Lessons to Take from Stan Lee’s Experiences

What is (allegedly) occurring to Stan Lee, the mastermind behind beloved Marvel characters such as Fantastic Four and Spiderman, is unmistakable as heartbreaking. Lee’s daughter, 67-year-old J.C., is a “financially irresponsible individual who spends anywhere from $20,000 to $40,000 a month on credit cards,” and who has “demanded alterations to a trust set up for her,” according to The Hollywood Reporter. A Los Angeles court issued a temporary restraining order on June 13 against Keya Morgan, a memorabilia collector who allegedly became a caregiver after Mr. Lee’s wife died. Hearing, vision and memory impairments mean Lee is unable to “resist undue influence” when it comes to the management of his more than $50 million fortune.

Though estate planning usually focuses on the distribution of assets and wealth after the death of a client, but as elder-financial-abuse shifts to be prominent in the public eye, issues of aging and later-life planning could become more vital.

One “very powerful” thing advisers can facilitate for older clients is consolidation of their financial accounts, Mr. Shenkman said the founder of an eponymous law firm. Also, revocable trusts can be beneficial to hinder financial abuse of elder clients according to Beth Shapiro Kaufman, president of the law firm Caplin & Drysdale. 

In the case of Stan Lee, personal trustees are difficult to come by. “Mr. Shenkman recommends using a professional, independent trustee or a group of co-trustees to serve as a protective measure. Clients can also appoint a ‘trust protector’ — someone who has the right to change trustees if there’s impropriety or who can demand an accounting from the trustee.”

See Greg Iacurci, Stan Lee: Estate Planning Takeaways from the Marvel Legend’s Elder-Abuse Saga, Investment News, June 15, 2018.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.