A real estate millionaire left $20 million to be split between his two daughters, but with a unique set of rules attached.
Manhattan landlord Maurice Laboz left a total of $37 million behind when he died earlier this year at the age of 77. He left the set of conditions in his will to be governed by his board of trustees for his two daughters, Marlena, 21, and Victoria, 17. The daughters will each receive $10 million at the age of 35, but if they meet their father’s conditions, they can earn portions of the money sooner, according to the New York Post.
For example, if Marlena marries a husband who signs an agreement saying he will keep his hands off the money, she will receive $500,000.
Marlena will also receive $750,000 as a graduation present as long as the university is accredited and a 100-word essay is written explaining what the money will be used for. Her father’s board of trustees will oversee her essay and ensure that she follows through on her plans.
Laboz’s will also states that he will triple whatever salary his daughters earn every year, as well as the federal tax returns they receive every April 15.
If either of the daughters have children of their own, they will receive 3% of their trust fund every first of the year; the catch however, is that in order to receive the money, the child has to be born in wedlock.
When Maurice passed away earlier this year, he and his wife Ewa were going through a divorce. While the marriage was never legally ended, Mrs. Laboz was still not included in the will. The Post reports that she will be contesting the will, despite the fact that the will justifies Mr. Laboz’s position by citing a prenuptial agreement.
Although Mrs. Laboz was left out of the inheritance, Mr. Laboz gave his daughters the opportunity to earn 3% of their trust every year by looking after their mother.
The remainder of Laboz’s wealth is being donated to the Michael J. Fox Foundation for Parkinson’s Research and Meals on Wheels.