Nicolas Puech, a lesser-known heir of the Hermès luxury brand, has taken an unusual approach to his estate plan by deciding to leave his fortune to his former gardener. Puech, who has long been known for his philanthropic work and disputes with his own family and organizations like the Isocrates Foundation, has chosen to honor a meaningful personal relationship over traditional family ties.
The Story Behind Puech’s Decision
Nicolas Puech, an heir to the Hermès fortune, has built a unique reputation as both a quiet philanthropist and a family dissenter, marked by public disputes with his family over Hermès’ business direction and a high-profile fallout with the Isocrates Foundation, a charity he once supported.1 These conflicts—rooted in differing values around wealth, legacy, and responsible management—have pushed Puech to seek a beneficiary outside his family. Developing a close bond with his former gardener, he ultimately decided this trusted individual would be a fitting heir, reflecting Puech’s commitment to honoring personal relationships over traditional family expectations.2
Hermès Family Disputes: Control and Vision for the Company
The Hermès family controls a significant portion of the luxury brand Hermès International, valued at around $220.65 billion as of November 2024.3 Nicolas Puech’s stake is estimated to be worth over $2 billion (approximately 5%), but unlike many family members, he’s been critical of the direction the company has taken, especially under the leadership of his cousin, Axel Dumas, the current Executive Chairman of Hermès International.4 Puech has long advocated for a more restrained approach to growth, wanting to preserve Hermès’ exclusivity and artisanal quality rather than chasing mass expansion.5 He believes the company should remain true to its roots, maintaining the slow, careful production processes that define the brand’s luxury reputation. However, as Hermès has expanded rapidly in recent years, other family members, including Dumas, have pushed for broader global expansion and increased revenue streams.6 This fundamental difference in vision has led to repeated clashes between Puech and his family.
Back in 2010, Puech sold part of his stake in Hermès to LVMH (Moët Hennessy Louis Vuitton), which was controversial within the family. LVMH’s acquisition of Hermès shares through a series of stock purchases was viewed by the Hermès family as an attempted takeover.7 The family united to create a holding company to protect Hermès from outside influence, though Puech’s initial sale to LVMH was seen as a betrayal by some family members. Since then, he has remained a somewhat isolated figure within the family business, advocating for traditional values that the broader family does not necessarily share.
Fallout with the Isocrates Foundation
Puech’s philanthropic efforts have also been marked by controversy, particularly regarding his relationship with the Isocrates Foundation. This foundation, dedicated to promoting educational causes and social justice, had been a major focus of Puech’s charitable donations.8 Over the years, he donated millions of dollars to support its work, reflecting his dedication to education and philanthropy outside the traditional bounds of his family’s luxury empire. However, in recent years, Puech has fallen out with the foundation which culminated in his withdrawal of support, which was reportedly worth over $11.5 million.9 This high-profile break sent shockwaves through the philanthropic community, as Puech had been one of the foundation’s primary benefactors.
Nicolas Puech’s Unusual Inheritance Plan
Against this backdrop of family disputes and philanthropic fallout, Puech’s decision to adopt his former gardener and leave him a substantial inheritance appears to be his way of taking control over his legacy. His desire to pass his wealth outside the traditional family circle is, in part, a reaction to his strained relationship with his relatives and their differing values regarding wealth, business, and charity. Puech’s fortune, will go to someone he feels truly appreciates his vision and values.
By adopting his gardener, Puech has ensured that this person will receive an inheritance shielded from potential family disputes and tax burdens, which could otherwise significantly reduce the bequest in certain jurisdictions.10
Adult Adoption in Texas
In states like Texas and Florida, adult adoption is a legally recognized way to establish inheritance rights for someone not biologically related to the adopter. In Texas, adult adoption is permitted for individuals over 18, often with the purpose of creating inheritance rights or establishing a permanent relationship.11 Once the adoption is finalized, the adopted adult gains the same inheritance rights as a biological child.12 However, prior to 2017, an adopted adult was not automatically entitled to inherit from an adoptive parent’s relatives under the laws of intestate succession since adult adoption primarily affects the legal relationship between the adoptive parent and the adopted individual, without extending inheritance rights to the adoptive parent’s family. The enactment of Texas Estates Code § 201.054 explicitly states that an adopted person, including an adopted adult, may inherit not only from and through their adoptive parents but also from and through the relatives of their adoptive parents, resolving ambiguity from prior case law like Heien v. Crabtree.
Adult Adoption in Florida
Florida also allows adult adoption of any person who is over 18 years old so long as the adult adoptee consents to the adoption. However, Florida Statute § 63.182(2)(a) requires notice of adoption to persons with direct, financial, and immediate interests affected by the judgment. In Goodman v. Goodman, the court invalidated John Goodman’s adult adoption of his 42-year-old girlfriend, Heather Hutchins, finding it violated due process and was a fraudulent attempt to reduce his minor children’s financial interests in an irrevocable trust. The court held that Goodman’s failure to notify the children, their guardian, or his ex-wife deprived them of the opportunity to contest the adoption, rendering the judgment void.
How This Story Would Unfold in Texas and Florida
If Puech were a resident of Texas or Florida, his former gardener could legally be adopted as an adult, thus granting him inheritance rights as Puech’s legal heir. This process could allow Puech to bypass some traditional estate planning hurdles and ensure that his fortune reaches the person he feels truly deserves it. However, navigating these laws can be complex, especially with potential challenges from biological family members.
Considering an Unconventional Estate Plan?
Are you considering a unique approach to estate planning or adult adoption? Our experienced attorneys at Fleurinord Law can guide you through the process and ensure your wishes are legally protected. Reach out today to discuss how we can help with your estate planning needs.
1See Court tosses elderly Hermes heir's $13B fraud claim against ex-wealth manager, Bloomberg, (Jul. 30, 2024), https://www.investmentnews.com/industry-news/court-tosses-elderly-hermes-heirs-13b-fraud-claim-against-ex-wealth-manager/255887 (last visited Nov. 18, 2024); see also Tara Patel, Hermes Billionaire’s Charity Fights Plan to Cut Inheritance, WealthManagement.com, (Dec. 19, 2023), https://www.wealthmanagement.com/high-net-worth/hermes-billionaire-s-charity-fights-plan-cut-inheritance (last visited Nov. 18, 2024).
2See Hermès heir, 80, wants to adopt and leave his billion-dollar fortune to his gardener, 51, ElPais.com, (Dec. 6, 2023), https://english.elpais.com/economy-and-business/2023-12-06/hermes-heir-80-wants-to-adopt-and-leave-his-billion-dollar-fortune-to-his-gardener-51.html (last visited Nov. 19, 2024);
3Market Capitalization of Hermès (RMS.PA), CompaniesMarketCap.com, https://english.elpais.com/economy-and-business/2023-12-06/hermes-heir-80-wants-to-adopt-and-leave-his-billion-dollar-fortune-to-his-gardener-51.html (last visited Nov. 20, 2024)
4See Sean O'Driscoll, Hermès Heir Says His $13 Billion Fortune Has Disappeared, Newsweek.com, (Jul. 30, 2023), https://www.newsweek.com/nicolas-puech-hermes-switzerland-geneva-court-case-1932131 (last visited Nov. 20, 2024).
5Id
6Hermès International, Letter to Shareholders (Mar. 2024), https://assets-finance.hermes.com/s3fs-public/node/pdf_file/2024-03/1711710502/final-lettre-aux-actionnaires_eng.pdf (last visited Nov. 21, 2024).
7See Davis Jolly, Families Controlling Hermès Move to Fight Off a Takeover, NYTimes.com, (Dec. 6, 2010), https://www.nytimes.com/2010/12/07/business/global/07hermes.html (last visited Nov. 21, 2024).
8Isocrates Foundation, About Us, https://isocrates.org/about-us/ (last visited Nov. 25, 2024).
9Patel supra note 1.
10Patel supra note 1
11.See Texas Family Code §162.501.
12See Texas Estates Code § 201.054.
