Rebecca Minkoff, the fashion designer, has revealed a specific provision within her will, colloquially termed a 'floozy clause.' This stipulation dictates that if her husband, Gavin Bellour, enters a new relationship following her death, assets she has built will be immediately transferred into a trust for their four children. The designer made these remarks on a recent podcast.
Minkoff stated that the clause was established before she or her husband amassed significant wealth. The underlying intent, according to Minkoff, is to safeguard the fortune she has created for the specific benefit of her children, rather than allowing it to potentially benefit a future partner of her surviving spouse. While she expressed implicit trust in her husband, she noted concerns about who else might influence financial decisions concerning her estate.
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The idea for this provision originated from Minkoff's mother, reportedly discussed during conversations about marriage and long-term financial planning. This arrangement aims to ensure that the wealth remains concentrated on the immediate family as originally intended.
The designer has also acknowledged that such plans can sometimes present tax complications. Minkoff, who appeared on "The Real Housewives of New York City," first discussed this with her husband before their 2009 marriage, during a time when neither had substantial assets. Initially, they had a simple agreement that was "what's mine is mine, what's yours is yours."
Post-marriage and with the arrival of four children, they now maintain a joint account. However, they retain individual control over assets acquired separately. Minkoff emphasized that the 'floozy clause' is a formal arrangement, not merely a casual agreement.
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