When is Estate Litigation Newsworthy?
The recent death of socialite Brooke Astor at the age of 105 has created a media circus in New York City. Variously described as a "civic leader", "philanthropist" and "high society fixture," Astor was often quoted as coining the phrase "money is like manure, it should be spread around." And Astor had a lot to spread, having contributed over $200 million to support various cultural institutions and causes in and around New York City. As noted in past blogs, which have occasionally touched on estate disputes concerning the rich and famous, it seems the mainstream media is not often interested in estate litigation...except when a very large sum of money is at stake. Astor died leaving an estate of some $130 million. In the months leading up to her death, a bitter guardianship struggle ensued between her only son Anthony Marshall and his son Philip Marshall. Philip commenced a lawsuit in the summer of 2006 against his father alleging that Anthony was improperly caring for Astor and financially taking advantage of her. The allegations were outrageous and, if true, terribly sad. Anthony denied the allegations but stepped down and was replaced by an institutional trustee and a friend of Astor's, respectively, as property and personal care guardians. The guardianship proceedings also caused an inquiry to be made into the validity of Codicils made by Astor to the benefit of Anthony's charitable foundation. In a bold move (the likes of which would probably not occur in Canada) the Manhatten District Attorney (backed up by handwriting analysis) is investigating criminal charges against Anthony respecting allegations of fraud surrounding the making of the Codicils. Where this will go is anyone's guess but it is certain to receive plenty of press. If you don't believe me, just google "Brooke Astor and Litigation" in the days ahead and see what comes up.
Have a good day,
David
