Estate TaxesFinancial Planning

Dying Without a Will is not an Acceptable Plan! #EstatePlanning

By August 6, 2013 October 4th, 2016 No Comments

Did anybody see this article in the New York Times on the 97 year old worth $40,000,000 who died without a Will? He Left a Fortune, to No One

Roman Blum, a Holocaust survivor and New York real estate developer who was worth almost $40 million when he passed away last January, apparently died at the age of 97 without writing a Will.  A worldwide search for heirs hasn’t turned up any living relatives.  If, after three years, there’s still no sign of his doing any Estate Planning and they can’t find any heirs, all the money will go to New York State.

Mr. Blum’s wife had died before him, and they had no children, so maybe there was no one to come to mind immediately to receive Mr. Blum’s fortune.  However, I think if you had asked Mr. Blum a few years ago what he would have wanted to do with his money, I’d have to think that giving it to New York State probably wouldn’t have ranked too far up on his list.  He could have taken a little time and decided exactly where he wanted it to go, but by dying without a Will, he lost that chance.

If you haven’t done it yet, take a couple of hours and get your Estate Planning done.  You will be very happy that you did.

 

Michael Garry Yardley Wealth Management

Author Michael Garry Yardley Wealth Management

Michael Garry is a CERTIFIED FINANCIAL PLANNER™ practitioner and a NAPFA-registered Financial Advisor. He is a member of the National Association of Personal Financial Advisors (NAPFA) and the Financial Planning Association (FPA).

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