Learning from the Brooke Astor Situation
Who ever thought an Astor could be in
need? Court documents assert Brooke
Astor, 104, is not receiving quality
care, consequently, Mrs. Astor's
grandson, Philip Marshall, has sued his
father, Anthony Marshall, who has
been responsible for Mrs. Astor.
One lesson to be learned from this sad
and public matter is proper planning is
a necessity. Even though you may be
financially comfortable and even if
you have prepared recommended
documents such as a trust or will, cases
such as Mrs. Astor's highlight the need
for specific language detailing the
wishes for your care. According to
David H. Schwartz, President of First
Capital Equities Ltd., of Great Neck,
NY, "The real-life stuff is not done
enough. There are not enough of these
particulars being put in the
documents."
Some of these "touchy/feely" issues
may include whether a person wants to
remain in their home until death, and if
so, the plan associated with making
that happen. What level of care does
the individual want? Will they agree to
go to a nursing facility under any
circumstances?
Other experts indicate the need for a
system of checks and balances. They
advise having multiple individuals in
charge of your care – the temptations
for abuse are just too great when only
one person is in control. In addition, an
institution experienced with trust and
estate matters should also be employed
to oversee a client's care – they are
objective and will be more likely to
closely scrutinize the actions of other
responsible parties.
Source: www.InvestmentNews.com, 8-7-06 |
