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Parenting And Estate Planning Lessons From The Estate Of Gloria Vanderbilt

Growing up wealthy does not obviate the need for individual success.

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Anderson Cooper and Gloria Vanderbilt (Photo by Roy Rochlin/FilmMagic via Getty Images)

The Rainbow Comes and Goes: A Mother and Son On Life, Love, and Loss by Anderson Cooper and Gloria Vanderbilt, is a memoir published in 2016 detailing a mother and son’s relationship and includes reflections on their individual and familial successes and failures. In the book, Vanderbilt states, “Death is the price you paid for being born.” This has come true for Vanderbilt, who died on June 17, 2019, at the age of 95.

In addition to CNN correspondent Cooper, Vanderbilt was also survived by sons Leopold Stanislaus Stokowski and Christopher Stokowski. A fourth son, Carter Vanderbilt Cooper, predeceased her in 1988. New York State Surrogate’s Court filings have revealed that Vanderbilt left her Manhattan apartment to son, Leopold, and the remainder of her estate to Anderson. Christopher Stokowski, with whom she was reportedly estranged, was not included in the last will and testament.

Vanderbilt’s death and the disposition of her assets is interesting by the nature of the life she led and the monies she and her family held. At the time of her death, she was estimated to have been worth $200 million.  Vanderbilt was the great-great-granddaughter of financier and railroad scion Cornelius Vanderbilt. In 1925, when she was less than two years old, her father died, leaving her a trust fund worth approximately $5 million (about $73 million today). As a girl, she was the subject of a custody battle between her mother and aunt which included control of her trust fund. Notably, Vanderbilt made her own fortune in the fashion industry transforming dungarees into designer jeans in the 1970s and 1980s, amongst other fashion items and cosmetics.

The memoir and Anderson Cooper himself, discuss the importance of earning one’s own money, regardless of a family’s wealth. In a 2014 Howard Stern interview, Anderson Cooper stated, “My mom’s made clear to me that there’s no trust fund. There’s none of that.” He further added that he did not believe in inheriting money and that had he felt a “pot of gold” was waiting for him, he would not have been so motivated to succeed. Anderson Cooper is estimated to have a net worth of $100 million.

Court filings seem to reveal that Cooper will inherit the great majority of the Estate although the number reported in the court is around $1.5 million. The court filings, however, may not present the entire picture. It is possible that Vanderbilt executed non-probate documents such as trusts which distribute monies to a host of other individuals or charities. The only assets that will pass via Vanderbilt’s last will and testament are those held in her individual name. Trust funds, accounts with named beneficiaries, life insurance policies, and joint accounts will all transfer upon death to the joint owner, remainderman, or a named beneficiary.

Anderson Cooper is accomplished, respected, and wealthy in his own right. Should his success bar him from enjoying his family’s monetary legacy? Or is it that Anderson’s success is Vanderbilt’s greatest asset, worth more than any piece of property or bank account? If the latter, then Anderson Cooper’s role as beneficiary is his ultimate reward for doing as his mother advised.

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Cori A. Robinson is a solo practitioner having founded Cori A. Robinson PLLC, a New York and New Jersey law firm, in 2017. For more than a decade Cori has focused her law practice on trusts and estates and elder law including estate and Medicaid planning, probate and administration, estate litigation, and guardianships. She can be reached at [email protected]. 

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