Contents of the Late Ed Koch’s Last Will and Testament Revealed with Commentary
The late Ed Koch served as the mayor of New York between 1978 to 1989. His passing has stimulated a lot of discussion about the degree to which he engaged in estate planning. As is shown below, the contents of his will reveal several things: 1) the type and amount of assets making up his Probate estate; 2) his priorities and approach to making his devises to his chosen beneficiaries; and 3) his disinterest in making his affairs private.
Of notable importance is his apparent disinterest in preserving and protecting his young beneficiaries’ assets by placing them in trust thereby making them less available to them and their creditors. Another benefit of a trust is that it ensures the privacy of the person who creates it, who is called the grantor or settlor. Some provisions of his last will and testament are found below:
- He instructs his executor to have him buried at the Trinity Church Cemetery in New York City.
- He leaves certain photographs and other memorabilia to the New-York Historical Society, pursuant to an agreement of gift entered into by him in September 2000.
- He leaves all other tangible personal property to his sister, Pat Thaler. In addition, Koch gives his sister $500,000.
- He gives $100,000 to his long-time secretary, Mary Garrigan, who worked with him for nearly forty years. Ms. Garrigan was, perhaps, Koch’s most trusted confidant and, by all accounts, knew more about Koch’s life than anyone else.
- He gives $50,000 to each of his late brother’s wife, Gail Koch, his nephew, Andrew Koch, and his niece, Joey Koch.
- Koch leaves the balance of his estate, estimated to be around $10 million, to the issue of his sister Pat Thaler (she has three sons), in equal shares, per stirpes.
The full article can be read here:
Barry E. Haimo, Esq.
Strategic Planning With Purpose
YOU ARE NOT OUR CLIENT UNLESS WE EXECUTE A WRITTEN AGREEMENT TO THAT EFFECT. MOREOVER, THE INFORMATION CONTAINED HEREIN IS INTENDED FOR INFORMATIONAL PURPOSES ONLY. EACH SITUATION IS HIGHLY FACT SPECIFIC AND EXCEPTIONS OFTEN EXIST TO GENERAL RULES. DO NOT RELY ON THIS INFORMATION, AS A CONSULTATION TO UNDERSTAND THE FACTS AND THE CLIENT’S NEEDS AND GOALS IS NECESSARY. ULTIMATELY WE MUST BE RETAINED TO PROVIDE LEGAL ADVICE AND REPRESENTATION. THIS INFORMATION IS PROVIDED AS A COURTESY AND, ACCORDINGLY, DOES NOT CONSTITUTE LEGAL ADVICE.