Stan Lee, the co-creator of superheroes including Captain America and Spider-Man, left this universe with a long list of unfortunate events, and not even the Avengers can help with this one.
The late former Marvel Comics publisher and chairman, 95, was ill for the last year. Lee, who is survived by his 68-year-old daughter J.C., faced other challenges in the last few years as well: his wife of nearly 70 years died in July 2017, and earlier this year, he was accused of sexually harassing nurses and home aides, and reported that $1.4 million dollars went missing from his bank accounts. At the time, he claimed part of that money $850,000 — was stolen to purchase a condo, Page Six reported.
See: The 10 years and 17 films that led Marvel to ‘Black Panther’
He had also worked with and broken up with a few business managers and attorneys in this time. “I learned later on in life, you need advisors if you’re making any money at all,” he told the Daily Beast in an interview this year, adding he had done much of the money management himself in the beginning of his career. “But then, a little money started coming in, and I realized I needed help. And I needed people I could trust. And I had made some big mistakes. And my first bunch of people were people that I shouldn’t have trusted.”
Estate planning can be an emotional, tricky process. It is unclear whether Lee had a will or any trusts in place. Many late celebrities have forewent these documents, forcing heirs and potential beneficiaries to battle it out in court, including performers Aretha Franklin and Prince.
For a typical person estate planning is usually pretty straightforward. There are a few estate planning steps everyone should take, including: planning for incapacity or disability, organizing important documents (like a power of attorney) and occasionally re-evaluating beneficiaries.
Monitoring and maintaining a plan can become even more difficult as a person ages, because the individual could suffer cognitive decline — or a professional or family member may think he or she is suffering from such. Comics creator Lee has been the subject of these claims — in February, he signed a document stating his now 68-year-old daughter spends too much money, yells and screams at him and has befriended three men with intentions to take advantage of him, the Hollywood Reporter reported. A few days after the document was notarized, Lee took it back. Talking through these issues before they potentially happen can prevent similar messes, said David Lehn, partner in the private client and tax team of Withers. “Older people get less confident in what they’re doing, and they get more susceptible to being influenced by other people who may not have the best of intentions,” he said. “It’s easy to set up a plan that you are comfortable will work in the long term.”
One of the greatest complications Lee’s estate, and specifically his daughter, will be dealing with the numerous documents likely floating around, considering his current and past relationships with business managers and attorneys, Lehn said. “You could have all these people coming into court saying ‘I’m supposed to do this,’” he said. The legal fees could be extravagantly high, and would come out of the estate.
Also see: Why diverse superheroes draw big audiences — and big bucks
Even people without millions of dollars and a career creating iconic superheroes should prepare for the future they will and won’t be in. When working with a financial adviser or estate planner, clients and prospective clients should ask a few specific questions, including:
How are we going to organize and simplify my assets?
What sorts of accounts and trusts will we use and how will they be managed?
How will you work with my trusted contact, while I’m well, and after I’m sick or deceased? (And for those unsure, how can I pick the right trusted contact, such as a family member or professional?)
How do you determine cognitive decline in an individual? And what practice would you take if you thought my ability to answer questions and manage my funds was diminished? What would you do once you’ve made this determination?
How else do you practice checks and balances during the financial planning or estate planning process, and during the monitoring of my assets?
How often will we review beneficiary agreements and estate planning documents?
Do you work with a team of professionals, and in what capacity? How often will I work with them too?
Should we ever include my family members or other beneficiaries in our conversations, and when?
Do you have any references I could speak with?
Source : MTV
