Wills, Trust and Estates
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.
In the first chapter of our reading on wills and estates we find that the law of wills are technical and differs from state to state it is risky to right a will because a layperson are usually not aware of legal terminology and could wind up risking the loss of valuables and money. Here Andy Rooney’s son states in the article by Julie Garber “When asked about his father's estate, Brian Rooney said that his father lived "frugally" and "wasn't into fancy estate planning." The aforementioned quote would probably denote that since Mr. Rooney was frugal and not into FANCY estate planning he probably did the will himself. While leaving a great deal of money he probably would have been able to leave substantially more than his children would have received had he perhaps done a better job at estate planning and consulted with an attorney.
Andy Rooney had several homes according to the article 2 in NY and one in Conn. Rooney however was domiciled in NY as this is where he worked and was his main residence. In addition Mr. Rooney passed away In NY the probate court would then be the NY court with jurisdiction to administer the decedent’s estate.
Rooney’s Wife had passed away leaving only the children as beneficiaries. It is more likely than not, that Rooney had not just probate property but also non-probate property to which his children are beneficiaries. Non-probate property would have been Mr. Rooney’s pension plan, Life insurance and IRA’s.
There are no issues that involve the intestacy as Mr. Rooney died with a valid will. Mr. Rooney had no illegitimate children. Because the will was delivered and processed by the probate court in NY there were no witness, age, signature or revoking of the will issues.
At the time of this article there the will has not been provided to the public. Therefore Payment of debts, clause are not made available the family will hold a private funeral service this week, with a CBS memorial at a later date, Emily said. Mr. Rooney will be...