Chapter 2 - THE GIFT THAT NEVER ARRIVED
Michael called six more times.
I ignored every call.
At eight thirty, I was sitting in my attorney’s conference room.
David Mercer had handled my business and estate planning for almost twenty years.
Beside him sat our accountant, trust administrator, and corporate counsel.
I placed the flash drive in the middle of the table.
“I want to know exactly what Michael legally owns.”
David did not ask why.
He already knew something serious had happened.
We started with the house.
Michael owned nothing.
The Nashville home where Ellen and I lived belonged to us jointly.
Michael still used the address on several financial documents because he had never bothered updating everything after moving into Cassandra’s apartment.
That gave him mail privileges.
Nothing more.
Next came the company vehicle.
A black Range Rover.
Leased by Whitaker Development Holdings.
Michael drove it as part of his executive compensation package.
If his employment status changed, the vehicle could be recalled under the lease agreement.
Then we discussed company equity.
Michael often told people he owned “part of the company.”
Technically, he had a small amount of already vested equity.
But most of the shares he talked about were restricted units scheduled to vest over the next five years.
If he left under certain circumstances, much of that future equity could disappear.
I leaned back.
“I don’t want anything done illegally.”
Corporate counsel nodded.
“Nothing should be done emotionally either.”
“I agree.”
“If his conduct creates a legitimate corporate governance issue, the board needs to handle it.”
“Then the board handles it.”
Finally, David opened the trust documents.
Michael had no automatic right to the family vacation property.
He had no current right to the investment trust Ellen and I created.
And the substantial wedding gift we had planned to give him and Cassandra had never been transferred.
The amount was four hundred thousand dollars.
Enough for the down payment on the house they wanted.
Ellen and I had planned to surprise them after the honeymoon.
David looked at me.
“Do you still intend to make the gift?”
“No.”
He nodded.
“That’s your decision.”
No court.
No contract.
No obligation.
Just a gift that would no longer exist.
I looked at the folder containing our estate plan.
“What about his inheritance?”
David was more careful.
“You and Ellen control your estate planning while you are alive.”
“I don’t want to disinherit him in anger.”
“Good.”
“But I want everything reviewed.”
“That is reasonable.”
I nodded.
“No automatic control over family assets.”
“No assumption that he inherits the company.”
“No position simply because he is our son.”
David wrote everything down.
Then the trust administrator cleared his throat.
“There is something you should know.”
I looked at him.
“What?”
“Michael contacted my office three weeks before the wedding.”
My attention sharpened.
“About what?”
“He wanted to know whether his future trust interest could be used as collateral.”
I stared at him.
“For what?”
“A house.”
May you like
The room became silent.
Michael had already been trying to spend an inheritance he did not own.
