Brooke Astor’s only son saw his inheritance slashed in half and had his control of the estate’s powerful charitable contributions stripped away as part of a settlement that ended a bitter, five-year dispute over the family’s millions.
One of the more public and famous estate law cases just ended after five years in probate. Yes, the estate of Brooke Astor is now closed after a settlement was finally reached. In the end, her (87 year old) son saw his anticipated inheritance divided by two and his control over influential charitable interests stripped away.
None other than The New York Times followed the Astor case and covered the settlement in a recent article titled Settlement in Battle Over Astor Estate Is Reached.
At the crux of the case was the son’s stealing from his mother’s wealth (the son and her attorney were both convicted, sentenced and remain free pending appeal) and arranging for the revision of her Last Will when she already was suffering from dementia.
Originally, Ms. Astor’s Last Will left massive philanthropic gifts from her $100 million estate. However, later versions were revised to leave such massive bequests to her son instead. In the end, the court found these later revisions to be more the product of duress than volition, and her son now receives a paltry $14.5 million.
The original article reveals much more about the Astor family and the intrigue surrounding the estate (and its planning).
Certainly, there are lessons to be learned from this case. The main lesson to be drawn is that substantial estate changes later in life tend to draw substantial scrutiny when the estate must be administered.
Reference: The New York Times (March 28, 2012) “Settlement in Battle Over Astor Estate Is Reached”
Courtesy of The Law Office of Vincent J. Profaci, P.A., serving Altamonte Springs, DeLand, Kissimmee, Lake Mary (including Heathrow), Longwood (including Lake Brantley and Sweetwater), Maitland, Orlando, Sanford, and all of Central Florida in the areas of Wills and Living Trusts, Estate Planning, Asset Protection, Elder Law, Medicaid Planning, Probate, Real Estate, and Business Law and Litigation.
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