A recent high-profile case highlights the critical role conservatorships play in protecting individuals who are no longer capable of managing their affairs. According to a Forbes article, Forrest Preston, the 91-year-old founder of Life Care Centers of America (LCCA), lost control of his $3 billion nursing home empire after a Tennessee court deemed him mentally unfit to oversee the business he built over five decades. The decision followed claims from his son, Aubrey Preston, who raised concerns about his father’s well-being and alleged exploitation by Forrest’s wife, Kim Phuong Nguyen Preston, and a top company executive.
Conservatorships are established through a court process where a clerk of court or judge appoints a responsible party, known as a conservator, to manage the personal and financial matters of someone unable to do so themselves. In this case, the court appointed Aubrey Preston, 65, as his father’s permanent conservator, entrusting him with the responsibility of stabilizing the company’s operations. With over 200 locations in 27 states, Life Care Centers of America serves thousands of residents, making it crucial to ensure leadership that can prioritize both business continuity and resident care.
In North Carolina, conservatorships are typically referred to as guardianships, though the concepts are closely related. A guardianship can cover both the individual’s personal care (guardian of the person) and financial matters (guardian of the estate). When someone becomes unable to make sound decisions due to age, illness, or incapacity, a court can appoint a guardian to ensure their needs are met and their assets are managed responsibly. Understanding the nuances of these legal tools is essential for families navigating the complexities of caring for a vulnerable loved one.
The attorneys at Lord & Lindley have significant experience dealing with guardianships. If you need assistance with a guardianship issue, please give us a call at 704-457-1010 to find out how we may be able to help you. For more information regarding our firm, attorneys, and practice areas, please visit our website at www.lordlindley.com.