With the Sumner Redstone saga receiving so much press, many are left to wonder how families become so entangled over financial woes. Perhaps, suggests one attorney, wealthy people should manage their families like they do their money. To help with these family squabbles, an advisor can help avert some of these end-of-life crises and engage the client in difficult communication about family relations. The advisor should stress that any family divides will inevitably lead to fights later on, especially with wealthy individuals. Additionally, it is essential to plan for your estate while competency is not at issue.
See Michael Fischer, Making Sure Your Client’s Estate Doesn’t Go ‘Redstone’, Financial Advisor Magazine, June 17, 2016.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
