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ADMINISTERING AN ESTATE IN STYLE
May 24, 2005
Isaac Stern made great music while alive. His executor apparently played his estate like a Stradivarius after he died:
Mr. Moorhead evidently paid himself $313,000 in executor's fees, which the court called “outrageous, improper and unjustified.” He also spent $250,000 on a Central Park West apartment that he supposedly used as an office, and employed a full-time office manager.
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Comments
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This one caught my eye for a number of reasons:
First, as you can imagine, my surname does elicit an occasional query about relatives. Unfortunately, it's usually "Are you related to Howard?" never "Are you a relative of Isaac?"
Second, it points out the importance of a proper (and regularly reviewed) estate plan, as well as the benefit of insurance to pay those settlement costs [/shameless promotion for the insurance industry]
Posted by: hgstern | May 25, 2005 3:06 PM
We have the same problem. "Are you related to the Saturday Night Live Weekend Update?"
They wish...
Posted by: Joe Kristan | May 25, 2005 3:17 PM