By: Chris Kelly
Recently, we came across an article published by the Wall Street Journal covering the
contested will of deceased author, Tom Clancy.
Well known for his best-selling spy thrillers, Mr. Clancy amassed
an estate in excess of $83 million. As with many estates that size, Clancy’s
estate is now the subject of probate litigation in the form of a will
contest.
In this particular case, Mr. Clancy’s widow is taking legal
steps to shift all state and federal estate taxes to the portion of the estate
willed to the author’s four children from Mr. Clancy’s first marriage. The estate is spread all over the country, and
consists of everything from rare World War II tanks, to a 12% stake in the
Baltimore Orioles, valued at $65 million.
Ms. Clancy claims that the lawyer serving as the executor of
the estate wrongfully concluded that $6 million of the tax burden should be
borne by a family trust of which she is the primary beneficiary. She further claims
that this was not what Mr. Clancy intended, and to enforce it would be unjust.
Clancy’s widow says her husband modified his will in 2013 so
her share would pay zero in estate taxes, and that the portion he willed to his
four adult children was to pay the entire amount. Mr. Clancy’s children question the validity of
the recent amendment, asserting his original estate plan should control.
A contested will is something that happens frequently, and
although it occurs on a much smaller scale, it can still be a frustrating and
stressful situation. Proper estate
planning can serve to minimize will contests and most other probate litigation.
The first step in forming an effective estate plan is to
seek the advice of a probate lawyer. If
you are involved in probate litigation, you should seek advice from an
experienced litigator.
Not all cases are the same, and attention to detail in
examining the will, and any modifications made to it over the years are
essential in determining the validity of the document. Such tasks must be performed
by an experienced attorney to ensure that no mistakes are made.
The Wall Street
Journal article on the Tom Clancy probate litigation is a prime example of
what can happen with poor estate planning, especially when a second marriage is
involved. Whether your probate issue is
large or small, our law firm offers free consultations to discuss these difficult
situations and can assist in all probate matters, including
estate planning, or defending or prosecuting litigation if things have gone too
far.
A contested will is something that happens often, and although it occurs on a a lot smaller scale, it may still be a frustrating and stressful situation. Proper property planning can serve to reduce will contests and most different probate litigation.
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It is unfortunate that a great author like Tom Clancy has gone from this world, but it sounds like he was able to leave great memories for those who he loved. Something that really is interesting is that there are so many different kind of things that need to be determined when it comes to his estate. I would be curious as to whether this amount of estate would be difficult to probate, or if it would take a lawyer to help with those things. Thank you for sharing. http://www.leonlawyer.com/probate-administration/
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