Bulgari Heirs Allege There Is A Snake In The Family

Among other things, the luxury retailer Bulgari is known for its unique (and very expensive) snake jewelry and watches. The company says its Serpenti collection is “an emblem of creative freedom, magnetic charm and infinite metamorphosis.” Pieces of the collection are prized by collectors and celebrities, who claim Bulgari makes some of the highest-quality jewelry in the world. 

The clamor for Bulgari built the small shop founded by an Italian silversmith into one of the largest and most coveted luxury brands. So it was no surprise that the company fetched a high price when it was bought by the French luxury group LVMH in 2011 for $5.2 billion. 

A large portion of the purchase price went to members of the Bulgari family, specifically Anna Bulgari — yes the same Anna Bulgari who was kidnapped along with her teenage son and held for ransom in the 1980s. When Anna passed away in 2019, her large estate, which was held in a trust, passed on to her three daughters. 

Trust Administration Sows Distrust Among Siblings 

Each of the three daughters has reportedly received a $40 million payout, but one of them thinks she is due more. Ilaria Bulgari alleges her older sister Veronica — their mother’s estate administrator — is withholding money and information that should be shared with the rest of the family. Veronica claims all the money that should be distributed has been, and what is left is needed to pay taxes and fees. 

The fight has gotten ugly, and expensive, with multiple lawsuits filed and scores of lawyers involved. And it has also gotten weird, with the siblings accusing each other of stealing documents and entering into sham marriages in an attempt to cover up nefarious acts. 

Whether You Are An Heiress Or Just A Regular Member Of The Magnolia State It Is Best To Be Open About Your Estate Planning

The take-away from all of this is that simply creating a trust is not going to keep your family members from fighting over your assets after you are gone. The best estate plans in the world can fall apart if you do not communicate your wishes to your loved ones while you are still around to do so. 

Talking about death is never an easy task, but making sure your family knows you have created an estate plan, and giving them a big-picture overview of what it includes, can go a long way toward smoothing the distribution of your assets after you are gone. 

Preserving Your Wealth. Protecting Your Loved Ones. 

If you plan to pass significant assets on to your loved ones in the Brandon, Mississippi area, the Palmer & Slay team is ready to help you craft an estate plan that meets your family’s unique needs. We can then help you communicate your wishes to your heirs so there is no room for disagreements after you are gone. Please contact our experienced team of attorneys today to schedule an initial consultation.