Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Monday, March 27, 2023

Peter Max’s Bare Ledgers Show Guardianships Drain Even the Rich

Peter maxPeter Max, known for psychedelic art that put him on par with Andy Warhol as a cultural icon, has been diagnosed with advanced-stage Alzheimer’s. As his memory began to falter and his finances fell into disarray, he consented to have neutral guardians oversee his impressive estate in 2016. All it took were the words, “Yeah, I understand.”

The guardianship order gave control of his finances and cared to three court-appointed fiduciaries: a property guardian, a personal needs guardian, and a court-appointed lawyer. Since 2016, the three have billed millions amidst a family situation that a federal judge has described as “toxic.” Libra Max, Peter’s daughter, has challenged the fees calling them “grossly excessive.” 

For more information see Ronnie Greene and Holly Barker “Peter Max’s Bare Ledgers Show Guardianships Drain Even the Rich” Bloomberg Law, March 9, 2023.

Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.


Estate Planning - Generally, Guardianship | Permalink


Post a comment