Written By: Kenneth J. Laino, Esq.
Schneider, Smeltz, Ranney & LaFond P.L.L.
A fascinating article by Julie Satow in the April 28, Sunday New York Times describes a New Yorker whose entire $40 million estate will likely go to the government because he died without a will. This case is somewhat unique because Roman Blum, age 97, apparently died with absolutely no living relatives. But Mr. Blum could have directed his $40 million estate to go to friends, charities or anyone else he wanted. But with no will, his entire estate will likely go to the government!
Mr. Blum was a Holocaust survivor and he made a fortune during his lifetime. It is amazing that he seems to have done no estate planning. This is another example of how important it is to take the necessary time - – and get the necessary professional help – - for both estate and asset protection planning. Doing nothing can literally result in losing everything.
For more information about Asset Protection, contact Cleveland, Ohio Asset Protection lawyer Ken Laino at 216.539.8374 or learn more at www.ssrl.com or the International Society of Primerus Law Firms.