The lengthy legal battle over one of New York’s most well-known philanthropists and socialites has finally come to an end after the parties have reached a settlement in a New York state probate court. Though Brooke Astor died in 2007, her estate has been fought over since then and has only recently concluded. As part of the settlement, her son has accepted a slashed portion of his original $30 million inheritance.
Mr. Anthony D. Marshall, Ms. Astor’s only son, will inherit a $14.5 million from the estimated $100 million estate of the deceased philanthropist and direct descendent of the first American multimillionaire, John Jacob Astor. The rest of the funds will go to various charitable organizations, including $30 million towards the creation of the Brooke Astor Fund for New York City Education.
Though she was widely known in New York social circles and nationwide as a philanthropist, much of the drama surrounding her estate has involved her son, currently 87, and his conviction for defrauding and stealing from his mother while she was still alive. He was sentenced to three years in prison, though that conviction is still going through an appeal.
The settlement is based on Ms. Astor’s 2002 Will, and does not take into account the amendments she made in 2003 and 2004, as she was suffering from dementia.
Michael Robinson, Estate Planning Attorney
Latest posts by Michael Robinson, Estate Planning Attorney (see all)
- ABLE Accounts - April 24, 2019
- What Are 529 Plans and What Are Their Advantages? - April 17, 2019
- Beneficiary Designations, etc., Aren’t a True Substitute for a Trust - April 17, 2019
