The will of 60 Minutes star Andy Rooney has been filed in Manhattan Surrogate's Court and reveals that the 'Complainer in Chief' star, who died in November 2011, left his heirs quite a substantial estate with an estimated $8 million in stocks, bonds, and cash. As well as, about $1 million in property. Not too surprising given how much of the content of his iconic ranting seemed to illustrate the nature of his frugality.
The estate is set to be split among his four surviving children. His son is quoted as saying that his father 'wasn't into fancy estate litigation' and 'could have had a $50 million estate if he had paid attention to it.' That figure might be a bit overstated, but his son is right in his assessment that better estate planning could have increased his estate value. Surely, the estate would have saved on paying federal and state taxes by using different types of trusts or other instruments. Without them, the estate will likely be subject to a few million dollars in taxes and to any possible creditors. However, there should still be millions of dollars in assets left for the heirs and that's nothing to complain about.
Whether you are frugal or a spendthrift, consult a professional estate litigation Attorney if you want to protect your assets and maintain their value.
*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.