Clary Redd's Article Cited in Tom Clancy Estate Decision
An article written by Stinson Leonard Street partner Clary Redd is quoted in an opinion from the Maryland Court of Appeals in a case involving the estate of Tom Clancy, the bestselling author of "The Hunt for Red October," "Clear and Present Danger" and many other spy thrillers.
In Michelle Bandy v. Alexandra Clancy, Maryland's highest court decided that Tom Clancy’s widow is not required to bear the burden of estate taxes on her portion of Tom Clancy’s $82 million estate. Tom Clancy died in 2013, and he was survived by his second wife, Alexandra Clancy and a minor child by that marriage, as well as four adult children from his first marriage. The Maryland Court of Appeals was tasked with interpretation of Clancy's will with respect to the burden of estate taxes.
Ultimately, the Court of Appeals ruled that if the trust at issue as created in Tom Clancy’s will, were to bear the burden of federal estate taxes at the time of Tom Clancy’s death, the trust would be subject to imposition of federal estate taxes twice: once at the time of Tom Clancy’s death and a second time when Alexandra Clancy died.
In the majority opinion, the court cites Clary's 1987 article "What Types of Savings Clauses Will Preserve the Marital Deduction?" in a discussion about protecting marital deduction dispositions from adverse tax consequences.
Clary is a partner in the firm's St. Louis office. His practice is focused on estate planning, estate and trust administration and estate and trust-related litigation. He is a Fellow of the American College of Trust and Estate Counsel and Co-Chair of Trusts & Estates magazine's Editorial Advisory Board.
Read the full opinion here. [Link: http://www.mdcourts.gov/opinions/coa/2016/93a15.pdf]