During six years of legal limbo, the estates have racked up $3.74 million in administrative and other costs, leaving roughly $3 million remaining in the late couple's legacy, according to Philip Lauer, an attorney for two of the beneficiaries.And those expenses don't even count the legal bills that the beneficiaries incurred to hire Lauer and others for a bruising civil court fight over Karoly's and Angstadt's wills.
"Does it seem like a lot of money? Yes," Lauer acknowledged. The estates, he said, "have been reduced in value at a pretty phenomenal rate on an annual basis."
An attorney on the losing side of the disputed wills put it more bluntly.
"Oh my God, I'm just blown away," Richard Angino said. "In a case where individuals have the responsibility of liquidating the assets of the estate, the purpose isn't to liquidate those assets into your pocket."
When Karoly and Angstadt were killed in 2007 in a private plane crash in Massachusetts, they left behind a tangled financial web that included a law practice, a dental practice, real estate holdings and several medical businesses in South Carolina. Amid a contentious battle among relatives over their wealth, the court appointed retired Lehigh County Judge Thomas Wallitsch to administer Karoly's estate, and attorney Harry Newman to administer Angstadt's.Full Article and Source:
In Karoly Will Dispute, Millions in Administrative Expenses
See also:
Wills John Karoly Filed for Brother's Estate are Held up in Court
Peter Karoly Estate Now in Judge's Hands
Northhampton County Judge Upholds Karoly Will
Karoly Sisters Blast Findings in Multi-Million Dollar Will Dispute
Witness: John Karoly Asked Me to Sign 'Fake Will'
Witness of Disputed Karoly Will Not Sure What He Signed
Witness: John Caroly Made 'Ludicrois" Claims About Late Brother's Intentions
3 comments:
What a package - for the lawyers!
Ahhhhhhhhhh, legalized theft.
Boy, if there ever was a way to stay out of court on these cases, the lawyers would go broke, and that's a joke!
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