By Enid Ablowitz, For the Camera
01/24/2010
Mrs. Astor lived to be 105 and suffered great indignities at the end of her life based on decisions made for her. She was frequently referred to as America's version of royalty and was known, particularly in New York, as a beloved patron and doyenne of society.
Her persona lies in stark contrast to the spectacle and the media frenzy around her later years, largely because of the actions of her son. The formal crime? Grand theft. The back story? Elder abuse.
In a nutshell, according to the book and other media sources, in addition to taking personal property and selling favorite and valuable art, then charging grossly excessive commissions without consultation or authorization, her son isolated her by firing all those around her and orchestrated a series of changes to her will.
The multiple new codicils over a period of years altered her intent and redistributed bequests she had made in earlier wills from gifts to her favorite charities to additional bequests to him.
Charitable giving and elders
In the "golden years," there is a great deal of focus on the final distribution of wealth. Some elders begin to make significant gifts in their lifetimes: to family and to their favorite causes.
There is a heightened focus on the final will and testament. Of particular concern is the apportionment between heirs and charitable recipients and the specific amounts within each category.
Here are some thoughts that might help you avoid the Astor effect:
Clarity and communication: Be sure your heirs know and understand your plan, especially if charitable bequests are being made.
Execution of the plan: If there is any question of discord among heirs or if your primary heir would question your other bequests, name a disinterested third party as executor.
Charitable intent: Should you make a charitable bequest through your will, include language about why you are doing so to reveal your values and your commitment. It will help your family understand your motivations.
Competency and undue influence: As you age, if you recognize that you may be overwhelmed by details or making decisions, or if you are confused, protect yourself from undue influence to change your will.
If you weren't the one to initiate action, don't sign. If you do want to make a change, discuss it with your most trusted adviser(s.)
Abridged
SOURCE: The Daily Camera
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