficking, child sexual abuse content and fraud. Telegram has previously denied having insufficient moderation. In the Le Point interview he described the charges as "totally absurd". "Just because criminals use our messaging service among many others doesn't make those who run it criminals," he added.
BBC News
4 hours ago
- Business
- BBC News
Pavel Durov: Telegram founder says he has fathered more than 100 children
The multi-billionaire founder of instant messaging app Telegram, Pavel Durov, says he has fathered more than 100 children."The clinic, where I started donating sperm 15 years ago to help a friend, told me that more than 100 babies had been conceived this way in 12 countries," Mr Durov told French political magazine Le Durov, who says he is the "official father" of six other children with three different partners, added that all of his offspring will share his estimated $13.9bn (£10.3bn) also reiterated that he denies any wrongdoing in connection with serious criminal charges he faces in France. "They are all my children and will all have the same rights! I don't want them to tear each other apart after my death," Mr Durov the self-exiled Russian technology tycoon told the magazine that none of his children would have access to their inheritance for 30 years."I want them to live like normal people, to build themselves up alone, to learn to trust themselves, to be able to create, not to be dependent on a bank account," he 40-year-old said he had written a will now because his job "involves risks – defending freedoms earns you many enemies, including within powerful states".His app, Telegram, known for its focus on privacy and encrypted messaging, has more than a billion monthly active users. Mr Durov also addressed criminal charges he faces in France, where he was arrested last year after being accused of failing to properly moderate the app to reduce criminality. He has denied failing to cooperate with law enforcement over drug trafficking, child sexual abuse content and fraud. Telegram has previously denied having insufficient the Le Point interview he described the charges as "totally absurd"."Just because criminals use our messaging service among many others doesn't make those who run it criminals," he added.
