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Estate Planning Paper

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  • Jan. 2013
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Saheed Sims
MSL 6450
Wills, Trust and Estates
Term Paper

Andy Rooney of 60 Minutes Fame Leaves $9 Million Estate to His Children By Julie Garber, About.com Guide March 14, 2012

Last year, November 2011. The world lost Andy Rooney. Andy Rooney, the "60 Minutes" commentator known to generations for his wry and humorous television essays died Friday in a hospital in New York City of complications following minor surgery. He was 92.

A will for Rooney has been filed in surrogate court in New York City. The will leaves the entire estate, which is comprised of $8 million in stocks, bonds and cash and $1 million in real estate, to Mr. Rooney's four children, Brian Rooney of Los Angeles, identical twins Emily Rooney of Boston and Martha Fishel of Chevy Chase, MD, and Ellen Rooney of London. Mr. Rooney's wife, Marguerite "Margie" Rooney, died in 2004. They had been married for 62 years.

Based on a statement from Mr. Rooney’s son Brian, apparently Mr. Rooney did not do any estate tax planning other than the will. In her article Julie Garber (Julie Ann Garber, Esq. is an experienced estate planning attorney a co-author of the book Estate Planning Strategies, Collective Wisdom, Proven Techniques Wealth Builders Press, (2009) state that, “Assuming that Mr. Rooney did not have many liabilities and no assets passed outside of his probate estate, then this means that his estate will owe approximately $1.4 million in federal estate taxes and $916,000 in New York estate taxes, leaving about $6.68 million for his children to split”

The home Andy Rooney has gone on the market in the Rowayton section of Norwalk. The 2,474-square-foot, four-bedroom, one-bath Tudor-style home was built in 1882 and is situated atop a hill, within walking distance of the village and train station. Rooney held on to the house while also having an apartment in New York It is currently listed by Prudential Connecticut Realty for $749,500.

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