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- W211870532 abstract "Celebrity status is no guaranteed protection against elder financial abuse.According to the Selling to Seniors monthly marketing report, people ages 50 and older control 77 percent of all financial assets in the United States. Therefore it is no surprise that financial exploitation continues to be the most reported type of elder abuse across the nation. The MetLife Mature Market Institute published a study (MMI, 2009) on financial exploitation of older adults in the United States; the study concluded that while only one in five cases of financial exploitation is actually reported, a conservative estimate of the personal cost to victims was $2.6 billion annually.Last year, longtime actor Mickey Rooney became the poster child for elder abuse when he publically testified about his personal experience as a victim of abuse. Rooney claimed his son not only stole more than $400,000 from him, but also withheld food and water as a form of control. Surprisingly, Rooney's testimony is not rare, as celebrities and non-celebrities alike are becoming part of the ever growing-and ever vulnerable-aging population.The Players-and the PlayedMickey Rooney is not the only A-list celebrity to claim abuse. Heiress to the L'Oreal fortune, Liliane Bettencourt, the second wealthiest woman in France, was embroiled in a three-year court battle after it was alleged that Bettencourt's photographer coerced Bettencourt into not only gifting $1.4 billion in art and life insurance policies to him, but also manipulated her to rewrite her will leaving him as sole heir. Bettencourt, who was avidly opposed to guardianship, was eventually convinced by the court to redrafther will to remove the photographer's interests. Later in life, Bettencourt was diagnosed with dementia and Alzheimer's Disease, which could account for her previous behavior.Actress Zsa Zsa Gabor also fell victim to financial exploitation. In 2005, Gabor filed a lawsuit against her daughter, alleging abuse after $2 million dollars went missing from her estate.Party girl Anna Nicole Smith gained notoriety when she married 90-year-old Texas billionaire J. Howard Marshall. Marshall passed away within a year of their marriage, but Smith received more than $8 million dollars in gifts from Marshall during their relationship. She was often referred to as a gold digger and accusations of financial exploitation ensued, but were never pursued further. After Marshall died, Smith took his family to court after she did not receive a part of his inheritance. The case remained in the state and federal courts for fifteen years and survived even after Smith's death.The Understudy: A Necessary Protection?These brief case studies point to a leading question: Did these celebrities have the mental capacity to manage their own affairs or, as asserted in the case of Anna Nicole Smith, did her husband know how he was spending his money and was he making informed decisions based on his personal interests? …" @default.
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- W211870532 date "2012-10-01" @default.
- W211870532 modified "2023-09-26" @default.
- W211870532 title "Lifestyles of the Rich and Famous: Infamous Cases of Financial Exploitation" @default.
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