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Texas Tech Univ. School of Law

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Tuesday, December 10, 2013

The Multi-Millionaire Twins Next Door

Magowan

Kathleen Magowan thought her estate might be worth around $40,000, but it turns out it was really worth about $6 million.

Magowan was an unassuming first-grade teacher in Simsbury, Connecticut.  After her death in 2011 at the age of 87, Magowan is now surprising many with sizeable donations through her estate, including nearly half a million donations to Simsbury public schools, the University of St. Joseph, her local parish, and the nursing home where she died.

Magowan never married but did share a home with her twin brother, Robert.  It was Robert who helped her manage her money and accumulate her wealth through stocks and bonds.  Says the attorney who handled her estate, “She never really looked at it because she never had a demand for that kind of money.”

See Christopher Keating, The Magowans – The Elderly Multi-Millionaire Twins Next Door, The Hartford Courant, Nov. 23, 2013.

http://lawprofessors.typepad.com/trusts_estates_prof/2013/12/the-multi-millionaire-twins-next-door.html

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