The Tom Clancy Estate has been valued, based on probate court filings, at $82 million. It includes a $65 million ownership stake in the Baltimore Orioles, a rare, working World War II tank, a $7 million mansion overlooking the Chesapeake Bay, and more than $10 million in business interests based on his works.Click here to read the rest of this interesting article.
Clancy left his mansion and another property to Alexandra, along with a Ritz-Carlton condo owned jointly by the married couple -- plus any other joint bank or investment accounts (which do not pass through probate and would not be public record).
The famed author wanted the rest of his estate divided between a series of trusts he created. His will specifies that one-third go to a trust for his wife, another one-third to a family trust (benefiting his wife and all of his children), and a final set of trusts for the four adult children from his first marriage, as well as grandchildren.
He also left a portion of the residue of his estate (it's unclear how much) to the Hopkins's Wilmer Eye Institute, which was founded based on a $2 million donation Clancy made in 2005, and where Clancy was treated for an eye disease.
Seems like he had his estate well planned, right? Unfortunately, his estate planning was not as thorough or well-thought-out as his meticulously-detailed novels.
Wednesday, October 8, 2014
Tom Clancy Estate In Family Fight Due To Poor Estate Planning
The following is an excerpt from an article entitled, " Tom Clancy Estate In Family Fight Due To Poor Estate Planning," published at the Probate Lawyer Blog:
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4 comments:
My brother and sister-in-law need help with estate planning. I think this blog has a lot of great information. It's important to educate yourself as much as possible when it comes to these things. http://www.reneerlaw.com/practice-areas/estate-planning-and-probate/
After reading the Clancy case I realize that estate planning is a huge deal. My wife and I have enjoyed a lovely life together in our large home, which is situated on several hundred acres of land. I would not want a mess left to her when I die.
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This is a classing example of how you need to be thorough when you are estate planning. I remember when my mom started to plan for her estate and such. She asked for my help and we found out very quickly that you need to be thorough in your research. If you are not thorough bad things can happen just like it did in this article.
http://whitmorelaw.com/EstatePlanningResource.htm
I think this is a good reason to start estate planning early. You can really solve a lot of issues if you start working through it early. If you wait you might run into problems that you don't have time to fix. It's best to do it early . http://www.begleycarlin.com
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