When iconic TV host and author Larry King died at age 87, he left a legacy of iconic interviews and memorable moments over a long radio and television career, including 25 years at CNN. But an unexpected twist was his secret handwritten will that dramatically changed the plans for his estate. Despite its brevity and simplicity, this last-minute discovery sparked a heated legal battle. Handwritten or “holographic” wills are legal in many states, including California, where Larry King resided. These wills don’t require the usual formalities of being witnessed but must be entirely written and signed by the testator — the person to whom the will belongs. Lessons Learned From Larry King’s Handwritten Will
The IRS can be a formidable foe, wielding powerful enforcement tools to inflict misery on errant taxpayers. The IRS can also be surprisingly forgiving. The latter was the case in a recent success story. My client, a self-employed painting and carpentry contractor, was preparing to assume ownership of a house, an inherited property, and he wanted first to catch up on his back taxes. As is often true of clients who are self-employed, he hadn’t filed any tax returns for six years. Another aspect of his case, however, was highly unusual: This client had not kept any records at all, and he also had been comingling funds from his business with his personal accounts. Clearly, we had our work cut out for us. The first step was to bring this client into compliance. He immediately began paying estimated taxes, and we also began work on filing his past-due returns, constructing estimates of expenses as accurately as possible. When all that work was done, my client owed the IRS about $120,000. The next step was to negotiate a settlement. I offered the agency $100 to settle my client’s debt. I expected the agency to pick apart his tax returns in detail and ask for at least 10 different documents, perhaps seeking more proof of his business expenses. Typically, the IRS thoroughly investigates the finances of any taxpayer seeking a settlement. Instead, the agency only requested a couple of items, which in the IRS World is barely anything. Six months later, my client got word of the shocking outcome. The IRS counterproposed a $3,200 settlement — less than 3% of what he owed! Obviously, my client gladly accepted it. He was in complete shock. This could have been a hard case. But what I’ve learned in dealing with the IRS is that often, the easy cases become hard and the hard cases are easy. In this one, my client emerged with a clean record with the IRS and a house — not a bad place to be. Here’s How I Fixed $120K Debt TOPH’S TAX TRIUMPH
While this might seem like a convenient shortcut, it often leads to serious legal challenges, particularly
around the will’s credibility and the testator’s intentions. In Larry King’s case, his handwritten will excluded his wife,
leaving his entire estate to his children. This was a shock, especially since California law entitles a surviving spouse to half of all the assets acquired
during the marriage. King’s wife was understandably taken aback, leading to a family feud ultimately resolved through a confidential settlement.
This situation is a stark reminder of why handling estate planning with thorough care and legal guidance is crucial. While a handwritten will can be a legal document, it’s generally better suited for straightforward estate circumstances. A more comprehensive approach is advisable to avoid family disputes in more complex situations, like Larry King’s, who had considerable assets and a blended family. Larry King’s situation emphasizes the crucial importance of having a well-thought-out estate plan that considers all legal aspects and potential family dynamics — King was married eight times to seven women and had three surviving biological children. While handwritten wills are a valid option, they should be used cautiously. Taking proactive steps in estate planning can help prevent conflicts and ensure your final wishes are respected, providing peace of mind for you and your loved ones.
–Toph Sheldon
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