Edward Abbott Ravenscroft is a wealthy 49-year-old Scottsdale heir. His net worth is over $5 million, and his income is $180,000 a year. But he has had troubles.
A judge appointed the Maricopa County Public Fiduciary as Ravenscroft's guardian and the Sun Valley Group, a private fiduciary, to oversee his money. By August 2009, Ravenscroft was sober and in February was living on a friend's couch.
Sun Valley was paying the friend $200 a week out of Ravenscroft's assets for his room and board. Ravenscroft said he chose the couch to stop Sun Valley from putting him into a skilled care center.
Ravenscroft went to court early this year to take back control of his life and fortune. In March, a judge permitted the public fiduciary to exit the case, but Sun Valley, using Ravenscroft's money, fought to still manage his finances, saying they were complex and vulnerable to exploitation.
In May, a judge canceled Sun Valley's control of the money and appointed another private fiduciary with Ravenscroft's approval.
Ravenscroft is back in his Scottsdale home. He said his trip through court cost him $800,000 in attorney and fiduciary fees.
"I'm not doing 'Oh, poor me' " Ravenscroft said. "I'm saying, 'How can I help other people so they don't get caught up (in Probate Court)."
Full Article and Source:
Maricopa County Probate Court - Wealthy Heir Fights Against Fiduciary
See Also:
Edward Abbot Ravenscroft Wins Some Say
8 comments:
It's good to see these escape stories, but why can't they get their money back?
It is by the Grace of God Mr. Ravenscroft got free. Wonderful to know he wants to be involved to make a difference.
This can also happen to someone who is of meager means and on Social Security. Someone can hear you are drinking away your money (God forbid you have freedom of choice and choose to drink your Social Security earnings away) and apply to be your Representative Payee. A Power of Attorney, even a Durable one does no good when you are going up against the Social Security Admin. They dont accept POAs. So moral of story, dont go to a Dr. after you have been drinking esp if you are Social Security age as they may deem you a drunk and incompetent. Drink in private, alone and let no one know you may want to enjoy some of your retirement to excess. Heaven forbid you ever let yourself go as it is "unsafe" and you might be wasting Uncle Sams money you earned on some moonshine! Prohibition lives.
As I was reading this story, I thought about how $5 mil is a lot of money and surely someone with $5 mil couldn't be run into bankruptcy.
But, that's not true. The more money, the more vultures.
Congratulations, Mr. Ravenscroft!
I hope you join NASGA, Mr.Ravenscroft. We can certainly use your spunk!
Yes, Anon, you're right. It can happen to anybody.
Ye of lesser means, don't think you're safe.
Mr. Ravenscroft, you may or not believe in miracles, but actually you are one!
Sun Valley needs to be run out of business!
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