{"id":112,"date":"2011-12-16T19:58:09","date_gmt":"2011-12-16T19:58:09","guid":{"rendered":"http:\/\/www.caassetprotection.com\/blog\/?p=112"},"modified":"2023-02-01T17:55:21","modified_gmt":"2023-02-01T17:55:21","slug":"george-clooneys-new-movie-offers-informative-entertaining-look-at-trusts","status":"publish","type":"post","link":"\/blog\/george-clooneys-new-movie-offers-informative-entertaining-look-at-trusts\/","title":{"rendered":"George Clooney’s New Movie Offers Informative, Entertaining Look at Trusts"},"content":{"rendered":"

George Clooney is starring in a movie about a family trust. Yes, you read correctly.<\/span><\/span><\/p>\n

“The Descendants,” which opened in select theaters last month, offers a great depiction of what the Trust industry is all about.<\/span><\/span><\/p>\n

The film comes from the creators of “Sideways” and “About Schmidt.” It tells a humorous and tragic story of Clooney’s character Matt King, a father who must reexamine his past and face his future when his wife suffers a boating accident. King is also a land baron in charge of property handed down through generations from Hawaiian royalty and missionaries.<\/span><\/span><\/p>\n

Difficult Decisions for Trustees<\/strong><\/span><\/span><\/p>\n

Amid trying to reconnect with his two daughters, King struggles with a decision on whether to sell the family’s lush land in Kauai. He is torn between cash-strapped beneficiaries and the original intent of the family trust to preserve the land for future generations.<\/span><\/span><\/p>\n

The scenario King faces as both a Beneficiary and a Trustee mirrors real-life dilemmas and tough decisions faced by Trustees every day. King just wants to “do the right thing.” But doing what is right isn’t always popular.<\/span><\/span><\/p>\n

Legal bloggers have written that the film is reminiscent of Hawaii’s billion-dollar Campbell Estate and of the Bishop Estate, created by Charles Reed Bishop, a banker who married Hawaiian Princess Bernice Pauahi. (See: www.thetrustadvisor.com\/news\/descendants<\/a>)<\/span><\/span><\/p>\n

Real Life Families, Real Life Drama<\/strong><\/span><\/span><\/p>\n

Hawaii’s 107-year-old Campbell Estate dissolved in 2007. Some grandchildren of the original grantor took a cash disbursement and paid the tax accruing, but most rolled their interests into a new national real estate corporation. The estate had to distribute its tax liabilities and assets to the beneficiaries.<\/span><\/span><\/p>\n

The Bishop Estate was founded by missionaries as a non-profit trust that could have lasted indefinitely if it had not been restructured after a scandal.<\/span><\/span><\/p>\n

A Great Gift Idea<\/strong><\/span><\/span><\/p>\n

This film should be required viewing for Advisors and Trustees alike, and I urge you to consider buying copies of the blu-ray or DVD when it becomes available next year. It offers Trustees and potential Grantors a look at what can go wrong when circumstances take a family trust off course.<\/span><\/span><\/p>\n

To learn more about the movie, visit the official homepage: www.foxsearchlight.com\/thedescendants<\/a>.<\/span><\/span><\/p>\n

As always, I hope this article has helped you. If you have a specific case or concern, contact our office<\/a>.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

George Clooney is starring in a movie about a family trust. Yes, you read correctly. “The Descendants,” which opened in select theaters last month, offers a great depiction of what the Trust industry is all about. The film comes from the creators of “Sideways” and “About Schmidt.” It tells a humorous and tragic story of… Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,19,12],"tags":[],"class_list":["post-112","post","type-post","status-publish","format-standard","hentry","category-asset-protection","category-estate-planning","category-news-and-current-events"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t