The death of Stan Lee, the famous cartoonist and Marvel publisher, is a tale with a dark end. For the last decade of his life, various advisors inserted themselves into Lee’s life and wreaked havoc on his financial fortune; a fortune that was whittled away because, while he had an estate plan in place as well trusts and designated powers of attorney, his selected agents took advantage of him. The life, death, and estate of Lee highlights the importance of an estate plan as well as carefully choosing the right people to help protect you.
A Cast of Characters
Much like Lee’s famous comic book characters, there were people surrounding him who had both good and seemingly evil intentions. Unfortunately, the less savory of the lot seemed to dominate and these people were placed in positions to take advantage of the American hero.
Most recently, Lee’s trusted business manager and long-time friend was charged with five counts of elder abuse, reportedly stealing millions. Charges included theft, embezzlement, forgery, fraud, and false imprisonment. Serving as assistant and caretaker, he infiltrated Lee’s everyday life and assumed control of daily decisions including business and financial affairs, even establishing himself as Lee’s media contact. As gatekeeper, he limited access to family and friends effectively isolating Lee at the end of his life. He even moved Lee from his residence to a condominium to further instill control. But, this transgression from a trusted confidante is only one betrayal in the decline of Lee’s estate estimated valued upwards of $70 million.
Additionally, there were a number of people who sought to take advantage of this elderly American icon including a security guard who was hired to coordinate Lee’s Comic Con schedule and provide protection. He ultimately was accused of bilking the estate $8 million in cash and memorabilia. And, Lee’s “senior advisor”, a man who had a lengthy record of liens and tax evasion, bought millions of dollars of real estate in Lee’s name, forging documents, and stealing property and money from Lee’s retirement account. Lastly, Lee’s own daughter has been implicated in wild spending sprees and inappropriate behavior.
The Benefits of Planning Ahead
No matter the size of estate, the goal should always be to preserve and distribute it upon your death in the manner you desire. It should also seek to provide protection during your life. Had Lee’s existing estate plan been protected by trusted advisors, his estate would have been better secured against the nefarious cast of characters who sought to cheat and steal from him.
While this is an extreme example, even small estates can fall victim when there is no estate planning, insufficient planning, or appointed advisors who don’t have the wellbeing of the estate in mind. A good estate planning attorney can protect your estate for your heirs while overseeing fair division of property and safeguarding assets both upon your death as well as during any physical or mental incapacitation. They can advise you to choose someone to manage your affairs and give you options to help protect against exploitation.
Contact Angela Odensky with your estate planning questions today at info@odenskylaw.com or (713) 344-0730