Wills

Developments in Anthony Marshall Case – Brooke Astor Estate Fiasco

Published on: April 29, 2013 | by Ettinger Law Firm

Celebrity estate planning complications and feuds are often used to illustrate basic planning principles or common problems. Perhaps none of those examples are as well-known, especially for New Yorkers, as the sad case of the estate of Brooke Astor. The legendary socialite and philanthropist died several years ago. Since her passing, a wide-range of claims were made regarding the distribution of her assets and criminal activity on the part of those responsible for her care and affairs in the later years of her life.

Astor reportedly suffered from Alzheimer’s at the end of her life–an affliction that similarly affects many New York seniors. Unfortunately, also like many others, it seems that her condition was abused by the very people who were supposed to look-out for her.

Astor’s son, Brooke Marshall, was criminally charged with exploiting his mother to funnel more money to himself. Marshall was ultimately convicted, along with a co-defendant, of illegally giving himself a $2 million “raise” to administer the estate. Claims also suggested that an amendment to Astor’s will in 2004 included a forged signature.

The DuPont Case, Mental Illness, and Wills

Published on: April 26, 2013 | by Ettinger Law Firm

Residents are often warned to complete their estate planning–wills and trusts–before it is “too late.” Most assume that the planning is only “too late” if they die before getting it done. But that is a mistake. In many cases “too late” actually refers to losing the competency to create the legal documents. As a practical matter, it may even mean before one even has the appearance of mental health issues, because even a hint of problems may open the door to legal challenge from others.

Estate planning is about ensuring one’s wishes are carried out and maximizing the preservation of assets without controversy. Limiting that controversy includes completing the planning early and efficiently, minimizing the risk of problems down the road. Thought of in that way, “too late” is far earlier than simply “before you die.”

John duPont Estate

New Case: Inheritance Rights of “Adopted Out” Children in New York

Published on: April 17, 2013 | by Ettinger Law Firm

A case recently came before a New York court that delved into a very unique inheritance issue. The case, Matter of Svenningsen involved the inheritance rights of “rejected” adopted children. “Rejected” is a harsh word, but refers to children who were adopted and whose adopted parents terminate parental rights. It is a rare occurrence, but various health issues or circumstantial factors may make such change in parental rights necessary in some cases.

The circumstances in the Svenningsen case are somewhat complex. Essentially, a New York family adopted a child, Emily, from China in 1996. The family had executed a trust in 1995 the had specifically included adopted children. A second trust was executed in 1996 that specifically named Emily. Sadly, the patriarch of the family died the following year, in 1997.

Eventually, Emily began attending a boarding school for children with special needs. Apparently Emily developed a close bond with those working at the school. As such, several years later, in 2003, Emily’s adopted mother agreed to terminate her parental rights under the assumption that Emily would be adopted by one of the director’s of her boarding school. No mention of Emily’s trust was provided during that second adoption hearing.

Washington Post Article on Family Struggles in Dividing Up Assets

Published on: April 5, 2013 | by Ettinger Law Firm

A recent Washington Post article discussed the lethal combination of family and finances. The author recounts how even the most close-knit families can be torn apart by disagreements about money matters. The article included one reader to wrote a letter offering an example of how his parent’s will is causing tension and turmoil.

The letter was written by an adult son who was asked by his parents to assist with their estate planning. He was named executor and helped with locating financial documents. The son saw a copy of the will after it was completed, noting that it left assets to a few charities and then split the remaining estate between himself and his one sibling–a sister. This represents a pretty common situation, with families assuming that such a simple estate plan and division will not come with any disagreement.

But then a few years later the parents updated their will. Instead of splitting the assets between their two children, they decided to split it in thirds. Their two teenage grandchildren (from their daughter) will receive a third, and the two adult children will each receive a third. The son noted with shock that his share suddenly went from one half to one third.

Dying Intestate–The Documents that Later Emerge

Published on: February 15, 2013 | by Ettinger Law Firm

If you pass away without a will designating how you’d like your affairs to be handled, you are deemed to have died “intestate.” Some of the most significant legal battles and family feuding occurs in those situation because it is essentially a free-for-all. Generic legal rules apply, but without any indication of how to handle property distribution and other matters, all interested parties may decide to pursue different legal avenues to maximize their own interests. Legal fights can still occur when a will exists (often referred to a “will contests”), but the possibility of one’s wishes being completely upended are far lower when at least some documentation exists.

Interestingly, it is not uncommon for various documents purporting to explain one’s wishes to pop up later on–in the midst of a legal dispute. For obvious reasons, these documents should be examined with much scrutiny, but they still may influence a legal case.

New Document in Lottery Winner’s Estate Feud

The Pitfalls of Going It Alone–The Forged Will

Published on: January 21, 2013 | by Ettinger Law Firm

Drafting a will can be a delicate process, because various legal requirements must be met before the document will have any legal effect. Cases abound of wills which were thrown out because they did not conform to the technical requirements. Ensuring that everything will be done pursuant to legal rules is one key reason to have the aid of an estate planning attorney.

Beyond that, when planning professionals are not involved in these matters, there is a far greater chance that fraudulent and illegal practices might be undertaken. When money is on the line, sometimes the worst characteristics in everyone seeps out. For one thing, it is not uncommon for entire wills to be forged, and when outside observers to the planning are few and far between, those forgeries sometimes even work.

Forged Will

LucasFilm’s Sale to Disney & Estate Planning

Published on: November 8, 2012 | by Ettinger Law Firm

Before being overshadowed by the election, the talk of the social media universe in the past week and a half was Disney’s purchase of the George Lucas film business (LucasFilm). The film company owned all the rights to the mega-popular Star Wars francise, and the purchase might mean that another Star Wars film will be in the works in coming years. Perhaps the most eye-popping part of the deal was the sale price. Disney apparently paid a staggering $4.05 billion in cash and stock for LucasFilm.

Since the deal was announced many professionals in the fields of tax and estate plannining have chimed in, noting that the decision to sell now was likely a smart one by Lucas. It will probably pay many divideds in the future for himself and his family. At a general level, by cashing out now Lucas will spare his family the very difficult and complex challenge of handling these matters upon his passing. At 68 years old, hopefully that time is still several decades in the future; however, prudent planning is timely planning. In addition, selling the company allows Lucas to spend more of his times on philanthrophy–something that he has been committed to for decades. He explained recently that he plans to donate most of his wealth to educational efforts around the world.

Beyond that, the timing of the move was likely motivated by smart assessment of the current tax climate. As recently discussed in a Forbes article on the subject, the current capital gains tax rate and brackets are set to be far less favorable in the coming year. No matter who was elected this year, increases in the tax rates to some degree were likely. However, by acting now, Lucas may have saved significant sums on taxes as a result of the immense gain in value of his company since it was founded.

The Importance of Having a Will Even if You are Young, Especially with Children

Published on: November 5, 2012 | by Ettinger Law Firm

Do you really need to conduct estate planning if you are only in your 30s, don’t have many assets, and don’t have a lot of money to spend on legal and planning services? Absolutely.

The specific costs of these planning efforts can always be arranged to meet your resources. And it is critical not to forget that the planning includes components that apply to all parites, regardless of how old they might be or how wealthy. For one thing, an elder law estate plan in New York includes preparations related to long-term health and extreme medical care wishes. Serious accidents affect community members of all ages, and it is critical to have legal documentation in place to explain how you’d like things handled in the event you are seriously incapacitated or disabled.

The need for these documents is even more paramount if children are involved. It goes without saying that parents usually devote their lives to ensuring their children are cared for, protected, and secure in their future. Yet far too many young mothers and fathers forget to take a simple step to prolonged that security indefinitely–use legal documents to identify child care issues in the event of their passing. There is no way to completely prepare for the death of young parents on a child. Yet, dealing with the tragedy is always made a bit easier when the parent or parents had taken some time to identify clear successor guardian wishes in the event of their own death or disability. It is critical that all parents–no matter how old–have very clear plans in place for alternative caregiving.

Court Battle Set to Begin in $300 Million Fight over Huguette Clark Estate

Published on: October 10, 2012 | by Ettinger Law Firm

Mystery permanently surrounded the heiress Huguette Clark–a reclusive woman whose $300 million estate is often referred to as the last collection of wealth drawn from the American “Gilded Age.” Her father was a copper magnante many decades ago and was also a former senator from Montana. He is well known as the founder of the city of Las Vegas. Huguette inherited the fortune upon his (and her mother’s) passing. However, she never sought business or public notoriety like her father. Instead, she was intimately private. In fact, she reportedly spent the last twenty years of her life inside a New York City hospital–even when she was healthy enough to live on her own.

Huguette eventually passed away in May of last year. As often happens in cases of great wealth–particularly when there is much mystery surrounding one’s life–various fights ensued over control of the fortune.

A trial in the case is set to begin soon, according to a recent NBC report on the case.

Confusion, Disagreement Surrounding Painter Thomas Kinkade’s Wishes

Published on: September 21, 2012 | by Ettinger Law Firm

An estimated one in every twenty homes contains a copy of the work of Thomas Kinkade–the painter best known for traditional works of gardens, cottages, streams, and small town centers. Considering the mass marking and popularity of his work, Kinkade was able to acquire a considerable fortunate over the years. Unfortunately, Kinkade died this April at the age of 54. Like many others in his situation, disagreement has reigned in the resolution of his estate.

Kinkade was married, but his wife filed for divorce two years before his death. He has four children with his wife. For the last year and a half before his death he lived in his home with his girlfriend.

Estate Dispute