A fascinating article by Julie Satow in the April 28, Sunday New York Times describes a New Yorker whose entire $40 million estate will likely go to the government because he died without a will. This case is somewhat unique because Roman Blum, age 97, apparently died with absolutely no living relatives. But Mr. Blum could have directed his $40 million estate to go to friends, charities or anyone else he wanted. But with no will, his entire estate will likely go to the government!
Mr. Blum was a Holocaust survivor and he made a fortune during his lifetime. It is amazing that he seems to have done no estate planning. This is another example of how important it is to take the necessary time – – and get the necessary professional help – – for both estate and asset protection planning. Doing nothing can literally result in losing everything.