The expense of Celebrity Conservatorships is in the news today. The attorneys for Britney Spears’ Conservatorship are reportedly seeking $900,000 in fees.
Meanwhile, Nashville songwriter Danny Tate saw his assets dwindle while regaining his rights after recovering from a drug addiction.
The following is from The Tennessean:
Stripped of his legal rights by a court that ruled that his use of crack cocaine had left him incapable of managing the $600,000 in his account, Tate battled the ruling for almost three years.
In May 2010, he was found competent and the conservatorship of his estate was lifted. But by then, there wasn’t much of an estate left. The money he once had in the bank was all but gone, his credit rating was in tatters and the 2010 Nashville flood had swamped his home.
“If every musician who’s ever struggled with drugs needed a conservatorship, you’d have to lock up 70 percent of Music Row,” Tate said.
See the entire article in the The Tennessean.