Lillian Glasser Decision
Earlier on this blog, I reported on the case of Lillian Glasser and the battle to control her and her $25 million fortune. See here, here, here, here, here, and here.
On March 8, 2007, the Superior Court Of New Jersey, Chancery Division – Probate Part Middlesex County issued its opinion.
Here are some of the highlights of this lengthy (82 page) opinion:
- Lillian’s daughter, Suzanne Mathews, must return approximately $20 million to Lillian.
- Lillian’s earlier will which leaves her estate equally to her two children (Suzanne Mathews and Mark Glasser) remains effective.
- A purported later will which Lillian executed with Suzanne’s assistance will be ineffective.
- Lillian is deemed incapacitated and Joseph Cantanese is appointed as her new guardian of the person and Neuberger Berman (a financial planning firm) as guardian of her estate.
- The judge severely criticized Suzanne’s conduct determining that she breached fiduciary duties, exerted undue influence over Lillian, and was untruthful with the court.
- Although the judge determined that Mark acted in good faith to assist Lillian, the judge was critical of Mark’s “take no prisoners” tactics and his “less than candid” testimony.
According to Zeke MacCormack, Daughter ordered to repay millions, San Antonio Express-News, March 15, 2007, Mark has “heard talk of an appeal.”
Special thanks to James Woo (Davidson & Troilo, San Antonio, Texas) for being the first person to bring the Glasser opinion to my attention.