Thursday, March 29, 2012

Charities Benefit from Settlement over Astor Estate

The New York Times reports that a settlement over the distribution of the estate of Brooke Astor has been reached and ratified by the Westchester County Surrogate Court.  Under the settlement, negotiated in part by New York State Attorney General Eric T. Schneiderman, Mrs. Astor’s  son reportedly will receive about one-half of the amount to which he would have been entitled under a will (as later amended) that was contested on the grounds of the late Mrs. Astor’s absence of mental capacity.  The settlement controls the disposition of Mrs. Astor’s estate, reported at approximately $100 million.  The story reports that $30 million will be used to create a Brooke Astor Fund for New York City Education, and millions more will be transferred to Prospect Park, Central Park, city playgrounds and several cultural institutions.

This is big news for the New York AG, as indicated by the posting of a story about the settlement on the AG’s website.

JRB

http://lawprofessors.typepad.com/nonprofit/2012/03/charities-benefit-from-settlement-over-astor-estate.html

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