Elder Law

Leona Helmsley's Will: What Legacy Will You Leave?

By Harry Margolis

By all accounts, Leona Helmsley was not a nice woman in life.  In death, her mean spirit survives.

Helmsley, who served 19 months in prison for tax evasion, was reported to have said, ''Only the little people pay taxes.''

With an estate estimated to total $4 billion, Helmsley totally disinherits two of her grandchildren, reportedly because they didn't name their children after her husband, Harry (a decision this writer can fully appreciate).  Two other grandchildren receive $10 million each, provided they visit their father's grave at least once a year.

The largest beneficiary of Helmsley's estate is her dog, an 8-year-old Maltese named Trouble, who will be the beneficiary of a $12 million trust.  Ultimately, this may cause more trouble for Trouble because it may not comport with New York law.

Other large beneficiaries of the estate may be attorneys, since the will names five executors, all of whom will need to be represented if there are any disagreements -- and how could there not be any disagreements?

Interestingly, all of this might have been kept private if it had been set up through a trust rather than a will.

At least Leona died as she lived, making her feelings clear for all to see.  Let's hope we all do the same, with less mean-spirited results.

Click here to see the will: http://multimedia.nydailynews.com/pdf/2007/08/28/leona_helmsley_will/index.html

Full post as published by Elder Law Answers on September 11, 2007 (boomark / email).