If one of your relatives confessed on his deathbed that he had a hidden cache of gold and silver worth millions of dollars, you might be inclined to seek out the fortune. That is the case with one New York City family.
Edward Giaimo, Jr. was a wealthy New York lawyer and landlord. In 2007, while on his deathbed, he confessed to his family that he had hidden gold and silver worth $4.5 million.
The Guardian reports, in an article titled “Deathbed confession sends New York family on $4.5m treasure hunt,” that his family still has not found the treasure.
Despite the fact that the treasure has not been found, the family continues to fight over it in court and they are also fighting over another $10 million that was found in Giaimo’s home, which may have been skimmed from subsidized rents.
This is an interesting case for estate administration.
It is difficult to distribute assets that may not even exist. Although Giaimo’s brother has stated that he believes the treasure is buried on the property or hidden in an unknown warehouse, it has not been found and might not be. The best that a court might be able to do is determine who gets the fortune if it is ever found.
While the original article does not provide specific details about the family’s feud, such disagreements are not uncommon when there is great wealth involved, especially when there is mystery surrounding the wealth.
Please contact our office today at 239-225-7911 to schedule an appointment with Barbara M. Pizzolato if you are interested in protecting your legacy and need to create or update your estate plan. You may also wish to attend one of our free seminars.
Reference: The Guardian (December 10, 2014) “Deathbed confession sends New York family on $4.5m treasure hunt”