Bloomberg reports that the heirs of Howard Hughes are currently battling General Growth Properties Inc. for an appropriate appraisal of property in Nevada. In the U.S. Bankruptcy Court in Manhattan, a judge ruled that the heirs of Howard Hughes can get a full appraisal process while General Growth Properties confirms its bankruptcy plan this October.
Howard Hughes' heirs are owed close to half of property that was unsold at the Summerlin community close to Las Vegas. It has been estimated to be worth $430 million and has been given a book value of $1.1. billion by the company.
The dispute with the heirs of Howard Hughes goes back to 1976. Mr. Hughes died intestate and without children. While his estate took years to settle, Rouse Co. bought all of Hughes remaining assets in 1996 for $520 million. The heirs were to receive a cut of the profits from future land sales.
A New York estate planning lawyer can tell you that when the Hughes heirs get those payments, it will be part of estate administration. Estate administration entails collecting the assets of the estate, paying the decedent's debts, and distributing assets such as these payments. If a person dies intestate such as Howard Hughes did, distribution of assets will depend on state law.
If you have questions about estate administration yourself, it may be wise to consult with a NY estate attorney. A New York estate planning lawyer can help an Administrator of an estate gather assets and distribute them to the beneficiaries according to New York EPTL.
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