Wednesday, August 31, 2016
Tom Clancy’s widow has scored another legal victory in the battle over who will assume the tax bill on her late author husband’s $86 million estate. The court affirmed Mr. Clancy’s intent to preserve the marital deduction benefit for his widow and their daughter. The court relied on the Savings Clause from Mr. Clancy’s second codicil to trump the will provision for the payment of taxes from the residuary estate. If the court had not used the Savings Clause, the tax burden would have been nearly $4 million higher.
See Anna Sulkin, Maryland High Court Sides with Tom Clancy’s Widow in Her Estate Battle, Wealth Management, August 26, 2016.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.