• Herzer and Holland convinced Redstone that his family hated him in order to gain more of his estate assets. If they left, they said, he “would die alone.”
• Herzer and Holland would use sedatives to keep Redstone from making estate decisions not in their favor and manipulate him into signing documents for their benefit.
• Herzer and Holland would “berate” and emotionally manipulate Redstone to keep him under their control.
If the charges in Redstone’s complaint are indeed true, they would constitute clear elder financial abuse. With accusations traded back and forth by all parties, it’s hard to determine exactly who has the truth on their side, with the law to back them up. If there’s any life lesson to draw from the drama, it’s that we might as well concede that unhappy people will use their riches to purchase even more unhappiness. The following is taken directly from the complaint filed by Redstone:
In the waning years of Redstone’s life, as his physical health declined and he became dependent on others for his care and sustenance, Redstone fell victim to financial and emotional abuse at the hands of two women many years his junior, Defendants Manuela Herzer (“Herzer”) and Sydney Holland (“Holland”). Beginning in 2010, Herzer and Holland commandeered Redstone’s life. They moved into his home and assumed responsibility for his care. They isolated Redstone from family and friends. They terminated his doctors, nurses, household staff, and longtime advisors and brought in hand-picked replacements. They decided who came and went from the residence. They spoke for Redstone when he lost his ability to vocalize. Redstone entrusted Holland and Herzer with all aspects of his personal and financial affairs—essentially everything but his business.
How can we protect our loved ones against elder financial abuse? The stories in this chapter remind us to stand up and speak out and never give up if something is amiss. Set up a system of checks and balances among family members, financial professionals, attorneys and medical caregivers to ensure that everyone plays fair. No one deserves to be exploited and left for dead—prevent exploitation and stop predators in their tracks.
Elder financial abuse can happen to anyone, regardless of circumstances, even those with supposedly upstanding caregivers and professionals monitoring their health and welfare. The examples I have cited are extreme, but by no means uncommon. Early recognition of elder financial abuse is key to minimizing the damage done, so in the following chapter, I will walk through a series of steps I recommend when someone suspects a case of elder financial abuse.
©2017 Michael Hackard. Excerpted from the chapter hapter ps I recommend when someone suspects a caseThe Wolf At The Door: Undue Influence and Elder Financial Abuse.
To read the first article in the series, click here: /news/the-five-most-common-ways-elder-financial-abuse-happens-36160.html?section=3
Michael A. Hackard, Esq., heads Hackard Law, an estate, trust and probate law firm in Sacramento, California. A veteran of the legal field with 40 years of experience, Hackard is devoted to protecting his clients.