An interesting article came out today by the Associated Press about how professionals who combat financial abuse against seniors can hold up the Brooke Astor verdict to raise awareness of the growing epidemic.  You can read the article here. 

Jennifer Peltz, who wrote the article, discusses how advocates against financial exploitation of the elderly hailed the verdict and how it is far from alone.  She points that there have been many other famous cases involving the rich, such as J. Steward Johnson (heir to the Johnson & Johnson fortune) and Anna Nicole Smith versus the son of her late 90-year-old billionaire husband.

The really sad part is that this problem affects many more than the wealthy in America.  Indeed, with our country’s troubled economic times, the problem of people stealing from and coercing seniors out of their money is getting worse and worse.  And the best prevention is for families to be proactive and protect their aging loved ones, especially once there is a diagnoses of dementia or Alzheimer’s disease.

But many people still refuse to think it can happen to their families.  It does!  Trust me, as a probate litigation attorney who sees this happen to real people on a regular basis (and I’m talking about average, middle class families, not just the upper class), I can assure you that every baby boomer with an aging loved one needs to be aware of this problem.

Sometimes the crime involves theft or fraud.  Other times it comes in the form of coercing a change to a will or trust.  Often it involves convincing someone to add a new name to a bank account or deed.

But, these acts rarely result in criminal prosecutions.  The Brooke Astor case is very unusual from that standpoint.  It’s up to people, and experienced attorneys, to combat these acts in civil and probate courts because police and prosecutors simply don’t have the resources to take on most of these cases.

Of course, with better prevention, cases like these don’t have to happen at all.  That’s part of the reason I, and my co-author Danielle Mayoras, wrote Trial & Heirs:  Famous Fortune Fights!

Our book helps bring awareness to the issue and educates people about the importance of proper estate planning and avoiding family fighting over money.  We discuss the Brooke Astor, Johnson & Johnson, and Anna Nicole Smith cases (along with dozens more) to help teach families how to protect against having to end up in court after a loved one dies, fighting over money.

In fact, the Associated Press article quotes me and mentions Trial & Heirs:  Famous Fortune Fights!  Education and raising awareness is the first step towards prevention.  That’s why celebrity cases like the ones discussed in Trial & Heirs are so important.  They help get people talking.

So if you have an elderly loved one, learn about these celebrity court cases, so you can talk to and help educate your family, before it is too late.

Posted by:  Author and probate attorney Andrew W. Mayoras, co-author of Trial & Heirs:  Famous Fortune Fights! and co-founder and shareholder of The Center for Probate Litigation and The Center for Elder Law in metro-Detroit, Michigan, which concentrate in probate litigation, estate planning, and elder law.  You can email him at blog @ trialandheirs.com.

The jury verdict is in for one of the most intriguing will contest cases ever.  The son of the late New York philanthropist and millionaire, Brooke Astor, had been charged with 16 counts related to fraud, larceny, forgery, and more, stemming from changes to her will and related (alleged) wrongdoing.  Here are my prior blog articles on the case.

Well maybe you can remove the word “alleged”.  The jury convicted Anthony Marshall and his co-defendant, lawyer Francis X. Morrissey, Jr.  Marshall, age 85, faces up to 25 years in jail based on the guilty verdict for 14 of the 16 counts, including fraud in connection with her will, larceny, conspiracy and a host of related charges.

While some of the convictions do not surprise me — especially the retroactive lump-sum pay raise he gave himself of $1 million (for managing Astor’s finances) — I must express my surprise at the will-related convictions.  People with Alzheimer’s have good and bad days, and proving Astor was incompetent at the moment of signing, based on the high proof required in a criminal case (beyond a reasonable doubt), was very hard to do.

But the prosecution was aggressive.  The trial lasted more than 19 weeks and involved 72 witness who testified (in varying degrees) about Astor’s mental decline.  Only two of these were defense witnesses.

Marshall’s attorneys have already promised an appeal.  For example, they will clearly challenge the jury verdict based on one juror’s note given to the judge during their 12 days of deliberation.  The note said the female juror felt her personal safety was threatened by another juror and asked to be excused.  The judge denied the request.  Defense attorneys argue this prevented the jury from rendering a fair and objective verdict.  With a trial this long, they will likely find dozens of other grounds on which to base their appeal.

In addition to the appeal, the case will also move to Surrogate’s Court (New York’s probate court) to determine whether the will and amendments should be invalidated based on lack of mental competency and fraud.  This seems to be a certainty after the criminal verdict.  How much of Astor’s $180 million estate will pass to Marshall remains to be seen.

Here is the New York Times article about the verdict.

Families can learn two valuable lessons from this case.  First, it shows how important the proper estate planning is, because any family can be embroiled in a lengthy and expensive court fight after a loved one passes.  Good estate planning is the best way to prevent this.

Second, even the very wealthy can be victims of financial exploitation and abuse.  When you have an elderly loved one with a diagnoses of dementia or Alzheimer’s, or even notice increased memory loss or confusion, it is time to help make sure their financial affairs are in order and monitor their bank statements and legal documents.  Apparently, even someone as wealthy as Anthony Marshall can be guilty of this crime (he was already a multi-millionaire).  Imagine what could happen to your elderly parent or grandparent with so many people desperate for money.

Do not turn a blind eye.  Be proactive.  Be safe.  Do not let what happened to Brooke Astor happen to your family members.  It’s not always easy to prevent, but the sooner you spot a problem, the easier it is to prevent or rectify.

Not sure how to talk to your loved ones about this?  I, with my co-author Danielle Mayoras, wrote a book to help address this very point, including a complete analysis of the Brooke Astor case and dozens of other true celebrity stories.  We help people learn from celebrity errors so they can protect their heirs.  You can learn about Trial & Heirs:  Famous Fortune Fights! here.

Posted by:  Probate attorney Andrew W. Mayoras, co-founder and shareholder of The Center for Probate Litigation and The Center for Elder Law in metro-Detroit, Michigan, which concentrate in probate litigation, estate planning, and elder law.  He is co-author of Trial & Heirs:  Famous Fortune Fights! You can email him at blog @ trialandheirs.com.