Battle over Payment of Tax on Clancy Estate
A legal battle has erupted over the question of who should pay the tax burden due on the estate left by author Tom Clancy, reports the Wall Street Journal.
When the writer died in 2013 he left an estate worth around $83 million, including a 12% stake in the baseball team, the Baltimore Orioles.
Around two-thirds of his estate was left to his widow, and the four children he had with his former wife are also beneficiaries under his will.
Tax due on the estate reportedly amounts to around $16 million, and the executor of the estate had determined that part of this should be paid out of a trust of which Mrs Clancy is the main beneficiary.
However, Mrs Clancy says that this is not what her husband intended. She claims that he amended his will shortly before he died to ensure that the tax due would come out of the share of the estate inherited by the four children.
His children have apparently questioned the validity of this claim, reports the Wall Street Journal.
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