Anyone who hopes to bequeath significant assets might do well to watch the 2021 Netflix documentary about Bob Ross, known for the Joy of Painting TV series. Even if this documentary is flawed, viewers can learn from Bob's mistakes (not happy ones, this time) about what not to do, as well as how greed and mismanagement can ruin best intentions.
Apparently, via trust Bob left most of his empire in the control of his half brother, who soon after Bob's 1995 death handed over those assets to a company that now sells art items under the Bob Ross name.
The reason for this transfer was a lawsuit, few details of which are given. Though the trust allocated 51% to Bob's half brother, and 49% to Bob's son, whatever compensation the half brother received from the company was apparently not shared with Bob's son.
Bob's son, who it appears was not a trustee, is presented as not finding out what happened until some 20 years later.
The documentary breezes through important details (though you can pause on the agreement paperwork displayed) while busy vilifying the company that acquired Bob's empire.
IMO, the lack of evidence presented against this company makes this vilification feel a bit unfair. Did they exploit an unsavvy artist? In old video clips, Bob instead seems quite intelligent, not to mention as gracious as he appeared on Joy of Painting.
To me, the half brother, who declined to appear in the documentary, looks more to blame for Bob's son getting shorted. And, Bob complicated inheritance matters by marrying his nurse a few months before he died. Bob's son mentions not getting along with his father, only reconciling somewhat before Bob's death. It occurred to me maybe Bob actually didn't want his son to inherit his legacy. Bob, of course, is not around to let us know.
Items like a will are not mentioned in the documentary, so presumably the trust held most/all of Bob's assets. The takeaway is that no matter how we plan, what happens to our assets after we pass is not 100% certain. IMO, if Bob wanted him to share in the estate, Bob's son should have been named a trustee, and maybe a trust protector appointed.
The documentary left me feeling somewhat sad for what had been the Joy of Painting.
Apparently, via trust Bob left most of his empire in the control of his half brother, who soon after Bob's 1995 death handed over those assets to a company that now sells art items under the Bob Ross name.
The reason for this transfer was a lawsuit, few details of which are given. Though the trust allocated 51% to Bob's half brother, and 49% to Bob's son, whatever compensation the half brother received from the company was apparently not shared with Bob's son.
Bob's son, who it appears was not a trustee, is presented as not finding out what happened until some 20 years later.
The documentary breezes through important details (though you can pause on the agreement paperwork displayed) while busy vilifying the company that acquired Bob's empire.
IMO, the lack of evidence presented against this company makes this vilification feel a bit unfair. Did they exploit an unsavvy artist? In old video clips, Bob instead seems quite intelligent, not to mention as gracious as he appeared on Joy of Painting.
To me, the half brother, who declined to appear in the documentary, looks more to blame for Bob's son getting shorted. And, Bob complicated inheritance matters by marrying his nurse a few months before he died. Bob's son mentions not getting along with his father, only reconciling somewhat before Bob's death. It occurred to me maybe Bob actually didn't want his son to inherit his legacy. Bob, of course, is not around to let us know.
Items like a will are not mentioned in the documentary, so presumably the trust held most/all of Bob's assets. The takeaway is that no matter how we plan, what happens to our assets after we pass is not 100% certain. IMO, if Bob wanted him to share in the estate, Bob's son should have been named a trustee, and maybe a trust protector appointed.
The documentary left me feeling somewhat sad for what had been the Joy of Painting.
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