Creative individuals like Stan Lee seldom emerge in any business or industry. When they do, they make an impact.
We spotlighted Lee in a blog post from last year, noting in our entry dated June 21, 2018 that he was an acknowledged “legendary comic genius.” Think Spider Man, Iron Man, the Black Panther. The list goes on. Lee’s list of created characters was impressively lengthy.
And it brought Lee a personal fortune, which some estimates spotlight as being north of $50 million when he died last year in November.
Our above-cited post sadly chronicled a story that is not flatly singular concerning financially successful people well advanced in years (Lee passed away at 95). Reportedly, Lee was experiencing diminished mental capacity late in life, which we note increased his “vulnerability to be exploited via elder abuse and undue influence.” Multiple news accounts stressed that late-life reality for the famed cartoonist.
Those stories are now followed by a new Lee-linked episode, namely, the criminal charging in a California court earlier this month of a man who long claimed to be Lee’s manager. That individual now faces numerous counts alleging false imprisonment, elder abuse and other unlawful behavior toward Lee.
Notably, such emerging news can underscore the value for any individual or family to attend to key estate planning considerations when proper time and attention can be devoted to them.
Planning tools can broadly, comprehensively and timely address fundamental concerns such as the designation of trusted persons to act for an individual in the event of physical illness and/or mental incapacity. Instruments such as trusts can help to protect assets during a planner’s life and ensure their desired disposition following death.
A proven estate planning and administration attorney with an integrated professional background in tax matters and accounting can provide further information.