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Everyone Needs an Estate Plan, and It’s Not About Taxes

Last update on: Aug 14 2020

Mickey Rooney passed away last week. He was a fabulously successful movie star in his prime and continued to perform most of his life. He was pitching products through infomercials the last few years. Yet, he apparently died with few assets to his name. This report alleges that he was abused and his money pilfered by one or two stepsons. The stepsons accuse each other of causing the problems. The story makes clear that an estate plan is about more than taxes. Essential parts of an estate plan are powers of attorney that decide who will control your finances and make health care decisions when you aren’t able to. I’ve also recommended in Retirement Watch that there be checks and balances in the plan. For example, copies of all financial statements should be available to someone you trust who isn’t likely to collude with the person having the power of attorney, such as a long-time friend, accountant, or other person you trust.

In February 2011, after a complaint was filed by Rooney’s attorneys on his behalf, a Superior Court judge granted L.A.-based lawyer Michael Augustine temporary conservatorship over the actor and his estate and ordered Chris Aber, Rooney’s personal assistant of 30 years, and his wife, Christina Aber, to stay at least 100 yards from the actor. Rooney’s attorneys alleged that Chris Aber “threatens, intimidates, bullies and harasses Mickey” and refused to reveal Rooney’s finances to him, “other than to tell him that [he] is broke.” He and his wife were also alleged to have withheld medications and food from Rooney, leaving him “extremely fearful that Chris will become physically threatening against Mickey and may even attempt to kidnap Mickey from his home.” The paperwork and subsequent filings suggested that Aber gained access to Rooney’s finances through his work as a “producer” at Densmore Productions Inc., a production company Rooney formed in 1998, whereupon Aber issued himself majority stock, named himself treasurer and began pilfering substantial amounts of money.

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