Wife of Murdered Fontainbleau Hilton Miami Creator Ben Novack Seeks Separate Trial from her Brother
WHITE PLAINS, NY
Narcy Novack, wife of the late hotelier Ben Novack, creator of the Fontainbleau Hotel in Miami Florida now finds herself accused along with her brother Cristobal Veliz of Brooklyn, NY of Murder in the First Degree. In court recently Novack requested a separate trial for herself. Despite much evidence to the contrary, Narcy protests her innocence, stating that the slain hotelier’s son Ben Novack Jr. had the motive and opportunity and that she had nothing to do with it.
As expected, Ben Novack and Cristobal Veliz also state that they had nothing to do with the killing. Narcy’s brother Crostobal, however, may see the request for a separate trial as a double-cross, according to the Miami Herald.
Ben Novack Jr., at the time of the killing, was having an affair with a stripper. Acting quickly, Novack wrote his wife out of his own will, to prevent her from profiting from any windfall.
At stake is not only charges including First Degree Murder but also Ben Novack’s $10 Million estate. The law does not allow anyone to profit from murder, so criminal and civil charges in the courts as well as the contents of the Will bear upon the question of who gets what.
Estate Advice for the Heirs of Steve Jobs
Heirs of Steve jobs, the founder of Apple and inventor of many well-known products died leaving a great deal of stock in Apple to his heirs. The stock he originally obtained at 2006 values are considerably more valuable than they were before. In addition, Jobs has over four billion dollars in Disney stock.
Because the details of Job’ will have not been released, there is a great deal of speculation not only as to who inherits, but also into their possible tax strategies to cope with their massive inheritance(s).
According to tax law, if he transfers the stock to his wife, the stock will not be subject to the 35% Estate Tax. However if these shares are passed on to his children, they would be responsible for the tax on any future gains if they did not sell the stock right away. For them, liquidating the stocks immediately would help them to avoid heavy taxes.
It is interesting to note that during his life, Jobs was as innovative with his tax strategy as he was with his inventions, accepting the stock in lieu of salary.
Even Retired Probate Judges Can be the Victim of Elder Abuse
ATTLEBORO, MA
An attorney acting as a caretaker for a retired Massachusetts Probate Judge allegedly took advantage of the situation in a real estate theft scheme. Kim Allard was indicted on two charges of larceny from an elder. Judge Edward F. Casey was allegedly convinced to purchase a property and sell the deed to the 41-year-old attorney for a single dollar.
The consequences of the theft for the victim include his new situation living in an assisted living facility with depleted finances. Ms. Allard maintains her innocence.
Forbes Writes on Women’s Role in Estate Planning
According to Forbes, many women, particularly in New York, are, “Shrinking Violets” when it comes to estate planning.
Reasons include:
- Women often assume their spouse will manage estate planning.
- Women often assume this is not a vital topic.
The fact is, women, especially with children, should see to their children’s future by making sure at a minimum to leave no loose ends in their estate planning.
According to Forbes:
Among those who shared their frustration was Carole M. Bass, a lawyer with SNR Denton in New York. In a LinkedIn discussion, she described what happened when she offered to give a presentation about estate planning to a new moms group in her Westchester, N.Y. community. The woman who runs the group “told me that they generally have low turnout at luncheon events about estate planning because the moms don’t see estate planning as a crucial topic and see it as something they let their husbands handle,” Bass wrote on LinkedIn. ”I found this shocking — especially in the context of women in their 20s, 30s and 40s.”
As a relatively new mom herself — she has two children, ages 3 1/2 and 13 months –as well as a lawyer, Bass knows how a lack of planning can affect families of young children. If a single or surviving parent dies without a will and her children are minors, a court will appoint a guardian for them. And without a financial cushion children could be left without sufficient funds. Many parents of young children died on 9/11. The 10-year anniversary of that tragedy should remind us of the need to plan, even when the chances of anything happening seem remote.
Lack of planning among older women is an even bigger problem. Women live longer on average and tend to marry older spouses, making women 65 and older three times as likely as men that age to be widowed. So for women, estate planning is a crucial part of retirement planning. And since they usually survive their spouses, women more often have the last word about how much wealth goes to family, charity or the taxman.
Martin Emerson Low, Senior Systems Engineer
Peter Lopipero President and CEO
