Trusts & Estates
Most of Joseph Flom’s Millions Will Go to Charity
Posted Apr 19, 2011 9:08 AM CDT
By Debra Cassens Weiss
Joseph Flom's multimillion-dollar estate will go mostly to charitable causes.
Joseph Flom, a name partner at Skadden Arps, Slate, Meagher & Flom, died in February at the age of 87. He was the firm’s first associate in 1948, and he went on to lead the law firm.
Flom’s will gives $50 million or half of his estate, whichever is less, to the Flom Family Foundation, the Am Law Daily reports. The foundation has previously donated to causes such as the Innocence Project.
Other bequests include: $2 million to Harvard Law School for a program on health law and bioethics; and $1 million or 1 percent of the estate, whichever is less, to the Skadden Fellowship Foundation, which helps law students interested in public interest work.
Flom’s widow, Judi, will get $7.5 million, a higher amount than the $5 million required by an October 2008 prenuptial agreement, according to the will. She also is getting funds from a marital trust, the story says.
Flom's son, Jason, tells the Am Law Daily that his father had always told his children that he was planning to give his money to charity and “we should go out and make our own."