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Rob Ford's Toronto

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pud99 said:
Taking it as true that Deco - and whatever other assets (e.g. real estate) - were worth some millions prior to the death of the father, it is a virtual certainty (as in, 99.9999999%) that the father had an estate plan prepared for him.

By far the most common plan is one by which (1) Deco - and whatever other assets - would be lodged in corporations whose shares in turn are owned by a so-called holding company that was owned by the father, (2) the shares of the holding company would be placed in a so-called family trust, the trustees of which would be the father and one or two or three other people whom the father would expect to 'do what he would do' after his death - such as the mother - and (3) the terms of the trust would give the trustees discretion about what to give to the kids from time to time (including to give some of them more than others). The father's will also would provide that whatever property might pass by his will (rather than being in the family trust just described) would be held by trustees for his estate (probably the same people) on similar terms (and, IIRC, it was said by some source that the estate of the deceased father was valued at something like $5 million).

The end result is that, on his death, most of the father's wealth would be held by the family trust (and, therefore, would not pass by his will, and so would not attract probate taxes - what people call 'death duties') and any other wealth he had would be held in trust under his will. Therefore, aside from salaries paid from Deco to the kids (it seems, as of now, only Randy and Doug Jr.), all of the income generated from the father's wealth would flow through the family trust and (to a lesser extent) the trust under his will. The trustees would be quite able to put Rob, and by connection to him Renata, on a more modest 'allowance' than is given to the mother or to Doug or Randy, or even to Kathy.

I suspect (but can only suspect, of course) the the trustees are the mother, Randy (despite his history, he is the eldest kid, and he passed the lie detector test) and Doug, and perhaps a fourth person (such a the father's lawyer or accountant - not Hotmail lawyer, or I'll eat my hat) and that Rob (and by association Renata) are kept on a short lease (in $$$ terms) because they cannot be expected to manage money wisely.
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Bingo

Though Rob is a trustee. It's mom and all the kids except Cathy. As you stated though, it's mainly for tax reasons and the real control is no doubt with the mother as partner/proxy of the Old man. Doug is no doubt a significant controller/ decision maker because of his success managing the business. Just because Randy and Rob are trustees doesn't mean they get much in the way of cash at present. I highly doubt they are central to management or decision making either.
 
pud99 said:
Taking it as true that Deco - and whatever other assets (e.g. real estate) - were worth some millions prior to the death of the father, it is a virtual certainty (as in, 99.9999999%) that the father had an estate plan prepared for him.

By far the most common plan is one by which (1) Deco - and whatever other assets - would be lodged in corporations whose shares in turn are owned by a so-called holding company that was owned by the father, (2) the shares of the holding company would be placed in a so-called family trust, the trustees of which would be the father and one or two or three other people whom the father would expect to 'do what he would do' after his death - such as the mother - and (3) the terms of the trust would give the trustees discretion about what to give to the kids from time to time (including to give some of them more than others). The father's will also would provide that whatever property might pass by his will (rather than being in the family trust just described) would be held by trustees for his estate (probably the same people) on similar terms (and, IIRC, it was said by some source that the estate of the deceased father was valued at something like $5 million).

The end result is that, on his death, most of the father's wealth would be held by the family trust (and, therefore, would not pass by his will, and so would not attract probate taxes - what people call 'death duties') and any other wealth he had would be held in trust under his will. Therefore, aside from salaries paid from Deco to the kids (it seems, as of now, only Randy and Doug Jr.), all of the income generated from the father's wealth would flow through the family trust and (to a lesser extent) the trust under his will. The trustees would be quite able to put Rob, and by connection to him Renata, on a more modest 'allowance' than is given to the mother or to Doug or Randy, or even to Kathy.

I suspect (but can only suspect, of course) the the trustees are the mother, Randy (despite his history, he is the eldest kid, and he passed the lie detector test) and Doug, and perhaps a fourth person (such a the father's lawyer or accountant - not Hotmail lawyer, or I'll eat my hat) and that Rob (and by association Renata) are kept on a short lease (in $$$ terms) because they cannot be expected to manage money wisely.
Click to expand...

If the implications of him being involved with Lisi in drug trafficking are true, this actually all makes sense, or at least provides a motive.... he's doing it to get money that his family won't give him. But if his family knows he's so untrustworthy then why would they ever choose him as the flag bearer of their political aspirations?
 
jml said:
Crazy Town does mention that Kathy can only access the family trust with permission from the rest of the family, but there was nothing about Rob.
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Not uncommon for a family trust, and estate trust, to say to the trustees not to encroach on the capital for the spouse. (The usual model is that the spouse is to be taken care of for the rest of his/her life out of the income earned by the assets in the trust (e.g., rent received on real estate) while the assets themselves (e.g., the ownership of the real estate) are for the kids - and if you are a Rockefeller, the grandkids, great-grandkids, and so on). As for Kathy, she failed the lie detector test (amongst other things), so requiring the spouse and the other kids to concur in order for her to get anything looks like a typical approach - create a 'family council' to perform the father's role regarding the 'troubled kid' after his death.
 
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This may be more appropriate in the Mayoral Campaign race thread. To me, it's indicative of where Mayor Rob Ford's Toronto is right now, so:

There are a couple of people reporting on Twitter that when clicking on links at http://www.robfordformayor.ca/, not only are ads are coming up via AdWatch, they are for videos like "seduction secrets" and how "to have any woman you want". I have not tried to verify this by clicking on any links, although I do see that adwat.ch is being blocked by NoScript in my browser when I go to the site.

http://twitter.com/cinemaven/status/446405921938608128
http://twitter.com/JohnFurrToronto/status/446410097208475648
 
ttk77 said:
But if his family knows he's so untrustworthy then why would they ever choose him as the flag bearer of their political aspirations?
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Because he's electable. He only ran for council in the first place because he was a washout in the family business. He won and managed to keep himself popular enough to win again.

None of the other kids could do it. Doug got in by name recognition and is basically toxic to the electorate now. He's like Dick Cheney, the nasty one with zero charm.
 
ttk77 said:
If the implications of him being involved with Lisi in drug trafficking are true, this actually all makes sense, or at least provides a motive.... he's doing it to get money that his family won't give him. But if his family knows he's so untrustworthy then why would they ever choose him as the flag bearer of their political aspirations?
Click to expand...

Because, as messed up as it sounds, he held the most appeal for voters?

Not so much now, though.
 
Honest Ed has a posse said:
Bingo

Though Rob is a trustee. It's mom and all the kids except Cathy. As you stated though, it's mainly for tax reasons and the real control is no doubt with the mother as partner/proxy of the Old man. Doug is no doubt a significant controller/ decision maker because of his success managing the business. Just because Randy and Rob are trustees doesn't mean they get much in the way of cash at present. I highly doubt they are central to management or decision making either.
Click to expand...

As the 'baby' (and an unplanned one at that, per the mother's 'interview' with LeDrew), it is quite possible that Rob is not a trustee, and as a heroin addict for many years (to mention nothing else, such as failing the lie detector test), as well as being the daughter of am 'old school guy', it is also quite possible that Kathy is not a trustee either.
 
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