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Jack Ryan’s Creator’s Family Has Upside Down Tax Bill Story

August 25, 2015

This is simply unbelievableThere will be–must be–an appeal.

I simply loved the creation of Jack Ryan.

I have told the story before on this blog, and in my book Walking Up The Ramp of reading Hunt For Red October in the fall of 1994 while working at putting my life back in order after leaving the Wisconsin Statehouse.  It was the first non-fiction book I had read in well over a decade.  I was taken in my Jack Ryan and read over the next many months every book in the series that was printed.  It was a workout given the length of Clancy’s works.

So today when I read how his sons were screwed on the estate taxes it made me blink a few times.  The second wife needs to be taxed and this matter needs to be appealed.

Tom Clancy’s widow has scored a legal victory in a long-running dispute over who should foot the hefty taxes on the best-selling author’s $86 million estate, which largely comes from a minority share of the Baltimore Orioles and includes a rare World War II tank.

Siding with Alexandra Clancy, a Baltimore judge ruled Friday that no taxes will come from the two-thirds share of the estate of which she is sole or main beneficiary. Instead, he ruled the entire $11.8 million tax bill is to be borne by the roughly $28.5 million trust that Mr. Clancy, who died in 2013, left his four adult children from his first marriage—a 41% tax hit.

(BS!!)

The four children wanted the tax bill split evenly between their trust and a family trust of which Ms. Clancy is the main beneficiary. That would have raised the overall estate taxes to $15.7 million and divided it between the two sides at $7.85 million apiece.

If the judge’s ruling survives a potential appeal, Ms. Clancy would avoid paying the $7.85 million, while the adult children would owe nearly $4 million more than if they had prevailed in the case.

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