Spend it as you see fit

Years ago, John and William Reiff used to enjoy attending the Twins Day Festival in – not surprisingly – Twinsburg, Ohio. They even won the "most identical" competition several times. But it's questionable whether many other participants thought the brothers would ever have the lasting impact on the annual event that they're about to. For starters, it helps to know that the Reiffs were frugal lifelong bachelor farmers. Indeed, they seem to have impressed onlookers as people "you would not think had two cents to rub together," as an attorney for the festival put it. And while that may have been close to the truth once, the situation today is far different. Before their passing, they named the Twins Day Festival as the principal beneficiary in their will. John Reiff struck a deal with developers to sell their farm near Philadelphia for new housing. It had been in the family for generations, and neighbors didn't like the idea of it being replaced by urban sprawl. They sued to block the plan, tieing it up in the courts until recently. Now, however, the two sides have reached a compromise, and it looks as though the legal fight will end soon. At that point, all but about $250,000 of the Reiffs' estate will go to that three-day party, which plans to invest the money to cover future operating costs. So, how much are we talking about? Oh, well, it's expected to be roughly $5 million.

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