How This Billionaire Heiress' Scandal Is a Lesson to Us All

No one wants to think about the day that they're no longer in control of their finances, but being prepared for the worst is key to a successful retirement strategy.

Jessica Alling
Jessica Alling
Jul 26, 2014 at 2:30PM
Investment Planning

Planning for the day when you're no longer in control of your money is not something most people want to do. But neglecting this important step could lead to undue struggles and even scandal.

The tale of billionaire heiress Liliane Bettencourt, of The L'Oreal Group fame, can serve as a warning to any investor. Following some questionable (and pricy) gifts, Bettencourt was deemed unfit to manage her own money. If she had taken some simple steps, the whole public affair could have been avoided.

But one other factor played into the Bettencourt "scandal" -- dementia. With more people expected to develop dementia, it's another reason for the savvy investor to plan ahead. The slideshow below will give you a glimpse of the stress that being ill-prepared for a financial transition may create, as well as how you can plan ahead for your own transition.