Is Texas’ population growth a “stimulus” for estate looting, probate abuse? (Part 5)
Lou Ann Anderson
August 17, 2009
www.EstateofDenial.com
In this series, we’ve talked about Texas being home to four of the nation’s fastest growing cities and the prospect such growth brings for increased estate looting actions – especially with the U.S. Census Bureau additionally projecting the U.S. senior citizen population to increase by 40 percent in the next five years.
Involuntary Redistribution of Assets (IRA) acts occur when assets of the dead, disabled or incapacitated are looted within probate venues or via probate instruments like wills, trusts, guardianships and powers of attorney. While these acts can happen to people of all ages, the elderly are an especially vulnerable population segment. Our state has already gained prominence as a retirement destination so along with the general aging of the American population, Texas residents are increasingly likely to experience estate abuse and other probate issues that threaten their personal and property rights as well as their heirs’ rights of inheritance.
Texas’ consistent high rankings for quality of life issues have contributed to its current growth. Last year, Georgetown, home to probably the largest retirement population in Texas, has been on the CNNmoney.com Fortune Small Business list of “100 best places to live and launch” as well as named a top retirement town by Where to Retire magazine. During the same timeframe, Texas was listed by the North Carolina Center for Creative Retirement as the #2 state for retiree relocation surpassing Arizona and California while continuing to close the gap with Florida.
Since the launch of this series, CNNmoney.com has named a new list of America’s 100 Best Small Towns and Texas once again fares respectably with the following cities being cited: Keller (#7), Mansfield (#24), Friendswood (#32), Schertz (#39), Georgetown (#45) and Hewitt (#46).
Moving into a new area (or seeing your current community boom) can be an invigorating experience, but people must be aware that these areas can attract predators as well as those looking for a high quality of life experience. So as most estate looting efforts involve some degree of legal industry involvement, beware when the new lawyer comes to town, buys the old house and joins all the “right” church organizations and clubs – it could be all for the wrong reasons.
The media is often quick to report on sensational (and high dollar) estate disputes like Anna Nicole Smith’s quest – which continues even with her death – for a large part of the Marshall fortune despite Smith having been purposefully left out of her late husband’s will. Reports tell about the estate of Leona Helmsley and how her final wishes are being ignored by trustees electing to execute her estate plan in a manner contrary to her stated intentions. And the trial of Brooke Astor’s 86-year-old son, Anthony Marshall, continues even now as he and estate planning attorney Francis Morrissey are charged with having looted nearly $185 million from the New York socialite and philanthropist’s estate. But as with these cases, it must also be understood that the same exploitative activities are quietly occurring with estates of far more modest values.
Two dangerous mindsets cause people to be exceptionally vulnerable to IRA acts. First, people think they don’t have enough money to become a target. And second, in today’s legal environment, “proper estate planning” provides an overrated sense of security. The reality is that an estate of $500,000 to $1 million can be especially attractive as it’s enough money to be worth going after, but not so much that litigating its recovery can be cost effectively accomplished. Furthermore, J. Howard Marshall, Leona Helmsley and Brooke Astor all engaged in “proper estate planning” yet the intentions of all three – despite great care and expense with their efforts – have been denied. Individuals with extensive resources being unable to ensure the honoring of their final wishes should serve as a warning to all people. Wealth is relative and these days, there is often someone who perceives themselves as deserving of what you have.
In decades past, child abuse and domestic violence were not openly discussed. Due to a lack of understanding, many people believed that victims probably did something to “deserve” it or that such situations only happened in “other people’s” lives. After exposure and education, those misconceptions were discounted and the lives of many victims were positively impacted. With our country’s changing demographics and evolving socialistic, entitlement mentality, IRA cases will increase and likely follow a public policy path similar to these two formerly misunderstood issues.
Education of the public regarding Involuntary Redistribution of Assets (IRA) is underway. Reaction from elected and other officials is mixed – the power of the legal industry should never be underestimated. Texas’ population landscape leaves residents positioned to experience more IRA actions. Ongoing economic instability will also contribute to these acts. A stand must be taken to protect our property rights and the inheritance rights of our heirs – all we’ve spent our lifetimes accumulating depends on it.
Lou Ann Anderson is an advocate working to create awareness regarding the Texas probate system and its surrounding culture. She is the Online Producer at www.EstateofDenial.com and a Policy Advisor with Americans for Prosperity – Texas. Lou Ann may be contacted at info@EstateofDenial.com.
Estate of Denial® provides news, analysis and commentary on abusive practices occurring in probate courts and via probate instruments (wills, trusts, guardianships, powers of attorney). We provide original perspective to educate the public regarding this growing threat to both individual freedoms and property rights.
Estate looting, probate abuse “stimulus” (part 5)
Is Texas’ population growth a “stimulus” for estate looting, probate abuse? (Part 5)
Lou Ann Anderson
August 17, 2009
www.EstateofDenial.com
In this series, we’ve talked about Texas being home to four of the nation’s fastest growing cities and the prospect such growth brings for increased estate looting actions – especially with the U.S. Census Bureau additionally projecting the U.S. senior citizen population to increase by 40 percent in the next five years.
Involuntary Redistribution of Assets (IRA) acts occur when assets of the dead, disabled or incapacitated are looted within probate venues or via probate instruments like wills, trusts, guardianships and powers of attorney. While these acts can happen to people of all ages, the elderly are an especially vulnerable population segment. Our state has already gained prominence as a retirement destination so along with the general aging of the American population, Texas residents are increasingly likely to experience estate abuse and other probate issues that threaten their personal and property rights as well as their heirs’ rights of inheritance.
Texas’ consistent high rankings for quality of life issues have contributed to its current growth. Last year, Georgetown, home to probably the largest retirement population in Texas, has been on the CNNmoney.com Fortune Small Business list of “100 best places to live and launch” as well as named a top retirement town by Where to Retire magazine. During the same timeframe, Texas was listed by the North Carolina Center for Creative Retirement as the #2 state for retiree relocation surpassing Arizona and California while continuing to close the gap with Florida.
Since the launch of this series, CNNmoney.com has named a new list of America’s 100 Best Small Towns and Texas once again fares respectably with the following cities being cited: Keller (#7), Mansfield (#24), Friendswood (#32), Schertz (#39), Georgetown (#45) and Hewitt (#46).
Moving into a new area (or seeing your current community boom) can be an invigorating experience, but people must be aware that these areas can attract predators as well as those looking for a high quality of life experience. So as most estate looting efforts involve some degree of legal industry involvement, beware when the new lawyer comes to town, buys the old house and joins all the “right” church organizations and clubs – it could be all for the wrong reasons.
The media is often quick to report on sensational (and high dollar) estate disputes like Anna Nicole Smith’s quest – which continues even with her death – for a large part of the Marshall fortune despite Smith having been purposefully left out of her late husband’s will. Reports tell about the estate of Leona Helmsley and how her final wishes are being ignored by trustees electing to execute her estate plan in a manner contrary to her stated intentions. And the trial of Brooke Astor’s 86-year-old son, Anthony Marshall, continues even now as he and estate planning attorney Francis Morrissey are charged with having looted nearly $185 million from the New York socialite and philanthropist’s estate. But as with these cases, it must also be understood that the same exploitative activities are quietly occurring with estates of far more modest values.
Two dangerous mindsets cause people to be exceptionally vulnerable to IRA acts. First, people think they don’t have enough money to become a target. And second, in today’s legal environment, “proper estate planning” provides an overrated sense of security. The reality is that an estate of $500,000 to $1 million can be especially attractive as it’s enough money to be worth going after, but not so much that litigating its recovery can be cost effectively accomplished. Furthermore, J. Howard Marshall, Leona Helmsley and Brooke Astor all engaged in “proper estate planning” yet the intentions of all three – despite great care and expense with their efforts – have been denied. Individuals with extensive resources being unable to ensure the honoring of their final wishes should serve as a warning to all people. Wealth is relative and these days, there is often someone who perceives themselves as deserving of what you have.
In decades past, child abuse and domestic violence were not openly discussed. Due to a lack of understanding, many people believed that victims probably did something to “deserve” it or that such situations only happened in “other people’s” lives. After exposure and education, those misconceptions were discounted and the lives of many victims were positively impacted. With our country’s changing demographics and evolving socialistic, entitlement mentality, IRA cases will increase and likely follow a public policy path similar to these two formerly misunderstood issues.
Education of the public regarding Involuntary Redistribution of Assets (IRA) is underway. Reaction from elected and other officials is mixed – the power of the legal industry should never be underestimated. Texas’ population landscape leaves residents positioned to experience more IRA actions. Ongoing economic instability will also contribute to these acts. A stand must be taken to protect our property rights and the inheritance rights of our heirs – all we’ve spent our lifetimes accumulating depends on it.
Lou Ann Anderson is an advocate working to create awareness regarding the Texas probate system and its surrounding culture. She is the Online Producer at www.EstateofDenial.com and a Policy Advisor with Americans for Prosperity – Texas. Lou Ann may be contacted at info@EstateofDenial.com.