Carmel, CA Elder Abuser Ends Up With $14.5 Million Settlement: View From A Private Duty Caregiver
Carmel, CA Elder Abuser Ends Up With $14.5 Million Settlement: View From A Private Duty Caregiver Serving Carmel Valley, Gilroy, Gonzalez, Greenfield, Hollister, King City, Marina, Monterey, Pacific Grove, Pebble Beach, Salinas, San Juan Bautista, Seaside And Soledad California
I've written before on my blog about one of what I believe is the biggest case of financial elder abuse in history, the pilfering of the estate of one of New York's best known society figures
Brooke Astor, who died in 2007 at the age of 105. Her family played a legendary role in philanthropy, and I was sad to read the long saga about how her son was accused of financial shenanigans, something which was reported by his own son (Brooke Astor's grandson) to authorities. Obviously, this caused a huge rift in the family, and it also had public charities which were beneficiaries of Ms. Astor's estate up in arms. Brooke Astor's only son was convicted about three years ago of stealing from her in the final years of her life while she was suffering from dementia. The 85-year old son was sentenced to a prison term of 1-3 years, although he has yet to serve it. I was pleased to read today that the civil portion of the case has finally been concluded, and a number of non-profits will receive $100 million from Ms. Astor's estate as she intended. I'm glad to see that Ms. Astor's wishes are being carried out, albeit 5 years later than they should have been. But I was saddened to see that although the son who defrauded his mother is seeing his inheritance cut in half, he's still receiving $14.5 million. Apparently the Office of the District Attorney chose to enter into the settlement rather than have the case fought out for many more years. If you want to read more about this story, there is a fascinating saga which was published in multiple stories in Vanity Fair Magazine. Their latest story was published today and reference's Charlene Astor, a younger wife of the son Marshall who was convicted of 14 felonies involving the theft. The motive for the theft was attributed to greed on the part of the son's third, and much younger, wife. They likely did not expect Brooke Astor to live such a long life according to the article, which paints an unkind portrait of the couple. "Marshall's wife, Charlene, who was nicknamed €Miss Piggy€ by Brooke Astor's staff for her avarice and singled out by prosecutors as the motivation for her husband's crimes, will still receive a handful of controversial bequests. Although witnesses repeatedly testified during Tony Marshall's trial that Brooke Astor detested her daughter-in-law, she left Charlene a 367-diamond snowflake necklace and matching earrings, along with two used fur coats. (The latter bequest was deliberately cruel of Astor, as the petite philanthropist knew full well that the coats would not fit their fuller-figured new owner. It was also a subtle reminder of the august roots of the Astor fortune, which blossomed in the 1780s through the fur trade.)" the story said. There is an important lesson to be learned from this sordid tale. Neither of Tony's twin sons will speak to their father. I often advise people to make sure that their affairs are in order, which can include making out a POLST, an Advanced Health Care Directive and a living trust. Most people put a close family member in charge of their trust, but use caution. Brooke Astor was said to have loved her only son dearly, but apparently under duress from his young wife he raided funds in a trust he was in charge of. Sometimes the best laid plans go awry, and if you have significant assets to place in a trust you may want to consider having a bank or some other neutral third party act as the Successor Trustee should you become unable to handle your financial affairs on your own. The son's attorney also was convicted of helping the son siphon off funds from the trust and both of them were sentenced to 1-3 years in prison, but both have remained free on bail for three years as the case has been appealed. It is said that the son will likely never go to prison because of his ill health and advanced age, but the attorney might. The grandson who reported the financial fraud is a well know speaker at conferences nationwide on elder abuse.
http://www.crainsnewyork.com/article/20120328/NONPROFITS/120329879&utm_source=Morning%2010%20Alert&utm_medium=Email&utm_campaign=Newsletters
http://www.vanityfair.com/online/daily/2012/03/astor-settlement-anthony-marshall-reaction-brooke-charlene
About Richard Kuehn & Family inHome Caregiving of Monterey:
After more than a decade of caregiving, both in a professional environment and for a 97 year old family member I was dissatisfied with service from local caregiving agencies. I became convinced of the need for a service which provides very personal assistance to elderly and founded Family inHome Caregiving serving the Monterey Peninsula. Please visit my blog where I talk about important senior issues at:
http://www.familyinhomecaregiving.com/Blog
I've written before on my blog about one of what I believe is the biggest case of financial elder abuse in history, the pilfering of the estate of one of New York's best known society figures
Brooke Astor, who died in 2007 at the age of 105. Her family played a legendary role in philanthropy, and I was sad to read the long saga about how her son was accused of financial shenanigans, something which was reported by his own son (Brooke Astor's grandson) to authorities. Obviously, this caused a huge rift in the family, and it also had public charities which were beneficiaries of Ms. Astor's estate up in arms. Brooke Astor's only son was convicted about three years ago of stealing from her in the final years of her life while she was suffering from dementia. The 85-year old son was sentenced to a prison term of 1-3 years, although he has yet to serve it. I was pleased to read today that the civil portion of the case has finally been concluded, and a number of non-profits will receive $100 million from Ms. Astor's estate as she intended. I'm glad to see that Ms. Astor's wishes are being carried out, albeit 5 years later than they should have been. But I was saddened to see that although the son who defrauded his mother is seeing his inheritance cut in half, he's still receiving $14.5 million. Apparently the Office of the District Attorney chose to enter into the settlement rather than have the case fought out for many more years. If you want to read more about this story, there is a fascinating saga which was published in multiple stories in Vanity Fair Magazine. Their latest story was published today and reference's Charlene Astor, a younger wife of the son Marshall who was convicted of 14 felonies involving the theft. The motive for the theft was attributed to greed on the part of the son's third, and much younger, wife. They likely did not expect Brooke Astor to live such a long life according to the article, which paints an unkind portrait of the couple. "Marshall's wife, Charlene, who was nicknamed €Miss Piggy€ by Brooke Astor's staff for her avarice and singled out by prosecutors as the motivation for her husband's crimes, will still receive a handful of controversial bequests. Although witnesses repeatedly testified during Tony Marshall's trial that Brooke Astor detested her daughter-in-law, she left Charlene a 367-diamond snowflake necklace and matching earrings, along with two used fur coats. (The latter bequest was deliberately cruel of Astor, as the petite philanthropist knew full well that the coats would not fit their fuller-figured new owner. It was also a subtle reminder of the august roots of the Astor fortune, which blossomed in the 1780s through the fur trade.)" the story said. There is an important lesson to be learned from this sordid tale. Neither of Tony's twin sons will speak to their father. I often advise people to make sure that their affairs are in order, which can include making out a POLST, an Advanced Health Care Directive and a living trust. Most people put a close family member in charge of their trust, but use caution. Brooke Astor was said to have loved her only son dearly, but apparently under duress from his young wife he raided funds in a trust he was in charge of. Sometimes the best laid plans go awry, and if you have significant assets to place in a trust you may want to consider having a bank or some other neutral third party act as the Successor Trustee should you become unable to handle your financial affairs on your own. The son's attorney also was convicted of helping the son siphon off funds from the trust and both of them were sentenced to 1-3 years in prison, but both have remained free on bail for three years as the case has been appealed. It is said that the son will likely never go to prison because of his ill health and advanced age, but the attorney might. The grandson who reported the financial fraud is a well know speaker at conferences nationwide on elder abuse.
http://www.crainsnewyork.com/article/20120328/NONPROFITS/120329879&utm_source=Morning%2010%20Alert&utm_medium=Email&utm_campaign=Newsletters
http://www.vanityfair.com/online/daily/2012/03/astor-settlement-anthony-marshall-reaction-brooke-charlene
About Richard Kuehn & Family inHome Caregiving of Monterey:
After more than a decade of caregiving, both in a professional environment and for a 97 year old family member I was dissatisfied with service from local caregiving agencies. I became convinced of the need for a service which provides very personal assistance to elderly and founded Family inHome Caregiving serving the Monterey Peninsula. Please visit my blog where I talk about important senior issues at:
http://www.familyinhomecaregiving.com/Blog