According to the New York Daily News, the will leaves the entire estate, which is comprised of $8 million in stocks, bonds and cash and $1 million in real estate, to Mr. Rooney's four children, Brian Rooney of Los Angeles, identical twins Emily Rooney of Boston and Martha Fishel of Chevy Chase, MD, and Ellen Rooney of London. Mr. Rooney's wife, Marguerite "Margie" Rooney, died in 2004. They had been married for 62 years. When asked about his father's estate, Brian Rooney said that his father lived "frugally" and "wasn't into fancy estate planning." So based on this statement, apparently…
Strategic use of life insurance frequently is a key aspect of comprehensive estate planning, solving a wide variety of estate planning challenges from providing liquidity to pay estate taxes, to charitable bequests and ensuring the continuation of a closely-held business. One of the key characteristics of life insurance, however, making it such a versatile estate planning tool, is preferential tax treatment. Properly structured, life insurance proceeds pass tax-free to beneficiaries, and earnings on investments held within certain types of “permanent” life insurance also generally accrue tax-free. According to a recent article in The Wall Street Journal, there is some national…
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