Chenery gave control over the fate of the horses to his daughter Penny Chenery. Little did he know that he had one potential valuable asset left at the time of his death. Only the results of the coin toss and years of work would reveal the outcome or value of the horse. He had two mares expecting from the sire of Bold Ruler. One foal was to go the Chenerys, who owned the mares and the other to Ogden Phipps who owned Bold Ruler, one of the most important stallions of his time. The decision for first choice of the colt went to the winner of a coin toss.

Penny Chenery lost the toss, but received her intended choice of the offspring, who was a horse nicknamed “Big Red” known formally as Secretariat.

Mr. Chenery died without an estate plan subjecting portions of the estate to probate, while owing creditors on breeding ventures that were not sustaining themselves financially. The film does a good job of showing the viewer how families feud; even wealthy families can come up “cash poor” to pay estate taxes on valuable assets. The movie illustrates how families can’t stand up to the difficulties of planning for their passing, even when they are intelligent and wealthy enough to afford estate planning.

The Chenerys, portrayed by Disney and in real life, are examples of people with assets, perhaps cash deficient in the relative stream, but foolish with their assets by negating to attempt any legal techniques for tax mitigation.

In Secretariat, Penny Chenery places all her efforts on the horse Secretariat to win to save the farm. (In real life before Secretariat the horse Riva Ridge won the Kentucky Derby and saved the farm.) Penny claims that life is about running forward to win and when you don’t win…being able to accept it. When her brother asks her to sell the farm and the horses after the coin toss, Penny claims that she was informed on the risk and prepared for the consequence. Penny refuses and puts her entire life, heart and chances of success all on Secretariat.

Great story and great lesson here! Regardless of whether you buy into Imagineering by Disney or look at the real story, the certainty of life’s consequences always portrays itself as the villain, but also as the hero. The fact is that you like the owners of Secretariat will deal with the loss of assets without an estate plan. The day you need it, your estate plan will prevail as the hero.

No matter how difficult it is to address the situation, the disagreements over the passing of assets causes bad feelings at the least and often the breaking up of families. There are alternatives outlined and structured by law and the IRS to afford your family the advantages of tax mitigation. Even if you have thoroughbreds, don’t wait!

Disney portrays Penny Chenery in a magical relationship with Secretariat, some say not true; the horse was just born a superhorse. However, the story, (whether true or Imaginered by Disney), the horse, the trainer, the jockey and Penny Chenery all had one thing in common no matter how you look at it. It all involved vision and courage!

There are times we simply have to run the race and do what we have to do. Secretariat was born a true thoroughbred horse; a superhorse with the largest heart ever recorded to a horse estimated to be two and a half times that of a normal thoroughbred (discovered at autopsy). To the credit of Secretariat’s crew without even knowing that, they all felt the horse had the “heart” to win.

It takes a big heart for a family member to stand up and initiate the estate plan, the wills, the passing arrangements, but when that day comes and you have committed your grief before the consequences, you will be glad you had the courage to do so.

We hope that you will have an enjoyable Thanksgiving weekend and the film if you have any down-time!