In what may be an “extreme example of the high stakes and chaos that can result, the Redstone pattern is happening in epidemic proportions,” reports a June 2 New York Times (NYT) article.
Feuds between 93 year-year-old billionaire Sumner Redstone and his former mistress, estranged daughter, and former heir apparent have been graphically, publicly aired for the past few months.
The NYT article goes on to state that familial feuds like Mr. Redstone’s are becoming more prevalent due to Alzheimer’s and longer lifespans. The elderly are especially susceptible.
The article states that similar situations can often be averted by proper legal planning, with more explicit trust language. In addition, everyone should have and share extremely explicit personal, financial and medical directives, and of course, own long-term care insurance (LTCi).