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A billionaire secretly anointed his youngest son as successor. His other children were blindsided
Australia🏛️ PoliticsCenter11 days ago

A billionaire secretly anointed his youngest son as successor. His other children were blindsided

Billionaire Nick Andrianakos, founder of the Milemaker Group, secretly designated his youngest son, Theo, as the sole heir to his family's multibillion-dollar business and asset empire shortly before his death in March 2023. During a private meeting in January 2025, Andrianakos informed Theo of his decision to transfer control of the family's Australian and Greek holdings to him, including a €5 million bequest to his younger partner, Hatouna Sakvarelintze. This move came as a surprise to Andrianakos' other children, who later challenged the new arrangement in the Supreme Court of Victoria, citing that the updated 'family agreement' had not been formally documented in a will. The legal dispute centered around conflicting wills, one from 2018–2019 that allocated larger shares to the daughters and shared control of the business, and a newer, informal agreement favoring Theo. After an eleventh-hour settlement, Theo and his sons inherited nearly the entire estate, including high-value properties and vehicles, while the other siblings received significantly less than initially planned. The case also highlighted tensions within the family regarding Andrianakos' relationship with his partner

A 59-year-old individual who does not have children and owns an apartment along with some superannuation funds is seeking ways to spend down their assets before they die. The person works full-time and believes they may need to continue working until age 65, although they desire to retire earlier. The uncertainty of lifespan presents a major challenge in planning for the future. The individual wants to ensure that all their wealth is used during their lifetime rather than being passed on as an inheritance. To achieve this goal, several strategies were suggested. One option involves using superannuation funds to purchase a lifetime annuity. These annuities provide a fixed monthly income until the holder passes away, with some options adjusting for inflation. However, lifetime annuities offer limited flexibility compared to traditional account-based pensions. Therefore, it was recommended that a portion of the superannuation remain in a flexible format to maintain adaptability. Another approach considered accessing the equity in the owned property. Selling the apartment and renting it out could generate additional income, although this would mean giving up the security of homeownership. An alternative is utilizing an equity release scheme, which allows individuals to draw down on the value of their home while still residing there. Debt from such schemes is typically settled when the property is sold, either after the owner's passing or due to entering aged care. Considering the possibility of needing care later in life, maintaining ownership of the home was viewed as advantageous. The equity in the property could be used to cover potential care costs. While completely depleting all assets before death might be challenging, the suggestion was that it is possible to come very close to that objective. The individual also asked whether it would be beneficial to claim a tax deduction for superannuation contributions, given their taxable income falls below the $45,000 threshold. It was explained that claiming a tax deduction for a concessional contribution results in a 15% tax being withheld by the super fund. To gain a benefit, the individual’s personal tax liability would need to exceed 15%. Since the current tax rate for income between $18,201 and $45,000 is also 15%, there is no net advantage to claiming the deduction. In fact, the process could lead to higher overall taxation. By reducing taxable income through a super contribution, the individual might inadvertently lose the benefit of the 15% tax rate. Additionally, the Australian Taxation Office (ATO) prohibits tax-deductible contributions that would push the individual’s income below the $18,201 threshold. As a result, such claims are likely to be denied. Instead, non-concessional contributions may be more suitable for someone in this situation. Paul Benson, a certified financial planner, advised that consulting a financial planner to model different scenarios would help determine whether continuing to work until 65 is necessary. A lifetime annuity could provide greater certainty regarding retirement timing. The advice emphasized the importance of personalized financial planning, taking into account the individual's unique circumstances before making any investment or financial decisions.

5 reports

The Age logoThe AgeIndependentCenterFactual 90Objective 7511 days ago
A billionaire secretly anointed his youngest son as successor. His other children were blindsided

Billionaire Nick Andrianakos, who died in Greece in March 2025, secretly named his youngest son Theo as heir to his multimillion-dollar business empire and personal wealth. During a private meeting in January 2025, he announced this decision to Theo, including a €5 million bequest to his partner Hatouna Sakvarelintze. This move contradicted prior family agreements from 2018 and 2019, which had granted his daughters a larger share of his $183 million estate and shared control of Milemaker Group. The three older children disputed the new arrangement, claiming they were not informed of the changes and that their father was too ill to make such decisions. The legal battle culminated in a settlement on July 17, where Theo and his sons inherited most of the estate, while the daughters received significantly less. The case highlighted internal family conflicts and concerns about the influence of Andrianakos' partner, whom some family members accused of seeking financial gain.

Bias read (Center): The article presents a balanced account of the legal and familial conflict, citing multiple perspectives including those of the children and the partner. It does not overtly favor any particular side but reports the claims and counterclaims from both the heirs and the surviving spouse. The framing,雖

Why factuality (90): This article mirrors the content of the previous one, providing similar factual details about the legal dispute and the succession plan. It includes specific names, dates, and financial figures, supporting the cross-source consensus. The information is consistent with the other article.

Why objectivity (75): Like the previous article, this one uses emotionally charged language such as 'toxic legal battle' and focuses on the surprise element of the youngest son being named successor. This suggests a slight editorial tilt towards emphasizing conflict and familial tension.

The Sydney Morning Herald logoThe Sydney Morning HeraldIndependentCenterFactual 90Objective 7511 days ago
A billionaire secretly anointed his youngest son as successor. His other children were blindsided

Billionaire Nick Andrianakos, founder of the Milemaker Group, secretly designated his youngest son, Theo, as the sole heir to his family's multibillion-dollar business and asset empire shortly before his death in March 2023. During a private meeting in January 2025, Andrianakos informed Theo of his decision to transfer control of the family's Australian and Greek holdings to him, including a €5 million bequest to his younger partner, Hatouna Sakvarelintze. This move came as a surprise to Andrianakos' other children, who later challenged the new arrangement in the Supreme Court of Victoria, citing that the updated 'family agreement' had not been formally documented in a will. The legal dispute centered around conflicting wills, one from 2018–2019 that allocated larger shares to the daughters and shared control of the business, and a newer, informal agreement favoring Theo. After an eleventh-hour settlement, Theo and his sons inherited nearly the entire estate, including high-value properties and vehicles, while the other siblings received significantly less than initially planned. The case also highlighted tensions within the family regarding Andrianakos' relationship with his partner

Bias read (Center): The article reports on a family inheritance dispute involving a wealthy individual and his children, focusing on legal proceedings and financial allocations. While the matter involves significant wealth and legal processes, it does not directly engage with political issues such as governance, public

Why factuality (90): The article presents detailed facts about the legal battle involving Nick Andrianakos, including specific dates, names, and financial figures. It references court proceedings and family disputes, aligning with the cross-source consensus among the articles. The information appears to be corroborated

Why objectivity (75): While the article provides factual details, it has a somewhat sensational tone, using phrases like 'toxic legal battle' and 'blindsided,' which may imply bias. The focus on the youngest son's secret succession plan could be seen as favoring one perspective over others.

SBS News logoSBS NewsState / PublicCenterFactual 85Objective 8011 days ago
'Doesn't really align': The catch with choosing who inherits your super

An article from SBS News discusses the complexities surrounding the inheritance of superannuation in Australia. It highlights that a binding death benefit nomination can expire after three years, potentially invalidating individuals' wishes. Experts note that many Australians do not have such nominations, leading to uncertainty about who will inherit their superannuation. The article explains that not all super funds offer binding nominations and that the rules governing who can receive these benefits can be restrictive, particularly for those with non-traditional family structures or international connections. Jessica Spence from Super Consumers Australia emphasizes common misconceptions about automatic transfers via wills, while Associate Professor Natalie Silver from the University of Sydney notes that non-binding nominations can lead to disputes over the distribution of superannuation benefits.

Bias read (Center): The article presents information about superannuation inheritance without overtly favoring any political ideology. While it discusses issues related to government policies and regulations affecting citizens, it does not take a clear stance or frame the discussion in a way that suggests a specific政治偏

Why factuality (85): The article accurately reports on the complexities of superannuation death benefit nominations in Australia, citing research from Super Consumers Australia and explaining the limitations of binding nominations. It provides general information based on expert statements and does not make specific cla

Why objectivity (80): The tone remains informative and neutral, focusing on explaining the topic rather than taking sides. However, it slightly leans toward highlighting the confusion and potential issues with superannuation planning, which could be seen as subtly critical of individuals' lack of awareness.

The Sydney Morning Herald logoThe Sydney Morning HeraldIndependentCenterFactual 45Objective 3015 days ago
I don’t want to leave an inheritance. How do I spend it all before I die?

The article addresses a reader's concern about spending their entire inheritance before dying, particularly since they are childless and own property. It suggests strategies such as using a lifetime annuity for retirement income, accessing home equity through sale or equity release schemes, and considering a financial planner for personalized modeling. The piece also discusses the tax implications of contributing to superannuation, noting that for someone with taxable income under $45,000, claiming a tax deduction for super contributions results in no net benefit and may lead to unnecessary tax payments. The advice emphasizes careful planning to maximize financial freedom while ensuring future care needs are met.

Bias read (Center): The article presents practical financial advice without overt ideological slant. While it mentions government-provided equity release schemes, it does not frame these policies in a politically charged manner. The focus remains on individual financial planning rather than advocacy for specific policy

Why factuality (45): The article presents personal advice on spending down assets before death, based on general financial planning principles. It does not reference any specific primary source documents or data. The content aligns with common financial planning strategies, but since there is no primary source, factuali

Why objectivity (30): The tone is advisory and opinionated, presenting recommendations as if they are definitive solutions. The language suggests a preference for certain financial products (e.g., lifetime annuities) over others, indicating a biased perspective rather than offering balanced options.

The Age logoThe AgeIndependentCenterFactual 45Objective 3015 days ago
I don’t want to leave an inheritance. How do I spend it all before I die?

The article addresses a reader's concern about spending their entire inheritance before dying, particularly since they are childless and own property. It suggests strategies such as using a lifetime annuity for retirement income, accessing home equity through sale or equity release schemes, and consulting a financial planner for personalized modeling. The piece also discusses the tax implications of contributing to superannuation, noting that for someone with taxable income under $45,000, claiming a tax deduction for super contributions results in no net benefit and may lead to unnecessary taxation. The advice emphasizes careful planning to maximize financial freedom while considering future care needs.

Bias read (Center): The article presents practical financial advice without overt ideological slant. While discussing government-provided equity release schemes, it does not favor or criticize specific political parties or policies. The focus remains on individual financial planning rather than partisan advocacy.

Why factuality (45): This article is identical in content to the first, suggesting duplication rather than independent reporting. No primary source is referenced, and the information presented is general financial advice. Factuality remains limited due to absence of verifiable sources and reliance on standard financial

Why objectivity (30): Same as the first article, this piece maintains an advisory tone with a clear bias toward recommending specific financial instruments. There is no attempt to present alternative viewpoints or discuss potential risks associated with the suggested strategies.

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