“Greg and Scott are extremely capable and complement each other’s skills. Additionally, they have a lot of integrity, work hard and are just classy guys.”
When Jacobs & King first approached this estate, it was messy to say the least. This was and is one of the most complex estates imaginable, involving multiple local and international businesses as well as significant assets from the deceased’s wife, the victim of an unsolved but highly publicized murder two years earlier. The primary beneficiary of the estate had grave concerns about what was happening under the leadership of the original administrator.
Prior to the involvement of Jacobs & King, the Estate was about to hand over its interest in numerous businesses for no payment of any kind to a family who had been business partners of the deceased in buying and developing commercial real estate. These partners had made multiple allegations of fraud and debt after the death of the deceased. Not only were the charges questionable, but the agreement to give away these assets had been designed by the attorney for the partners who was simultaneously serving as the Estate administrator.
In addition to the pending agreement with the ex-partners, the beneficiary was concerned about the way the original administrator was marshaling assets, selling them for less than face value and interacting with potential creditors.
Jacobs & King immediately sought to stop the unpaid transfer of assets and removed the original administrator, identifying other more suitable trustees for the court to consider as a replacement. A new administrator was added to the team based on his extensive real estate experience, and since his appointment has performed admirably in “un-doing” some of the errors of the first administrator and marshaling the remaining assets of the Estate. He says, “We had to figure out a way that we could wrap our arms around an estate where all this work should have been done a year ago. No tax returns, no accounting, no inventory. Everything that was done was a model of poor performance and dereliction of duties.”
Our new administrator recognized immediately that he was on the right team to clean up the mess. “Scott King is a tenacious, relentless litigator. Greg Jacobs is a very bright estate planning lawyer. It was a great fit among the three of us.” He knew that together, they could handle even such a complex estate. “Greg and Scott are extremely capable and complement each other’s skills. Additionally, they have a lot of integrity, work hard work and are just classy guys.”
Jacobs & King arranged a far more equitable settlement with the ex-partners wherein the Estate recouped several hundred thousand dollars. The opposing party also gave up any and all claims they may have had against the Estate. By virtue of Jacobs and King’s representation, the client made a great deal of money, averted the possibility of lengthy litigation, ended potential financial exposure and delivered the Estate’s administration into the hands of a trusted professional.
Jacobs & King now represents the Estate, as opposed to the beneficiary. The current Estate administrator has continued to locate and marshal assets that the first administrator failed to identify or otherwise eschewed. Together, they’ve brought financial order to the chaotic situation they originally faced.
Though the Estate remains a complex matter, it is in good hands and being properly managed. The rightful beneficiary is in a far better financial position than she was before she came to Jacobs & King, and can now feel confident that her interests are being properly served.