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Report: Tom Clancy heirs clashing over estate taxes

It’s been almost one year since author Tom Clancy died. Two months after his death, we reported his estate was valued at $50 million, with his widow, their daughter and four grown children from his first marriage as his heirs.

Now, according to The Wall Street Journal, Clancy’s wife, Alexandra, has filed court papers seeking to move all state and federal taxes to the inheritance of Clancy’s grown children. A filing made earlier this month argues Clancy revised his will in July 2013 to “ensure the family trust fell under the marital deduction,” according to the Journal:

Ms. Clancy, the sole or main beneficiary of two-thirds of the estate, claims in a court filing that the lawyer serving as the estate’s executor wrongly concluded that $6 million of the tax burden should be borne by a family trust of which she is primary beneficiary.

“That is not what Mr. Clancy intended, and this proceeding seeks to prevent this improper, inequitable and unjust result,” her lawyers wrote in a petition filed Sept. 5 in Maryland probate court.

The Journal also reports the estate is now valued at $83 million, $65 million of which is Clancy’s 12-percent-stake in your 2014 American League East Division Champion Baltimore Orioles. (Go O’s!)

The estate, according to court filings, also includes a World War II tank with “very low mileage,” the Journal reports. That’s right, a gently used tank:

The tank is a rare 1943 M4A1 Sherman known as a Grizzly, according to David Uhrig, a military vehicle broker who appraised it for the estate. Only 188 were built, he wrote in a letter to the estate.

“This is an extremely complete and original Grizzly and it is in very good condition on the exterior but the interior is rated only fair due to outside storage,” he wrote.

The executor of Clancy’s estate has until Oct. 17 to file a response to Alexandra Clancy’s filing, according to the Journal.

About Danny Jacobs

Danny Jacobs is the legal editor at The Daily Record. He previously covered trial courts at the state and local levels and served as web editor.

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