Readers will remember that the
soon to be notorious, and previously revered, Bari family, have found
themselves in a financial pickle as a result of the “help” the oldest son Danny
obtained from certain New Jersey relatives.
They have now called the “loan” and want to collect by taking control of
the family restaurant, as well as the other Bari assets. As best we know, none of the parents or
children are aware of the problem except Augie, the father who is on an
assassination short list, and his son Danny who caused the problem in the first
place. Remember, this is all about
estate planning so now that you know most of the characters- don’t worry, there
will be refresher courses- the action should begin soon.
The telephone call from August Bari to his attorney of many years, Portofino Van Steel, was abrupt and to the point.
“Porto,” he said, “I need to take a look at that Will you drew up for Angel and me. There’s some changes I think I should make”
“Augie”, replied his lawyer, “changing the Will is no problem, but like I told you before, you really ought to plan around the estate tax. It may be gone this year but who knows what that box of rocks in Washington is going to do. Plus, without a trust, you are going to end up paying me hundreds of thousands of dollars in probate fees.”
“ Yeah, yeah, I know we should do one of those things, but that’s just too much paperwork. I just want a simple will and I’ll tell you what I want in it”
“OK, Augie. But expect me to document the fact that you wouldn’t listen.”
“Hey, Porto- Everybody knows I never listen! What’s new with that?”
Portofino Van Steel (the Italian from his mother, the Dutch from his father) was a contemporary of Augie and had represented him since he first opened the expanded Augie’s Restaurant on Broadway over 40 years ago. He considered himself a family friend, had helped the kids (especially Danny) get out of jams in high school and had helped Augie as best he could on all of his property acquisitions. He knew the Bari net worth to be well over $15,000,000 and was continually frustrated by the manner in which Augie and Angelina held title to property and how they had not planned for their succession. Now, as he looked over the ring of lights around Lake Merritt from his high rise office, he realized that he would have one more chance to convince Augie that he needed to prevent the government from collecting over $9,000,000 in estate taxes if both should die.
“I wonder why he wants to talk abut his estate now? It’s not like Augie to think about dying. I guess I’ll find out,” he thought out loud.
Augie was definitely focused on death-his own in particular. Ever since learning that some hit man named Vinnie was looking for the opportunity to take him out, Augie had swung into action to both protect his family and himself.
Although he had not kept any contact with the side of his family from New Jersey, he had maintained contact with his distant relatives in Palermo. It was to them that he reached out immediately after hearing from Vinnie.
“Hello” Augie said in the thick Sicilian accent of his childhood to the woman who answered the phone. “ This is Augusto Bari from America. Is my cousin Gondola available?”
“Augusto! This is your niece Multibene! It has been so long since we have heard from you. Is everything allright? And how are Angelina and the bambinos?”
“Things are just fine, Multibene. But I need to speak to Gondola.”
“I’m sorry, but he’s no longer here. After the difficulties we had with that miserable prosecutor, Gondola and your cousin Rudolfo moved to Moscow. They are now Russian citizens. Based on what they have been sending us, they are doing very well. I think they are in the import/export business- just like old times. Only now they speak Russian and have a whole new set of friends. Give them a call I know they’d love to hear from you”
Augie was amazed and a little unsure how to proceed. His Sicilian relatives were Russians! After getting instructions from Multibene, and with the help of an operator he surprisingly connected with Gondola, now known as Gondorsky Ivanovich.
“Gondo, this is amazing that you are now Russian! Is the business good?” asked Augie tentatively.
“Augie, we have much to talk about, but first, we have had word that you might be in some difficulties with those scum in New Jersey. Perhaps we can help you.”
Augie was stunned that not only did his distant- now Russian- relatives know about his predicament but they were willing to help! Maybe there was hope for him and the kids, but at what price?
Yes, what cost will Augie incur by enlisting the aid of his now Russian mobster relatives? Highland Boulevard in Piedmont is going to get a little crowded between the Jersey relatives and the Russians all looking for each other and for their piece of the action. At least the lawyer is finally involved for any of you who have wondered what this is all about. But do you really trust any lawyer named Van Steel? Estate planning only mirrors what we do in our lives- and sometimes those lives take strange twists. Stay tuned.
Remember, this is all about estate planning so now that you know most of the characters- don’t worry, there will be refresher courses- the action should begin soon.
Posted by: James Morgan - Puritan Financial Advisor | 08/11/2010 at 12:57 AM