A Pennsylvania attorney and his wife, a successful dentist, perished in a private plane crash in 2007. They had no children so they left their assets to various relatives in their wills. The estates were comprised of a law practice, dental practice, various real estate holdings, and medical businesses in South Carolina and initially estimated to be worth $40 million. After six years and a will contest action, the estate has incurred administrative fees of $3.75 million and has $3 million remaining.
1. With their varied investments, the couple should have used a trust to minimize probate administration expenses.
2. Legal and medical practices are personality dependent and are not worth much without the contribution of the individual who built the practice.
3. $3 million left after an initial $40 million estimate? The 2008 financial crash was brutal on everyone.
4. Private planes are known as doctor and lawyer killers for a reason.