Estate battles can last more than a decade and a half.
Money can pit people against each other.
Because estates involve money, they are no exceptions.
According to a recent Wealth Advisor article titled “$300M Miami Estate Fight Gets Ugly, 16 Years Later,” one example would be the Victor Posner estate.
This estate is still the subject of legal battles 16 years after the death of Posner.
Brenda Nestor recently filed a suit against the Akerman law firm.
Nestor was named as the sole beneficiary of the $321 million estate of Victor Posner.
She claims the firm breached fiduciary duty and engaged in civil conspiracy and legal malpractice.
Nestor was removed from her role as the personal representative of the Posner estate in 2015, because she had failed to provide a full account of her actions in that role.
The judge appointed Philip von Kahle in her role.
Nestor claims Kahle made her the scapegoat for the financial state of the Posner estate.
She believe Kahle is blaming her for the effects of the recession—effects she could not have predicted.
Nestor and Kahle both claim the other acted in self-interest.
In short, the stakes are high when millions of dollars are involved.
Because of this, careful documentation is crucial to avoid similar estate battles, whether the estate is large or small.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Wealth Advisor (May 21, 2018) “$300M Miami Estate Fight Gets Ugly, 16 Years Later”