Edward Abbott Ravenscroft hoists the suitcases off what passes these days for his bed: an old couch in a cramped house that, to be kind, has seen better days.
It's not the sort of living arrangement you'd expect to see for a man worth millions. But then, Ravenscroft is not just any millionaire. He's a millionaire being protected by Maricopa County's probate court.
"No way should I have to live like this," Ravenscroft told me while removing the suitcases he puts in place to keep his landlord's dogs away.
Ravenscroft, 49, is part of the Abbott family, as in Abbott, the pharmaceutical giant. According to court records, he's worth $5 million and has an income of $150,000 a year in stock dividends.
His current living arrangements, I'm told, are for his own good. Based on the billings to Ravenscroft's estate that I've seen, I'd say it's not so bad for his court-approved protectors either.
In early 2008, Ravenscroft was in a bad way. He'd lost 16 years of sobriety, was hanging with an unsavory crowd and was arrested three times for drug possession. During one of those arrests, he was carrying nearly $6,000 in cash.
He was put on probation but was back in jail by January 2009, for, among other things, not complying with drug and psychiatric treatment. His probation officer expressed concern that he could be victimized, given his bankbook.
And so Ravenscroft was handed over to the care and protection of probate court, a cozy group of lawyers and fiduciaries who are appointed to help vulnerable people but also do a pretty good job of helping themselves to a nice pile of cash.
In January 2009, attorney Paul Theut was named Ravenscroft's guardian ad litem, and within a month Theut asked that Sun Valley Group be brought in to oversee the millionaire's estate. Ravenscroft, he wrote, cannot manage his affairs due to drug and mental-health issues and "has property that will be wasted or dissipated unless proper management is provided."
So they proceeded to manage it for him.
According to court records, Theut collected $62,000 from Ravenscroft in his first 3½ months as guardian ad litem.
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Probate Court Lets Millionnaire Fall By Wayside
13 comments:
Having no say so in who your guardian is makes me furious. If people would just create the right documents up front, this would be unlikely, though not impossible. I've named my girlfriend my health care surrogate. She's qualified, in my eyes, and she's a pit bull if things don't go right for the clients she has.
Maricopa County's probate court did more than let this man fall by the wayside, it enabled his exploitation!
This makes me sick!
Guardian Ad Litem Paul Theut collected $62,000 from Ravenscroft in his first 3½ months?
And, the ward is worth: $5 million and has an income of $150,000 a year in stock dividends?
Oh, boy, here we go. I think photos of the lawyers homess and automobiles, yachts, aircraft etc. should be published for the WORLD TO SEE!
I would love to see a full accounting thus far it will be:
STAGGERING!
What the probate court did here was let the vultures pick Edward Abbott Ravenscroft's financial bones!
SHAME
Lillian, it happens to people who have done everything right too. You can do your will, durable Power of Attorney and Health Care Surrogate and the court can erase all your wishes with the stroke of a pen.
And, unfortunately, it happens a lot.
I am so sorry for what you're going though, Edward Abbott Ravenscroft. And I hope you find and joins NASGA.
Paul Theut's billings in this case should be audited and if he overcharged (how could he not be overcharging at $62k for 3 months as GAL), then he should be prosecuted for theft.
Further, every case he has served on should be opened and audited.
these people have no shame folks, it's all about them and money - period
This is outrageous and I think it is criminal. Probate court is totally useless and worse the court is an enabler allowing this mugging to go on so the probate players can profit, simple as that.
Dear Lillian:
I'm a pit bull too and was health care surrogate yet when the court got involveds naming a professional thief so goes my mothers protection. 2 1/2 yrs later the pitt bull is hanging on but one problem, pitt bull doesn't have as much money as her mother, money the professional thief is using to fight pitt bull/me. I'm still hanging on but have spent my own life's savings!
Probate Court let millionnaire fall by the wayside because they are getting a piece of the pie!
This a is a racket folks, organized crime with court approval, we know it, they know it and all we can do (legally) is leave comments and scream out loud. We are all being set up for others to profit from. I am steaming mad and you should be too.
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