Law Offices of Frye & Vazquez, P.L.
Call Today. 305-508-5749 | 877-421-5473

Trust administration dispute could cost of millions

When individuals are given the responsibility of managing a high-asset trust, they are charged with distributing large amounts of funds and property on behalf of another individual’s estate. And in cases where the estate is dynamic and growing, trustees can be greatly involved in the process of administering trusts, warranting compensation for their efforts. The question is, then, how much money are trustees actually entitled to? That is the question at the heart of one dispute between the estate and foundation of a famous painter and the three individuals he chose as his trustees.

The famous pop artist, Robert Rauschenberg, maintained a long and productive career, and is named along with artists like Andy Warhol for showcasing common items in his paintings. The Florida artist had an illustrious artistic career and died at the age of 82, in 2008. Two years after his death, one of Rauschenberg’s multimedia works was sold at auction for an incredible $11 million. In addition to being a lucrative artist, Rauschenberg is also known for his generosity and philanthropy. The Robert Rauschenberg Foundation supports a number of charities and other causes.

It’s for that reason that Rauschenberg assigned the administration of his trust to three personal friends. It’s estimated that the artist’s estate equaled $600 million at the time of his death. Now, the three trustees are asking for $60 million as payment for their services in growing the estate and promoting the artist’s work.

A lawsuit was filed by Rauschenberg’s foundation and family, claiming that the trustees are not entitled to that amount of money since it was allegedly intended to go to his foundation. The high-profile trust administration dispute is expected to go to trial this spring.

Source: 680news.com, “Battle over $60M in fees at issue in court case involving artist Robert Rauschenberg’s estate,” Tamara Lush, Jan. 6, 2014

No Comments

Leave a comment
Comment Information

What Our Clients Are Saying

  • I have known and worked with Austin Frye and his team since 2008. In that time he has helped serve both my business and personal legal planning needs. From guidance on reviewing and keeping shareholder and state documentation up to date... - Robert
  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
  • Austin Frye provided legal services to my father while alive and to his estate after his death; when showing the EP docs his firm prepared to other professionals (lawyers, financial advisors, accountants)… - Mark S
  • I've been a client of Austin Frye's for over 10 years. In that time, he's handled my estate/trust planning and asset protection as well as complicated business deals. - Leslie
  • Mr. Frye recently set up a complicated special needs trust for my son and, as usual, did a great job explaining it and in putting our minds at ease about our son's future well-being. - Dr. Howard
Read More...
  • NYSBA
  • Massachusetts Bar Association
  • The Florida Bar 1950
  • CFP
  • Florida Bar Elder Law Member
  • Academy Of Florida Elder Law Attorneys
  • Florida bar Business law Member
  • NAELA National Academy of Elder Law Attorneys, Inc.
Email Us For a Response

Contact Us For Personal Attention To Your Legal Matter

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

Get In Touch With Us
20900 W. Dixie Highway
Aventura, FL 33180

Toll Free: 877-421-5473
Phone: 305-508-5749
Map & Directions