When you start your career in show business at the age of 1 ½, you are bound to be a legacy. That’s what Mickey Rooney did, with an illustrious acting and performance career that spanned some 90 years and included silent comedies, Shakespeare, Judy Garland musicals, Andy Hardy stardom, television and the Broadway Theater.
In 1983, the Motion Picture Academy presented Rooney with an honorary Oscar for his "60 years of versatility in a variety of memorable film performances," which complimented the 1938 special award he shared with Deanna Durbin for "bringing to the screen the spirit and personification of youth."1
Forever an icon, he will greatly be missed. In his legacy, though, we’re also reminded of the importance and value of proper estate planning.
Mickey’s Estate Presented Some Challenges
Two issues in particular have become evident in the wake of Rooney’s last days. The first was where he would be laid to rest. Rooney had voiced his desire to be buried amongst other Hollywood stars, in the Hollywood Forever Cemetery.
However, his wife Jan Chamberlain (from whom he had been separated—but not divorced—for two years) wanted him laid to rest in her family’s plot. The estate was set to go to court a mere five days following Rooney’s passing, but fortunately a settlement was reached and Rooney’s executor was given the authority to lay him to rest in the Hollywood Forever Cemetery, where he wanted to rest in peace.
But there was more. It became reported that Mickey Rooney regrettably experienced elder abuse in the handling of his finances, at the hand of his stepson, Christopher Aber. Even though Rooney was the highest paid actor during the 1930’s and 1940’s with a career spanning 90 years, he only had $18,000 in the bank when he passed.
Rooney actually testified before Congress to make an impassioned plea for better legal protection for seniors, in a sign of continued strength and perseverance in his last years. Rooney sued Christopher Aber for financial exploitation, and in the end Aber settled for $2.86 million which he hasn’t paid. Perhaps due to his history of financial irresponsibility (as made clear in his actions with Rooney), Aber has no money.2
Estate Planning Lessons We Can Learn From Mickey Rooney’s Experience
Estate planning issues are not just limited to instances where millions of dollars are at stake, as we saw with Mickey Rooney. It reminds us just how important it is to hire a trusted advisor to help with estate and investment planning needs, and how much work is required to make sure you’re getting the advice and service that’s in your family’s best interests.
A storied and admirable career like Mickey Rooney’s should not end with estate conflicts and in the extreme case of Rooney, elder financial abuse. At WrapManager, we take our role of helping our clients meet their long-term financial goals seriously, and we work hard to earn our client’s trust throughout our relationship. If you’d like to learn more about the WrapManager difference and how we can help you and your family, give one of our Wealth Managers a call today at 1-800-541-7774.
Sources
2 Forbes
