A judge in Baltimore has ruled in favor of the widow of author Tom Clancy in a battle over estate taxes. The issue involved the payment of close to $12 million in taxes owed by the estate that the widow claimed should be taken from the 1/3 of the estate left to the children of the later author. The judge stated that the intent found in the will clearly chowed the widow’s 2/3 should pass tax free with the other part of the estate shouldering the entire tax burden. His widow is the primary beneficiary of a trust that contained Clancy’s minority stake in the Baltimore Orioles, in addition to other property, worth an estimated $58 million. No word yet on if the children will appeal the ruling.
See Scott Calvert, Tom Clancy’s Widow Wins Legal Battle Over Taxes on $86 Million Estate, Wall Street Journal, August 24, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
