It is important to address the possibility of a reduction in your cognitive abilities when you are making preparations for the latter stages of your life. People are living longer than ever, and once you reach your 80’s you may suffer from a diminished capacity to make sound decisions.
With the above in mind, we would like to highlight the rocky relationship that existed between the recently deceased Academy Award-winning actress Celeste Holm and her two sons. Holm was 95 when she died in July of 2012, and she reportedly began receiving treatment for memory loss in 2002.
Right around that time, Holm’s youngest son Daniel Dunning created an irrevocable trust that contained most of his mother’s financial resources.
A couple of years later, Celeste Holm decided to get married. Her choice was a bit unconventional with regard to a mate because she tied the knot with a fellow named Frank Basile who was more than four decades younger than Holm.
At that time, the couple decided that they wanted to wrest the money from the trust. This resulted in a bitter and costly court battle between Celeste Holm and her two children. Sources indicate that this struggle left her estate cupboard rather bare.
This case can certainly provide you with some food for thought and it underscores why incapacity planning is so important.
If you would like to discuss the eventualities of aging with an expert, don’t hesitate to pick up the phone to arrange for a consultation with an experienced Los Gatos CA estate planning lawyer. Your attorney will gain an understanding of your wishes, and assist you as you execute a personalized plan for aging that is carefully crafted to suit your needs.