Elder abuse refers to intentional or neglectful acts by a caregiver or associate of an elderly individual, which causes harm.[1] Financial elder abuse occurs when a trusted friend or family member obtains access to a senior’s financial accounts and uses the assets therein for personal gain. Unfortunately, this abuse is widespread in the United States and can happen to anyone, even the legendary creator of Marvel Comics, Stan Lee. In December Stan Lee turned 95 years old. Although he remains in good physical health, Stan Lee, and his reported $50 million estate, became a prime target for elder abuse following the death of his wife, Joan Lee, last year.…
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Terminating a Trust when its Goals are Impossible to Achieve
Trusts can be terminated in a variety of ways. Trusts may be terminated because, over time, the goals of the trust become impossible to achieve. Last month, the Michigan Court of Appeals heard a case, Trupp v. Naughton, presenting such a scenario.[1] The case was based a trust created for three of the settlor’s children: Donna, Brian, and Deborah. The trust contained a lakefront house and directed the adult children to work out a yearly schedule for using the house and paying the maintenance costs. Pursuant to the terms of the trust, the beneficiaries were allowed to terminate the trust and sell the lake house…
