Undue influence and violation of fiduciary duty are at the center of a legal battle now being waged over the $400 million estate of heiress Huguette Clark, daughter of William Clark – a copper tycoon who in 1925 was one of America's richest men.
Huguette Clark, who died at age 105 in May 2011, had been living for more than 20 years in a medical center in New York. Her attorney and accountant have been ordered by the courts to catalog her expenses during the 15 years they held power of attorney. Court records suggest the men spent $126 million from Clark's account and transferred another $43 million into her personal account that may have been misspent.
Living family members, descendants from William Clark's first marriage, who were cut out of the will, are charging that the lawyer and accountant exercised undue influence that resulted in their being written out of the will.
Whenever a spouse dies and the surviving spouse remarries, author and estate expert P. Mark Accettura stresses, it is critical for a new will and trust to be drawn to protect the interests of the new spouse and the natural children.
"When a remarried parent is negligent and does not draw up a new will and trust, then the blood is on the parent's hands for not taking care of the business necessary to keep peace in the family after death," says Accettura, author of Blood & Money: Why Families Fight Over Inheritance and What to Do About It (ISBN 978-0-9669278-4-9, Collinwood Press, Farmington Hills, MI, 2011,
http://www.BloodAndMoneyBook.com 283 pages, $21.95).
Accettura also stressed that attorneys and accountants have a high fiduciary responsibility that must be maintained when dealing with the assets of a client and must be dealt with sternly by the courts when that duty is violated.
Accettura cautions against making any implications that the surviving family members are becoming involved now because of greed. While most laymen believe that greed is at the heart of family blood fights over an inheritance, attorney and author P. Mark Accettura – expert on inheritance conflict resolution and elder abuse – says it is a myth that selfish motives are the driving force behind family blood baths after a parent has died.
"The fight for money and things, such as Dad's watch or Mom's wedding ring, is not about the object or money itself, but is really about what the money or object symbolizes – importance, love, security, self-esteem, connectedness and immortality," says Accettura whose conclusions are based on three decades in the legal trenches aided by five years of research in social psychology, evolutionary psychology, psychiatry, gerontology, and neuropsychology.
Blood & Money not only details the psychological reasons why families fight but provides practical legal remedies to prevent such blood-letting disputes after Mom or Dad die. The author's fourth book offers an unprecedented understanding of family dynamics as applied to estate planning. The book will be a Godsend to a wide audience of lawyers, elder service providers, financial advisors and family counselors, as well as parents, stepparents and children.
Accettura offers some 60 specific recommendations to help parents, offspring, and their advisors prevent inheritance squabbles and preserve the most valuable legacy of all – the family itself. The concluding chapter outlines appropriate legal remedies to minimize the damage caused by bad actors and toxic wills.
In Blood & Money, the author explores the impact of dysfunctional families and personality disorders on inheritance disputes and contrasts the toxic, bitter battles involving super-rich personages such as Leona Helmsley, Summer Redstone and Brooke Astor with the conspicuously philanthropic such as Bill Gates and Warren Buffet.
A recognized expert on inheritance, Mark Accettura has been interviewed by National Public Radio, the American Bar Association, numerous state law journals, WDIS in Boston, and WHUR in Washington.
Brian Dickerson, editor and columnist for the Detroit Free Press, writes that Blood & Money is an indispensable primer for those on both sides of inheritance issues. "Only in the narrowest sense is this a guide to estate planning or elder care," says Dickerson. "Mark Accettura has provided a wise and surprisingly moving account of what each of us must do to enhance and preserve that most priceless of assets – the family that is uniquely our own."
Similarly Grady Harp, an Amazon Top 4 Reviewer, writes that Blood & Money "is not only skilled writing from a profound thinker but it is also a volume packed with advice on how to live more consciously and how to prepare for 'inheritance issues' before they occur. Accettura has provided a solid book on social evolution and likely the only reliable written history of inheritance. It is packed with important information and wit as well!"
And Amazon Top Ten Reviewer Rebecca Johnson writes "The knowledge you gain from reading this book will protect you as you age and could also protect your aging parents or grandparents. I think this is one book that everyone should read, especially if preparing a will or looking after an aging relative. What is a little disconcerting is that often relatives will take advantage of the elderly. This book seeks to educate you so this will never happen to you or someone you love."
And Peter Lichtenberg, PhD of the Institute of Gerontology at Wayne State University, Detroit, says that "Blood & Money takes a multidisciplinary approach to inheritance disputes. It explains the psychological reasons that families fight, why dementia opens the door to foul play, and the legal implications of bad behavior…it will no doubt be a reference for years to come."
Accettura said he was inspired to write Blood & Money because of an increase in elder abuse, because of the growing epidemic of Alzheimer's disease, because 65 percent of Americans fail to plan for their death, and to uncover the reasons why families fight at the death of a loved one.
About P. Mark Accettura
An estate planning, inheritance conflict resolution, and elder law attorney for 30 years, P. Mark Accettura has counseled thousands of families on estate and inheritance matters. He lectures frequently on estate planning topics and for 10 years was an adjunct professor at University of Detroit Mercy School of Law. For five years, Accettura hosted LawTalk, a regular television series seen via cable in 37 cities in Michigan. Besides Blood & Money, Accettura has written Medicaid and Long Term Care in Michigan (2005), The Michigan Estate Planning Guide (2002) and Lost and Found: Finding Self-Reliance after the Death of a Spouse (2001).
Media Contact: For a review copy of Blood & Money, or to schedule an interview with Mark Accettura, please contact Scott Lorenz, President of Westwind Communications, 734-667-2090 or
http://www.Book-Marketing-Expert.com