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Estate Fight over Housing Complex Is Unusual

| Nov 27, 2017 | Estate Plan |

A family estate fight between a widow and stepchildren is not unusual. However, having a dispute over the future of the largest federally subsidized housing complex in the U.S. is.

A buyer has been found for the federally subsidized housing complex Starrett City in Brooklyn. However, a family fight and the presence of the President of the U.S. has caused some delays, according to The New York Times in “The Messy Family Battle for Starrett City.”

The original developer of Starrett City passed away some time ago. The current shareholders would like to sell the complex or at least the developer’s widow, who controls most of the shares would like to do so.

An auction was held for the complex and a price agreed to. However, regulators determined that the prospective buyer was not fit.

Because President Trump has a small stake in the development, it was decided to avoid media scrutiny and approach prospective buyers who might be interested to determine if they might be deemed fit.

The problem is a group of dissident shareholders. They include four of the widow’s stepchildren who have previously accused her of mismanaging the family’s business affairs.

These dissidents claim that she did not accept the highest bidder for the property and are causing delays.

Blended families are a potential problem for an estate plan.

An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances, which may include a blended family.