It seems that almost every day now there’s a new story in the papers about Huguette Clark, the reclusive 104-year-old Manhattan heiress who is reported to have abandoned her luxurious homes for a simple hospital room, even as questions swirl about the conduct of her trusted financial advisors. The controversy has a number of complex layers, but at the core it has essentially become a public debate about whether or not an elderly rich person has been taken advantage of by the very individuals hired to protect her, namely her accountant, Irving Kamsler, and her attorney, Wallace Bock. Clark’s family members have filed suit, and New York City prosecutors are reportedly looking into allegations that these two advisers have fleeced their elderly client. Whenever a vastly wealthy patriarch or matriarch reaches inheritance-splitting age, family disputes inevitably follow. Such disputes typically fall into one of two categories. First, there are the squabbles among the descendents themselves, each of whom generally wants to avoid getting less than any of the others, even if it means counting down to the very last penny. And second, there are battles between family members and wealth advisors, specifically the individual advisors who are closest to the aging (or recently deceased) holders of the family assets.
Full Article and Source:
What’s So Surprising About the Huguette Clark Inheritance Scandal?
Nothing! Money is glue to sticky fingers - including those of professionals who have the greatest opportunity to escape punishment.!
ReplyDeleteSadly, it's not surprising at all. We tend to think that money equals power -- that if we were rich, we'd be ok. But, the truth is the vultures find the wealthy and wait for a moment of vulnerability.
ReplyDeleteDisagree with: Whenever a vastly wealthy patriarch or matriarch reaches inheritance-splitting age, family disputes inevitably follow.
ReplyDeleteThat implies that families are greedy. Well, some are, but alot aren't. More aren't than are.
It's the fiduciaries who are greedy.
Some families are greedy but ya know what... my mom would have much rather my sister continue to rip her off vs. the professional/guardian/thief in Florida she ended up with. At least my sister loved our mother and took care of her instead of locking her in a home and issolating her from her family.
ReplyDelete