As some New York locals may have heard, well-known former attorney Joseph Flom, who was the last living named partner of the firm Skadden, Arps, Slate, Meagher, & Flom, passed away in February at the age of 87. Flom's estate is calculated "to be in the low nine figures," although much of it remains to be arranged properly.
But Flom's will, which was filed in Manhattan Surrogate's Court, stated most of the former lawyer's estate will be given to charity, according to The Am Law Daily. The Flom Family Foundation was listed as his biggest beneficiary and expected to receive whichever is less: $50 million or half of his estate.
Other beneficiaries to Flom's estate include:
- Sing for Hope, which will receive $100,000;
- Flom's alma mater, City College of New York, which will receive $500,000;
- The Skadden Fellowship Foundation, which will get $1 million or 1 percent of his estate to help fund law students seeking public interest work; and
- Harvard Law School, which will receive $2 million for a program focused on health law and bioethics.
Joseph Flom has donated millions to charity throughout his life, and the Flom Family Foundation has also made previous donations to various organizations, including the Southern Institute for Education and Research. Flom's philanthropy was inspired by one of his clients Milton Petrie, a big stakeholder in Toys 'R' Us who has made large donations to cultural institutions in New York.
"From the time we were kids, he told us that he was planning to give his money to charity, and we should go out and make our own," said Flom's son, Jason.
To learn more about how you can include charitable contributions in your will, seek legal counsel from an experienced estate planning attorney.