Posted on 02/21/2021 12:00:55 PM PST by billorites
A decade ago, the late Rush Limbaugh scoffed at the notion of leaving any of his money behind. We know this because he was reacting to us.
Our coverage of Steve Jobs' no-tax estate plan made a lot of waves. Rush felt the need to insert himself into the narrative by sharing his thoughts about legacy.
They were terse and tough. He didn't want to leave anything behind. If he spent everything and died broke, he'd be happy, he said.
Now, a year after announcing he had terminal cancer, he's gone. And as far as anyone can tell, he left a whole lot of money behind.
Some estimates put his net worth above $600 million. That's probably just career earnings and not a real net figure, but it provides a sense of the amount of cash flowing into his operation over the years.
He was the biggest name in radio. It takes a vast amount of work to burn as much as $85 million a year and have absolutely nothing to show for it.
We know that his "Southern Command" in Palm Beach alone can be worth up $50 million to his estate under the right conditions.
It's unlikely that his widow will keep it around forever. She was decades younger than he was and has a lot of living left to do.
Either way, unless Rush made a whole lot more effort to look out for his posterity than anyone but the tabloids suggests, she's the boss now.
There were no kids. She inherits it all.
Look carefully and you can see the tracks of what exactly that entails.
The Non-Profit Thread
Rush had lawyers on his side to structure his wishes. He hated taxes and shielded his privacy.
However, that privacy wasn't perfect. We know that the commercial rights to his show and auxiliary businesses were held in an LLC named after himself and his widow Kathryn.
Kathryn Adams Rush Hudson Limbaugh = KARHL. KARHL Holdings LLC was formed in 2010, when they got married.
It has two employees. It's them. And it shares an address with a charitable foundation the couple set up in their names.
The foundation's books are on record. It's relatively modest by billionaire standards, but a few million dollars a year have moved in and then out to Rush-friendly organizations.
Maybe it will inherit his stake in KARHL and start making huge grants. Either way, Kathryn will call the shots.
Now that Rush is gone, she and her aged mother are the only two officers of record.
And if she simply inherits his KARHL interest, the benefit goes to her.
Tabloids have suggested that Rush hated her toward the end and tried to cut her out of his will. I just don't see that.
For one thing, if he hated her, he would have carved up the holding company and wound down the foundation. None of that happened.
And where else would he put the money in the event of his death? He had a year to ponder mortality.
A prenuptial contract is remotely unlikely. Her name is on all the organizations, right up there with his, and these organizations were set up after the marriage.
He apparently wanted her to deal with his assets. Maybe that was part of the attraction.
She comes from some of the oldest money in New England. This is her dynastic world of galas and philanthropic planning.
For me, the biggest question is what happens to his legacy. The shows have a limited shelf life in rerun form, but there's a vast library of recorded material to mine.
He had millions of dedicated listeners. That audience is worth money too.
All it needs is a successor. That's the real question. Who inherits his desk and his microphone?
We'll find out.
It is creepy to discuss his estate at all, but downright silly to discuss it as if it were intestate.
I’d take Bongino over Steyn.
Please, no Hannity. Hannity is a lightweight. I can’t even watch his show....so much of the same stuff over and over. He can’t even give an intelligent response when he has an interesting guest. He doesn’t think fast enough.
With that said I posted a thread yesterday about the potential of "Step Up in Basis" going away under Team O'Biden, from a source I trust.
https://freerepublic.com/focus/f-chat/3936357/posts
I can see these SOB's trying to apply it to Rush even though it goes to beloved wife without any problems. If she sells anything, they would be all over her if what I hear is true. I so can't stand team O'Biden to put it mildly....
Yea, it’s certainly earned a spot there.
Rush did a great deal of charity work behind the scenes. He never wanted it to be public. He made his plane available to many in need.
Rush told Trump on a phone call days before he died that he “was married to an angel”.
Ohhhhhh pleeeeeze. Do not turn EIB into a show of in-depth interviews.
Rush didn’t do interviews, and besides we have Mark Levin for those.
If it wasn’t for his advanced age, Howie Carr has that ease with an audience and enjoyable sense of humor. He just lacks Rush’s unique analysis on anything, but then everyone lacks that.
If EIB is looking for a young rising talent, then Jesse Walters is the answer. He elocutes well. Just don’t know how he translates over radio. Steyn is great too. Not sure if his Canadianese would last the test of time.
Finally, anyone but Hannity who would be the anti-Rush when it comes to knowledge, originality and perspicaciousness
Hostus Interruptus
Perspicacity?
Who inherits his desk and his microphone?
I say nobody. His mic should be retired. Maybe Hannity gets his 12-3 timeslot if he wants it.
There are plenty of hosts that can step it up, but Rush’s mic and desk should be retired. Anyone assuming them would be held to an unfair standard.
Props to Hannity who pointed out that Rush’s bucket list consisted more or less solely of getting behind the EOB microphone and being with his listeners, his family.
Good plan! The only possible better one is to give it to me before Tuesday!
not all in depth interviews, but mix it up as an continuing education and conservative advocacy site.
We are in jeopardy of losing THREE HOURS of BROADCAST time if we do not move quickly
Agree Steyn would do even a better job compared to his guest host appearances if
it was a full time gig.
In any event, I spent 4 years in Trust litigation in Florida, so I am painfully aware of Florida Trust laws.
A Trust for a surviving wife does have to guarantee a minimum cash distribution each year, so perhaps that is what you are referring to?
Rush had a unique talent to promote the conservative agenda in an entertaining way - and skewer liberals 3 hours a day, 5 days a week. His intellect, character, personality and a lifetime of perfecting his show - made him the #1 heard radio talk show in the world.
Donald Trump makes a good radio show guest but he does not have the talent to fill Rush's shoes or be a radio host for any extended period of time IMHO.
I don't know that anyone has Rush's kind of talent.
I second that....he’s the only one who comes close to Rush’s brilliance....Todd Herman does a pretty good job as far as Rush’s tech brilliance, as well.....BUT, as we ALL know, Rush was the ENTIRE package!
I’ve heard that Kathryn will be appearing on tomorrow’s (Monday 2/22) show....not sure if she will be part of it or do the entire 3 hrs.......classy move, STRONG woman!!!
Secret estate plan... Right.... That’s why we’re reading it so make sure you don’t tell anyone about it cause it’s secret.
To me, Steyn is the obvious choice. He has a sharp wit and humor, as well as spot on analysis. He is my favorite guest hosts. I vote Steyn, so we can continue to honor Rush’s legacy from Ice Station EIB.
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