Taylor Armstrong To Quit RHOBH? Bravo Planning To Phase Her Out! Plus Russell’s Ex-Wife In Court Over His Life Insurance Policy!

RealityTea.com:

There’s never a dull moment in Taylor-land, is there? Days after a report stating Bravo may fire Taylor Armstrong, a new report has emerged claiming the controversial Housewife might resign from Real Housewives of Beverly Hills because Bravo is cutting her hours big time!


“Taylor’s appearances on Housewives will be greatly reduced,” a source reveals to HollywoodLife. “The producers want to make room for two new housewives.” The new wives are reportedly Yolanda Hadid and Marisa Zanuck.


“For all we know, Taylor might just quit the show if her role is diminished too much. That’s what happened to Camille Grammer. She said ‘Forget it,’ when she found out she would hardly be in the next season,” the source shares.


“The producers don’t want to concentrate on Taylor anymore,” the source continues. “They want a fresh start and new storylines.” And given the fan reaction to Taylor, particularly this past season, it’s perhaps in the show’s best interest to move in a more positive direction.


Which is why the embattled Kim Richards is also being added into the Friends of Housewives category. “Kim will also make some appearances, be they will be minimal,” the source explains.


The even better news, is that regardless of whether Taylor quits–or is fired–we likely won’t be seeing her on TV anywhere else! “All the housewives have signed two-year contracts with Bravo. So even if Taylor doesn’t come back, she can’t do another reality show for at least another year — and same goes for Camille and Kim.”


Moving on, Russell Armstrong is in the news again. Before his death, Russell took out a $1 Million dollar life insurance policy and named his ex-wife Barbara Fredrickson the trustee for an insurance trust that would benefit Russell’s eldest son.


The policy holder, American General Life Insurance Co. filed a claim in California Supreme Court requesting a judge determine whether Barbara is in fact the entitled beneficiary who retains the rights to the policy, OR if it should be turned over to the estate of Russell Armstrong, aka The Armstrong Family Trust. The Armstrong Family Trust is reportedly held in an off-shore Cook Island account. And guess who allegedly presides over that account? If you guessed, Taylor – you guessed correctly!


In fact, Taylor is currently being sued by MyMedicalRecords for hiding missing investor monies. Their attorneys believe much of that money is possibly being sheltered in that same account.


But back to the life insurance policy, according to Courthouse News Service, American General is “ready, willing and able to pay the life insurance proceeds” but that “there are actual and conflicting claims relating” to the policy.


Barbara believes she is still entitled to that money, and submitted claim for the policy on January 9, 2012. Unfortunately, “Upon review of the claim, American General contacted Fredrickson requesting a copy of the trust agreement to facilitate payment of the death benefit. Fredrickson has been unable to locate a copy of any trust created by decedent.”


“Therefore, there existed no written appointment of Fredrickson as trustee. American General is informed and believes and on that basis alleges that Russell Armstrong never created an irrevocable life insurance trust for the benefit of A.A. prior to his death.” A.A. denotes Russell’s son, Aiden Armstrong, 13.


Barbara is unable to prove she is legally entitled to the money, because she no longer has the deed (if said deed ever existed), it will be distributed to the Armstrong estate – unless a judge rules in Barbara’s favor. The money has already been turned over to the court, who will then distribute it to its rightful owner following deliberation.

RELATED: Report: Bravo Unsure About Signing Taylor Armstrong for Real Housewives of Beverly Hills Season 3