January 5, 2012

Suspension of Executors of Huguette Clark’s Estate

Filed under: Uncategorized — admin @ 2:06 pm

As a follow-up to my recent post, an article in the Los Angeles Times on Saturday, December 24 states that on the previous day, a New York City judge suspended Ms. Clark’s longtime attorney and accountant as the executors of her estate.

Under the ruling, the two are permitted to reapply to the court for reinstatement, but the reporter writes that it will be difficult as the public administrator contending that they bilked Ms. Clark, lied to the Internal Revenue Service, and permitted Ms. Clark to make gifts that she might not have made under other circumstances.

Relatives of Ms. Clark are challenging her last will which was done six week after she had executed another will. The previous will gave the vast majority of her estate to distant relatives. The last will directed that her Santa Barbara Mansion be turned into a museum housing her art collection and left $50 million to her longtime nurse.

These cases are always difficult as Ms. Clark’s feelings probably changed frequently. The last will may be found to be valid; invalid; or a compromise may be negotiated.