Legal Battle Over Art Collector’s $300 Million Estate

Posted on June 29th, 2011 No Comments

The widow of a Manhattan art dealer has filed a lawsuit against the executor of her late husband’s $300 million estate.

Accoridng to court documents, Clare Stone, the widow of ardent collector Allan Stone, has filed a lawsuit claiming the executor of his estate improperly bought an $8.5 million Connecticut house with Stone’s money. The lawsuit also claims the executor, Leila Wood-Smith, of moving $200 million of Stone’s art into her home without court approval.

Daughter Jessie Stone claims she visited Wood-Smith’s home in 2010 and was surprised to see some of her father’s collection on the walls.

According to the lawsuit, Wood-Smith allegedly received a fee of nearly $6 million while Stone’s widow has received “less than one percent per year of the value of the Marital Trust.”

Stone’s estate is valued at approximately $300 million. Portions of the estate have sold at two auctions. In May 2011, works by sculptor John Chamberlain sold at Sotheby’s for nearly $55 million. In 2009, 71 lots offered by Christie’s sold for $52.4 million.

If you need assistance protecting your estate and navigating the complex legal realm of trust law, please contact the Houston trust attorneys of Garg & Associates, P.C., by calling 281-362-2865.

Credit shelter trusts help save on state estate taxes

Posted on April 15th, 2011 No Comments

A credit shelter trust is a trust that allows married couples to only be taxed on six percent of their estate for estates totalling less than $500,000.

According to experts, assets that are set up in this kind of trust can be used by a surviving spouse during their lifetime and then passed on to children in the event of the spouse’s death.

Trusts are a great way to ensure that your loved ones receive the assets that you intended without having to go through costly and time-consuming probate litigation.

If you or someone you love would like more information on setting up a trust, please contact the Houston trust lawyers of Garg & Associates, P.C., at 877-780-8937.

When is a Trust a Good Idea?

Posted on March 4th, 2011 No Comments

When navigating through all the legal jargon of trusts and wills, it can be difficult to understand the differences between the two and decide which one is best for you.

Wills and trusts have a few important distinctions. The most important thing to know is that, while trusts are initially more expensive to create than wills, they could save your family huge amounts of money in probate litigation costs. This is because trusts cannot have probate proceedings that occur when a will is challenged. Trusts cannot be challenged, so you can be sure that your assets will go to the people you had intended.

Also, trusts can be put into effect while you are alive. If you wanted to allocate a specific amount of money to a loved one during your lifetime, that would be possible with a trust.

If you or someone you love would like more information on creating a trust, please contact the Houston trust lawyers of Garg & Associates, P.C. at 281-362-2865.

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Garg & Associates, PC | 21 Waterway Avenue, Suite 300 | The Woodlands, Texas 77380 Please call 281-362-2865 | Fax: 866-743-4506
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