Trusts & Estates

Attorney’s Advice About Estate Plans: Don’t Tell the Family

Tempted to tell an ungrateful relative that he or she has been cut out of your will? Don’t do it, an attorney advises. The unnamed legal counsel, writing in response to an earlier column on open estate planning, says it’s generally a bad idea to tell relatives too much about…

Mar 27, 2008 6:32 PM CDT

Legal Assistant Spent $1.4M of Firm Trust Money on Herself

A former legal assistant with a major Canadian law firm reportedly stole $1.4 million from firm trust accounts over a three-and-a-half-year period by forging attorney signatures and creating falsified checks and requisition forms, among other methods. When bank statements arrived at Bennett Jones, in Calgary, Penny Marcy Myslichuk would remove…

Mar 19, 2008 4:19 PM CDT

Anna Nicole Smith Baby Inherits Unknown Amount

Ruling today in a celebrity case reminiscent of a law school exam question, a Los Angeles judge has decided that the young daughter of former Playboy bunny and television personality Anna Nicole Smith will inherit her estate, whatever it may prove to be. Although Smith’s will, drafted before her now…

Mar 4, 2008 11:25 PM CST

Estate Headache: Selling High-Priced Family Home

Seemingly, heirs might be happy to hear that they have inherited a share in a family home worth millions. But in actual practice, handling such estates can prove a major headache for the lawyers, real estate agents and other professionals involved. Especially if Mom and Dad—who are the usual source…

Jan 8, 2008 10:14 PM CST

Judge Moonlighted as Attorney, Ruled on Own Cases

During a 16-year stint as a probate judge in Portland, Conn., Richard Guliani heard three cases in which he was also acting as an attorney. This was, however, a conflict of interest for which he has reportedly been suspended from law practice for six months, starting Dec. 10. In one…

Jan 7, 2008 11:14 PM CST

Accused Lawyer Involved in Controversial Wills With Help of Two Lawyers

The lawyer accused of helping the son of wealthy socialite Brooke Astor steal money and artwork from his mother has a pattern of ingratiating himself with wealthy people. Lawyer Francis Morrissey Jr. often performed legal services without fees and gave gifts such as hams and turkeys or cashmere robes during…

Jan 4, 2008 1:21 PM CST

Tax Laws Pose Special Problems for Divorcing Gay Couples

Lawyers are finding creative solutions to tax obstacles faced by divorcing gay couples. Retirement savings and pension plans are easily divided when heterosexual couples divorce. But for gay couples, the savings plans may have to be cashed out and heavily taxed, the Washington Post reports. Under current law, only $12,000…

Jan 2, 2008 3:52 PM CST

Museums’ Suit Says They Rightfully Own Two Picassos

Two New York museums are asking a court to declare them the rightful owners of two Picasso paintings claimed by a German man who says they were sold under duress during the Nazi regime. Julius Schoeps claims he has a right to the paintings once owned by his great-uncle Paul…

Dec 18, 2007 3:48 PM CST

Suit Blames Infant’s Death on Cold Medicine

A suburban Chicago law firm says it has filed a lawsuit on behalf of an infant who died after taking cough and cold medication. The suit claims 6-month-old Ashanti Webber died of intoxication caused by pseudoephedrine and dextromethorphan, ingredients that have not been tested in infants, according to a press…

Dec 13, 2007 4:20 PM CST

Maine Law Firm Axes Former Chair, Alleges Theft

A major law firm in Maine has reportedly sent a 29-year attorney packing and mailed a letter to 1,000 clients alleging that he misappropriated funds. Verrill Dana “severed its relationship” with longtime partner John Duncan, a former chairman of the law firm’s executive board, after he “misappropriated” firm funds and…

Dec 12, 2007 9:29 PM CST

Big Bequest Puts Wealthy Dog at Risk

A massive $12 million trust established by hotel heiress Leona Helmsley under her will to take care of her beloved dog, Trouble, has created problems for the well-to-do canine after Helmsley’s death earlier this year. Kidnappers and blackmailers reportedly have threatened the 4½ pound Maltese after news of her big…

Dec 4, 2007 4:36 PM CST

Ethics Questions Surround Lawyer Indicted in Astor Case

The lawyer indicted along with the son of wealthy socialite Brooke Astor has faced past accusations over will bequests and in one case a legal fee. Francis X. Morrissey Jr. has faced disciplinary action in at least two states, the New York Times reports. In the Astor case, he is…

Dec 3, 2007 7:06 PM CST

Court Doesn’t Void $42M Contingency Deal Reached Before Settlement

A New York appeals court has refused to toss a 40 percent contingency agreement that resulted in a tab of about $42 million for work in an estate battle on top of $18 million in hourly fees and $5 million in “gifts” to three partners. The contingency agreement between 83-year-old…

Nov 29, 2007 3:17 PM CST

Worth Mag. Lists Top Lawyers for the Wealthy

CORRECTED: A magazine for the well-to-do is coming out with its annual list of the top 100 lawyers for the well-to-do. Texas lawyer John Bergner announced in a press release this week that he’s been named in the list again, along with two other lawyers from Texas. Lawyers from Schiff…

Nov 20, 2007 5:54 PM CST

Should Parents Be Able to Disinherit Minor Children?

Everyone agrees that Anthony “Corky” Sliwkowski loved his daughters. Yet when the Rhode Island dentist died in 2004, it turned out that he had disinherited the girls, then aged 11 and 13, and a grown son, cutting them all out of his $3 million estate. Their mother sued, hoping to…

Nov 12, 2007 11:57 PM CST