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480-655-7440

Mesa Arizona Estate Planning Attorney
  • 1930 North Arboleda, Suite 201
    Mesa, AZ 85213
    480-655-7440
    40 N. Central Avenue, Suite 1400
    Phoenix, AZ 85004

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    Planning for the Future with Gunderson Denton

    Lessons from the Estate of Tom Clancy: Careful Drafting Matters

    Lessons from the Estate of Tom Clancy: Careful Drafting Matters
    Tom Clancy’s will has resulted in a court battle due to ambiguities, learn how to carefully draft your estate plan
    Phoenix, Arizona

    The Wall Street Journal recently reported[1] that in the wake of Tom Clancy’s death, a court battle has begun between Clancy’s widow and his four adult children from a former marriage. According to the WSJ report, Clancy, who accumulated considerable wealth after writing several best-selling books, left an estate with an estimated value of over $83 million. The primary issue leading to the lawsuit is: from which funds should the estate taxes be paid? Apparently, a recent revision to one of Clancy’s estate planning documents –his will—indicates that no estate taxes are to be paid out of any of his wife’s trusts. There seems to be some question about whether or not estate taxes should be paid out of a trust which benefits both Clancy’s wife as well as his children. The attorney now serving as the executor of Clancy’s estate is apparently the same attorney who drafted Clancy’s estate planning documents, including a recent revision of Clancy’s will. However, the attorney’s interpretation of the documents have been called into question by Clancy’s widow. Now that Clancy has passed, ambiguities in his estate plan have led to a conflict among his heirs.

    Unfortunately, these types of ambiguities and legal problems are all too common. Sadly, this is especially true in situations involving blended families. Often, the person planning for his or her estate tries carefully to ensure that all loved ones will be taken care of after his or her death. While the possibilities for accomplishing these objectives are varied, it usually includes the creation of a will and one or more trusts. If the estate planning documents are not carefully drafted, or if a single document is revised without making corresponding revisions to other relevant documents, there is an increased risk that one’s estate will not be distributed as planned. For this reason, it is especially important to not only work with a well-qualified attorney in drafting your estate plan, but also to regularly review that plan with your attorney and ensure that all of your estate planning documents are kept current.

    The attorneys at Gunderson, Denton & Peterson, P.C. are experienced in estate planning and are prepared to help you plan ahead for the benefit of your loved ones. Of course, if you have already begun to plan for your estate and would like to review or revise that plan, our attorneys are prepared to help you with that as well.

    [1] http://online.wsj.com/articles/tax-battle-brews-over-contested-estate-of-author-tom-clancy-1410985577

    Author Brent GundersonPosted by

    Mesa Location:
    1930 N. Arboleda, Suite 201
    Mesa, Arizona 85213

    Office: 480-655-7440
    Fax: 480-655-7099
    Email: contact@gundersondenton.com
    Website:

    Phoenix Office:
    40 N. Central Avenue, Suite 1400-1532
    Phoenix, AZ 85004
    Phone: 480-325-9937
    Website: http://gundersondenton.com/phoenix

    Lawyers for estate planning and immigration in Mesa, Arizona

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    Estate Planning
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    Debbie Mitchell, estate planning paralegal at Gunderson Denton
    Paralegal For Estate Planning Lindsey Rice
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    Additional Estate Planning Resources

    irs.gov - Estate Planning Info For Small Business And Self Employed Individuals

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    1930 North Arboleda, Suite 201
    Mesa, AZ 85213
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