Leona Helmsley, billionaire business woman and the “Queen of Mean”, died in August of 2007, and her estate is still going through probate. You may recall mention of her awarding $12 million dollars to her beloved dog Trouble – which was later reduced to $2 million by the probate judge.
The Manhattan probate judge recently ruled in favor of the executors on the estate – Alvin Rosenthal, John Cody, David Panzirer, Sandor Frankel and Walter Panzirer – allowing them to be paid $900,000 each for the first year of their services on the Helmsley estate. Often this is not paid until after the matters are settled, however, the judge granted the groups request for an “advance” on the first year’s work.
While some contested this high payment for one year’s work, the judge stated in reply that they were managing an “estate of singular magnitude and extraordinary complexity” and deserved to be compensated accordingly.
This probate case is still ongoing five years after the death of Helmsley. While this case is complicated and involves a vast amount of assets, even basic probate cases can take up to two years to be completed. Find out how an MH Living Trust can protect you and your loved ones from having to face the costly, time-consuming and public nature of probate. Schedule a free consultation today by calling 888.222.1328.
What the Attorneys of Morris Hall Can Do For You:
The attorneys at Morris Hall have 100’s of years of combined experience ensuring that families’ assets are protected from probate, unnecessary taxes, creditors, ex-spouses and Medicaid spend-down. The attorneys also help those in Arizona and New Mexico to apply for and receive Medicaid assistance and Veterans Benefits. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Tucson, Prescott, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.