• 07
  • September
    2010

Even if you are not a millionaire nor the potential heir to millions of dollars, your risks of failing to have a competently-prepared estate plan are the same as those for millionaires. Estates vary in size, but the loss of an inheritance that was counted on but did not materialize stings no matter how big or small. Florida estate planning attorneys know that people take these risks every day, and almost always lose. The following is an example.

Darla Lexington's was the longtime companion of Houston lawyer John O'Quinn. Lexington recently tried to argue to a probate judge that five rare cars, including three Corvettes, a rare French Talbot-Lago and a one-of-a-kind Mercedes Benz, had been gifts from O'Quinn and should be exempted from sale by his estate.

The managers of O'Quinn's estate and the charitable foundation he created argued that they needed to sell the cars, otherwise the estate would have to default on a large debt, estimated at $90 million. 

By the time O'Quinn died in an auto accident last October, he and Lexington had collected more than 800 vintage and rare vehicles.

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According to Lexington, the couple were planning to open a rare car museum.

Three hundred of the cars owned by O'Quinn have been sold.

A lawyer for the estate said after the ruling in the estate's favor that O'Quinn's will clearly stated that he was single and that he intended his wealth to go to charity

Darla Lexington, when informed of the judge's denial of the requested injunction, reportedly took it very hard. The verbal agreement did not hold up in court without a change in the will.

Lexington was not a beneficiary of the will, but she received about $2 million from O'Quinn's life insurance policy.

Source: Houston Chronicle "Judge denies woman's effort to stop O'Quinn car sale" 8/9/2010