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Monday, June 14, 2010
Lawyer's Heirs Fight Insurers In $56 Million Policy Intrigue
Days after New York attorney Arthur Kramer died unexpectedly at age 81, members of his family seated in a lawyer's office were told that in his final years, he had taken out $56.2 million in life insurance.There was a catch: They weren't the beneficiaries.
Mr. Kramer had bought seven large life-insurance policies and quickly arranged a sale of the right to claim the benefits. Investors, not relatives, would collect upon the death of the prominent attorney, the co-founder of law firm Kramer Levin Naftalis & Frankel and brother of playwright Larry Kramer. Read more... posted by Charles Monat Associates at 1:38 PM
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