The Steve McNair Estate has been relatively quiet lately, after a fast start with plenty of fireworks. You can read the Probate Lawyer Blog’s prior articles about it here. But despite the apparent calm, there are still lessons to be learned.
The lawyers for McNair’s widow, Mechelle McNair, recently had to file a petition with the Tennessee probate court asking for funds to be released from a frozen trust account to pay taxes. Ho hum, right? Not so fast.
How much did she have to withdraw? A cool $3.72 million — all for state and federal estate taxes that were due earlier this month. And that’s just the estimated taxes that she has to pay now. When the final determination of how much she, as the surviving spouse, will receive is calculated, that price tag may increase. Her attorneys anticipate filing an amended tax return which may include even more money due to the IRS.
Why should this matter to you? If Steve McNair had done the proper estate