NEW YORK, June 2, 2016 – Georgiana J. Slade, Practice Group Leader of Milbank, Tweed, Hadley & McCloy’s Trusts and Estates Group, was quoted in a recent New York Times article titled, “In Sumner Redstone Affair, His Decline Upends Estate Planning."
In regards to the controversy surrounding Sumner M. Redstone’s estate and declining health, Ms. Slade comments that Mr. Redstone “now faces a situation where it appears that people around him are competing for control and each has their own objectives.” She also suggests that, “it seems that many people with an interest are attempting to influence decisions related to his estate, the trust and Viacom. But the real question should be: What does Mr. Redstone himself want?”
Ms. Slade shares her concerns regarding the rising number of individuals affected by issues later in life such as dementia: “it’s a huge issue nationally as the elderly population grows and their minds start to falter. I’ve seen charities coming after people for multiple gifts: Sometimes these donors don’t remember that they already gave the previous week. Romantic partners, caregivers who take advantage of the elderly — we’re seeing it all.”
Ms. Slade explains that, “in drafting a trust like this, you need very clear standards and protocols for determining capacity.” She adds that an elderly client “will often require the assistance of a lawyer to protect him from himself in his old age. The real question, is does someone have the capacity for the decision at issue? It’s one thing to be deciding what you want for dinner and something very different to decide who should be running a major corporation.”
