What’s Going on with Marvel Comics Creator Stan Lee’s Estate?

According to a court document filed recently, comic book icon Stan Lee’s estate moved to dismiss claims against Lee’s former business manager, Jerardo “Jerry” Olivarez. Terms of the deal weren’t disclosed. The settlement doesn’t include claims against Lee’s former attorney, Uvi Litvak.

The Hollywood Reporter’s recent article entitled “Stan Lee’s Estate Settles Elder Abuse Suit Against Ex-Business Manager” explains that the four-year legal saga, sparked by The Hollywood Reporter‘s investigation detailing accusations of elder abuse, centers on a fight over Lee’s estate. The battle includes his daughter, J.C., and people who allegedly manipulated her in efforts to exploit her famous father. Lee accused J.C., his only child and heir to his estate, of verbally abusing him.

J.C.’s outbursts turned physical at some points in conflicts over money, reports say.

The executive vice president and publisher of Marvel Comics, Stan Lee sued Olivarez and Litvak in 2018, calling them “unscrupulous businessmen, sycophants and opportunists” seeking to take advantage of him following the death of his wife, Joan Lee. Olivarez joined Stan’s inner circle as a consultant to J.C. and Joan’s various business endeavors before ending up with power of attorney over Lee after Joan’s death. He was given the title of “senior adviser,” handling caregiving duties for Lee.

“Jerry Olivarez and JC Lee, Stan and Joan Lee’s only daughter and Trustee of the Lee Family Trust, are happy to announce the resolution of their Court dispute,” said Olivarez’s attorney Donald Randolph in a statement. “The genesis of this dispute was the unfortunate manipulation of Stan Lee and his family undertaken by certain individuals — not named in the lawsuit — which was intended to unfairly malign Jerry Olivarez. These individuals exerted undue influence on the Lee family to accuse Jerry Olivarez of harmful acts which he did not do.”

According to the complaint, Olivarez fired Stan Lee’s banker of 26 years along with his lawyers and transferred roughly $4.6 million out of his bank account without authorization. After convincing Lee to sign a power of attorney to give him authority, Olivarez allegedly appointed his own lawyer, Livtak, as Lee’s lawyer without disclosing the conflict of interest.

Prior to his death, Lee alleged fraud, financial abuse of an elder and misappropriation of name and likeness, among other claims.

“Olivarez abused his relationship of trust with Lee and JC Lee, knowledge of Lee’s and JC Lee’s confidential business and estate planning operations, and ability to mislead Lee due to his advanced age all in a covert and intentional effort to dupe Lee into a host of schemes and financial missteps that benefited Olivarez and disenfranchised Lee,” reads the complaint.

Reference: The Hollywood Reporter (July 27, 2022) “Stan Lee’s Estate Settles Elder Abuse Suit Against Ex-Business Manager”

What Should I Know about Guardianships?

Guardianships – also known as conservatorships – are drastic and invasive. They strip away control adults otherwise exercise over their own lives and establish someone else as the decision-maker.  They require a rigorous showing of legal incapacity and approval by a judge. In many jurisdictions, parties must establish a specific need for guardianship and demonstrate that other alternatives considered would not adequately protect the individual.

Kiplinger’s recent article entitled “Guardianships Should Be a Last Resort – Consider These Less Draconian Options First” says that guardianships should never be undertaken lightly. Once established, they can be extremely difficult to undo. Therefore, other options should always be considered first.

Guardianships ensure that those who are unable to handle their own affairs aren’t exploited or injured. There are circumstances when a guardianship may be the best – or only – choice. For example, an elderly gentleman with dementia may have lacked the planning to make adequate provisions in his will or trust for management of his affairs. Without a plan for oversight of his assets, he could end up jeopardizing the estate he intended to pass on to his family. In that case, the heirs may look to have a court-appointed guardian appointed who will ensure that their father or grandfather doesn’t sign away his estate or compromise his physical well-being.

Transparency is important. Before it becomes necessary for a guardian to be appointed to handle your physical or financial decisions, consider whom you’d trust to act in that capacity and put it in writing.

It also informs others that, if a guardian is needed, this person is the one you’d like to see serve in that capacity.

A one-page directive will make your wishes clear and keep this important decision from a judge who will know nothing about you or your priorities or your specific circumstances.

In addition, you should delegate a second person now to support you in the future. It’s preferable that this is someone younger whom you trust. This individual will bring a fresh perspective to the situation. They should also possess a sound understanding of money management.

If you don’t consider these things now, the state will make the decision for you after you no longer can make such decisions for yourself.

Talk with an experienced elder law attorney and create the documents now that will save your loved ones from having to seek guardianship for you in the future.

Reference: Kiplinger (July 7, 2022) “Guardianships Should Be a Last Resort – Consider These Less Draconian Options First”

When Should I Consult with an Elder Law Attorney?

Elder law attorneys assist seniors or their family caregivers with legal issues and planning that related to the aging process. These attorneys frequently help with tax planning, disability planning, probate and administration of an estate, nursing home placement and many other legal issues.

Forbes’ recent article entitled “Hiring an Elder Law Attorney,” explains that elder law attorneys are specialists who work with seniors or caregivers of aging family members on legal matters that older adults face as they age. Many specialize in Medicaid planning to help protect a person’s financial assets, when they have Alzheimer’s disease or another debilitating illness that may require long-term care. They can also usually draft estate documents, including a durable power of attorney for health and medical needs, and even a trust for an adult child with special needs.

As you get older, there are legal issues you, your spouse or your family caregivers face. These issues can also change. For instance, you should have powers of attorney for financial and health needs, in case you or your spouse become incapacitated. You might also need an elder law attorney to help transfer assets, if you or your spouse move into a nursing home to avoid spending your life savings on long-term care.

Elder law attorneys can help with a long list of legal matters seniors frequently face, including the following:

  • Preservation and transfer of assets
  • Accessing health care in a nursing home or other managed care environment and long-term care placements
  • Estate and disability planning
  • Medicare, Social Security and disability claims and appeals
  • Supplemental insurance and long-term health insurance claims and appeals
  • Elder abuse and fraud recovery
  • Conservatorships and guardianships
  • Housing discrimination and home equity conversions
  • Health and mental health law.

Reference: Forbes (Oct. 4, 2021) “Hiring an Elder Law Attorney”

What Changes Have Been Made to Protect Senior Investors?

The Financial Industry Regulatory Authority or “FINRA,” is a private corporation that acts as a self-regulatory organization of investment brokers and investment firms.

Its rules and guidance are designed to protect investors and to “ensure the integrity of today’s rapidly evolving market.”

The new FINRA Sanction Guidelines now expressly contemplate “whether the customer is age 65 or older” and “whether the respondent exercised undue influence over the customer and whether the customer had a mental or physical impairment that renders the person unable to protect his or her own interests”.

The National Law Review’s recent article entitled “National Adjudicatory Council Revises FINRA Sanction Guidelines” reports that FINRA Regulatory Notice 20-37 states the revised Sanction Guidelines that became effective Oct. 20, 2020.

In the revised Sanction Guidelines, FINRA and the NAC now directly discuss the issue of potential senior investor abuse. They also have revised the Sanction Guidelines to be consistent with FINRA Rule 2165 – Financial Exploitation of Specified Adults.

Further, FINRA asserts that “as with other considerations in the Sanction Guidelines, adjudicators should take a principles-based approach to assessing if the rule violations have more impact on elderly or impaired customers, including the customer’s ability to recover from sustaining financial losses.”

Moreover, FINRA states that these revisions to the Sanction Guidelines should be considered by adjudicators as only “aggravating factors” when considering an appropriate sanction for a FINRA violation.

The FINRA Sanction Guidelines don’t state specific sanctions for a particular violation. They now provide adjudicators with an additional “aggravating factor” to contemplate in determining the appropriate sanction.

The watchdog said that it was feedback from its Securities Helpline for Seniors that showed a pattern of concerns among senior citizens about brokers exploiting their financial accounts that caused them to take action “by putting in place the first uniform, national standards to protect senior investors.”

Reference: The National Law Review (Nov. 2, 2020) “National Adjudicatory Council Revises FINRA Sanction Guidelines”

Why are Medicare Scams Increasing in the COVID-19 Pandemic?

Medicare scams are increasing in the COVID-19 pandemic. Motley Fool’s recent article entitled “Seniors, Be Wary of These Medicare Scams During COVID-19” discusses some red flags you should look out for to avoid being a victim.

  1. Callers requesting your Medicare number. Medicare typically won’t call beneficiaries and randomly ask them to verify their benefits. If someone calls you and requests your Medicare ID number, don’t give them your information.
  2. Callers requesting your Social Security number. If a bad guy gets your Social Security number, he can do a number of things with that information, any of which will create headaches for you. This includes opening a credit card in your name and charging a lot of expenses on it. If you get a caller who says he’s a Medicare representative who needs your Social Security number to process a health claim, don’t give it to him.
  3. Email or phone calls asking you to send money. Medicare doesn’t sell prescriptions over the phone or ask seniors to pre-pay for services. If someone calls asking you to send money or give out credit card information, it’s a bogus caller.
  4. A promise for early access to a COVID-19 treatment or vaccine. Right now, there is no COVID-19 vaccine. There is also no mail-order treatment that you can stock up on to protect yourself in case you’re struck with the virus. Therefore, don’t believe a caller who says he’s from Medicare and is offering you a chance to get in on a groundbreaking medication. Don’t pay him or share your Medicare ID number during that conversation. When an effective vaccine is available, Medicare will pay for it and let you know how to get it.
  5. Someone at your door claiming to be from Medicare. Medicare doesn’t have sales reps. Therefore, if someone says they’re from Medicare, lock the door and demand that that person leave immediately. Call the police, if you need help.

When a lot of seniors are worried, isolated, and in financial straits, they don’t need to fall victim to a scam. Be prepared and be aware of what common fraud attempts look like. That way, you’ll be in a good position to protect yourself.

If you receive a suspicious email or phone call, report it at 1-800-MEDICARE. This might prevent another senior from falling victim to what could be an extremely dangerous trap.

Reference: Motley Fool (May 25, 2020) “Seniors, Be Wary of These Medicare Scams During COVID-19”

Medicare Patients Be Wary of COVID-19 Scams!

It’s still not easy to get tested for COVID-19 in many states, so it’s not surprising to learn that scammers are exploiting the shortage. They’re especially preying on the elderly.

Money Talks News’ recent article entitled “Are You on Medicare? Beware Coronavirus Scammers” reports that scammers use stolen personal data to commit Medicare fraud and identity theft, according to the U.S. Department of Health and Human Services.

Medicare warned beneficiaries in a recent email, “Unfortunately, scammers are using the COVID-19 pandemic to try to steal your Medicare number, personal information and money. And they’re using robocalls, social media posts and emails to do it.”

Some of these criminals are even knocking on people’s doors to talk them out of their personal data.

Seniors are advised to not divulge their personal information, including their Medicare number, with anyone, except a trusted health care provider or other qualified expert. If you’re unsure who’s legitimate, call for help and advice from your Senior Medicare Patrol, volunteer groups funded by the Department of Health and Human Services (HHS).

Health and Human Services says that your personal information can be used to fraudulently bill federal health care programs and commit medical identity theft.

You may also wind up being responsible for charges, if Medicare denies the claim for an unapproved test. You need to protect your Medicare and Social Security information, because it can be used in fraud schemes. If you think you’ve been contacted by a scammer, do the following:

  • Report suspected criminals to the National Center for Disaster Fraud Hotline at 866-720-5721 or write to disaster@leo.gov.
  • Be on guard, if someone requests your Medicare number, when you didn’t ask for services.
  • Be suspicious of those offering coronavirus supplies or testing.
  • When using social media, don’t click or respond to advertisements and offers for coronavirus testing.
  • If you think you should get a COVID-19 test, ask your doctor or doctor’s office.

In addition, the FBI advises everyone — not only seniors — to be aware of and to report:

  • Bogus emails purporting to be from the Centers for Disease Control and Prevention (CDC).
  • Phishing emails, which try to trick you into sharing personal information.
  • Counterfeit treatments and equipment, like sanitizing products, masks, face shields, goggles, respirators, protective gloves or gowns.

Reference: Money Talks News (May 19, 2020) “Are You on Medicare? Beware Coronavirus Scammers”

Coronavirus Scams are Surfacing

Maryland U.S. Attorney Robert K. Hur is “encouraging all Marylanders to be aware of individuals attempting to profit from the coronavirus pandemic,” reported Marcia Murphy, a USAO spokeswoman.

The Cecil Whig’s recent article entitled “Maryland U.S. attorney warns of COVID-19 scams; Cecil County remains vigilant” cautions that coronavirus scams are being uncovered around the country.

Scammers have been sending e-mails to people claiming to be from local hospitals offering coronavirus vaccines for a fee. However, no vaccine is currently available for the coronavirus. Some of these criminals are using websites that appear to be legitimate but are actually fake websites that infect the users’ computers with harmful malware or seek personal information that can be later used to commit fraud. Many of these scams prey on the most vulnerable, especially the elderly.

Seniors need to contact the police, if they think someone has targeted them for a scam and to educate themselves on the COVID-19-related scams by checking official government websites, like the CDC.gov for information.

Seniors need to scrutinize anyone who makes a contact with them about a COVID-19 vaccine—which does not exist—and to report any such interaction to law enforcement.

Late last week, U.S. Attorney General William P. Barr sent a memo to all U.S. Attorneys, in which he made the investigation of these scams and the individuals perpetrating them a priority. Therefore, federal, state and local law enforcement agencies are prepared to investigate these frauds.

The Federal Trade Commission has consumer information about coronavirus scams on its website, including a complaint form to report scammers. Elderly victims can also call the newly launched Elder Fraud Hotline at 833-FRAUD-11 (833-372-8311), if they believe they are victims of a coronavirus scam—or any other type of fraud.

In addition to selling bogus cures and infecting computers by using COVID-19-related communications, other examples of coronavirus schemes include:

  • Phishing emails from entities posing as the World Health Organization or the Centers for Disease Control and Prevention
  • Those asking for donations for fraudulently, illegitimate, or non-existent charitable organizations; and
  • Scammers posing as doctors, who ask for patient information for COVID-19 testing and then use that information to fraudulently bill for other tests and procedures.

Barr asked the public to report suspected fraud schemes related to COVID-19, by calling the National Center for Disaster Fraud (NCDF) hotline (1-866-720-5721) or by e-mailing the NCDF at disaster@leo.gov.

Reference:  Cecil Whig (March 23, 2020) “Maryland U.S. attorney warns of COVID-19 scams; Cecil County remains vigilant”

How Can Long-Distance Caregivers Help Loved Ones?

A recent article noted that long-distance caregivers have the same concerns and pressures as local caregivers, perhaps even more. They spend about twice as much on caregiving as people caring for a loved one nearby, because they’re more likely to need to hire help, take uncompensated time off work and pay for travel. A huge challenge for this group is just staying informed and assured that the person needing care is in good hands. As a result, long-distance caregivers must have good communication and a solid team on the ground.

AARP’s recent article entitled “Long-Distance Caregiving: 5 Key Steps to Providing Care From Afar” provides us with five steps to staying informed and effective as a long-distance caregiver and thoughts for implementing the measures.

  1. Be sure you have access to information. Having a means of receiving good information and possessing legal authority to make financial and health-care decisions is critical for all primary caregivers, but it’s even greater for ones caring from a distance. Arrange as much as you can during an in-person visit.
  • Start the discussion on finances and map out with your loved one how to pay for health care and everyday expenses.
  • Ask whether your parent or other senior is able to sign the forms or make the calls necessary to give doctors, hospitals and insurers permission to share information with you or another trusted family member. This should include banks and utilities.
  • Be sure the senior has designated a durable power of attorney for health care and financial decisions.
  • Know what to do in an emergency, as far as access to the home by a neighbor, if needed.
  1. Create your on-the-ground support team. Don’t try to do it all, especially if your loved one has more serious or complicated health issues. In addition to healthcare professionals, ask friends, family and community groups to join a network of caregiving helpmates. Remember to add your loved one as part of the team.
  • Assign roles and tasks, that the members of the team are willing and able to do.
  • Create a list with contact info for everyone and keep it up to date.
  1. Consider hiring a reputable caregiving professional. They’re often called a geriatric care manager, aging life care manager, or eldercare navigator or coordinator. These professionals are frequently licensed nurses or social workers who can also be valuable mediators or sounding boards, when family members disagree on care decisions.
  • Verify the person’s professional certifications, see how long the person has been in the field and request references.
  • Care managers can charge $50 to $200 an hour. Medicare doesn’t cover this service, nor do most health insurance plans. However, if you can handle it financially, an experienced manager may be able to save your family time, money and stress with even a short call.
  1. Find ways to communicate regularly with your local support group and loved one. You should leverage technology. With permission, place video monitors, wearable activity trackers, remote door locks to prevent wandering (if the care recipient has dementia) and even electronic pill dispensers that can tell you if someone has taken the prescribed medications.
  2. Leverage your visits. Nothing’s better than an in-person visit. When you can manage one, come with a list of things you need to know or discuss.
  • Interview possible home aides or house cleaners or meet with social workers or other professionals involved in your loved one’s care to discuss any concerns.
  • Look for signs of abuse, which means monitoring your senior’s checking account and see if there are any irregularities and look for red flags of physical or emotional mistreatment, like bruises, unexplained injuries, or a sudden change in personality. Note if your family member talks about a person you’ve never met who visits often and has been “very helpful.”

Although you may have several practical tasks to tick off your list, it’s important to spend quality time with your loved one. And seek the advice of a qualified elder law attorney, if you have any questions.

Reference: AARP (Oct. 30, 2019) “Long-Distance Caregiving: 5 Key Steps to Providing Care From Afar”