Casey Kasem was the iconic voice of American Top 40. Mickey Rooney was a celebrated actor. But as they aged, the news became about their medical, financial and legal end-of-life issues. For Kasem, it was the battle between his children and their stepmother over his care as he suffered from Lewy Body dementia. For Rooney, it was claims of elder abuse against a stepchild, a will that disinherited his children and estranged wife, and a modest $18,000 estate upon his death, despite his 80-year career.
“These cases demonstrate the problems that can occur regardless of whether you’re a celebrity or not,” said SmolenPlevy co-founding Principal and estate planning attorney Jason Smolen. “ The key is to plan so none of your family has to face these kinds of heartbreaking situations.”
Smolen said conflicts can erupt between spouses from second (or subsequent) marriages and children from prior marriages. They can also occur between siblings, especially when one child primarily cares for an ill parent and the others are less involved. In Mickey Rooney’ s case, it was reported that the actor claimed he lost most of his fortune because of elder abuse and financial mismanagement by one of his stepsons. Rooney executed a new will just before he died in which he left the little he had to another stepchild.
“Wills can be considered political statements,” said Smolen. “ If the reports are accurate, Rooney’ s is especially so.” Smolen opined that Rooney may have been sending a message to his ex and his children: They didn’t take care of him, so he cut them out. However, the more important and potentially divisive issue is the decision as to who will serve as caretakers for aging parents.
Smolen said the Rooney case highlights the need to confront these issues early. If one child is going to be the primary caretaker, the decision has to be made as to which child. How much will that child be allowed to spend of the parent’ s assets—and will that access cause issues with the other children? For instance, if the caretaker takes the parent to dine out often, and uses the parent’s money to pay for the meals, will that become an issue that will cause problems with the other children?
Smolen said the Rooney situation also points out the need to update wills, trusts and estate documents. At SmolenPlevy, absent a significant change in the law or a client’s request, the attorneys review clients’ documents with them every three years. Sometimes changes need to be made repeatedly. After all, Rooney was married eight times, divorced seven and separated from his current wife when he died. Each change in marital status should have resulted in changes in beneficiary designations and potentially trustees, and the execution of new advanced health directives and guardianship designations. While Rooney’ s case is extreme, everyone should have and maintain up-to-date estate plans.
Read more articles from SmolenPlevy’s summer 2014 Report from Counsel
