He left his fortune to no one!

Sep 17, 2013 | Wealth Management

“He was a very smart man but he died like an idiot,” said Paul Skurka of his friend Roman Blum who died last year with an estate worth around $40 million, and, as you probably guessed, no will.   Mr. Blum’s story is rather amazing from being a holocaust survivor to a very successful real estate developer in Staten Island, NY.  He left behind no heirs and no surviving family members.  He lay in a hospital morgue for several days until a rabbi at the hospital was able to find his attorney.  Now, unless a relative can be found, the entire estate will go to the state of New York. Just imagine, he could have had all his funds go into a charitable foundation that would have continued his legacy for decades.  Although Mr. Blum definitely wasn’t a saint, it is certainly a sad ending on many fronts to what otherwise was a good story that should have had a much better ending. 

 

Remember, if you don’t have a will, the government has one for you…but you probably won’t like it.  Whether your estate is worth $40 or $40 million, take the time to review your estate plan.   In Kentucky, if you are married and die without a will, you might assume that all your assets automatically pass to the surviving spouse…well, you assume wrong.  Only half would go to the surviving spouse with the other half going to other family members.  You can quickly envision the conflicts this scenario could create. 

If you would like to discuss your situation in more detail, give me a call at 859-233-8929.

Jeff Schriefer
VIce-President
Wealth Management
Bank of the Bluegrass & Trust Co.
jschriefer@bankofthebluegrass.com

In other news, take ten minutes this week to make these apple-butter doughnuts!  Don’t skimp on the apple butter!! No need to email me…YOU’RE WELCOME!  These are perfect for a Saturday morning tailgate!


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