Shannen Doherty, the former Beverly Hills 90210 star is fighting breast cancer. Complicating and worsening an already painful health situation is the fact that her former business managers and accountants mismanaged her finances and allowed her health insurance to lapse last year. Due to the fact that she did not have health insurance, she delayed her usual doctor’s appointment until she had insurance. The delay in appointments meant a later diagnosis and a more advanced cancer.
At this point it is common knowledge that catching any form of cancer—breast, prostate, kidney, lung, skin—early has a direct impact on a patient’s survival odds. If a doctor can find the cancer early on, treatment can attack the cells before they spread making treatment more effective and improving a patient’s chance of survival. Because Shannen Doherty received a late diagnosis, the 44-year-old actor is facing some significantly more difficult and drastic treatment options.
At this point, Shannen Doherty’s cancer has been left untreated long enough that it has spread. She is facing a likely mastectomy and chemotherapy. Meanwhile, the ugly details of mismanagement are emerging in Doherty’s lawsuit against the accounting firm Tanner Mainstain Glynn & Johnson. A lawyer from the firm stated that, “Tanner Mainstain is saddened to learn that Shannen Doherty is suffering from cancer and wishes her a full recovery. However, the claim that Tanner Mainstain caused her to be uninsured, prevented her from seeking medical care, or somehow contributed to her cancer is patently false. Tanner Mainstain will aggressively defend all of Ms. Doherty’s claims in court.”
Another lawsuit further alleges that the firm mismanaged Shannen Doherty and her husband, Kurt Iswarienko’s finances leading to tax audits and liens. Doherty’s attorney, Devin McRae wrote, “The relationship between a business manager and its client is based on trust, in honesty and competence. That trust was violated here, and we hope that the defendants will correct it in a responsible manner.”
Shannen Doherty’s case is yet another real world lesson on financial management. While the details over the lawsuit will play out in a courtroom, the reality is that Shannen Doherty was uninsured for a period of time that kept her from seeing a doctor. Her period of lapsed insurance occurred at a time when seeing a medical professional could have prevented significant harm. Furthermore, the tax audits and liens indicate that finances were almost certainly mismanaged with costly ramifications. While the rich and famous of the Hollywood elite certainly have access to the best in any business—finance included—even Ms. Doherty was not immune to the perilous consequences of financial mismanagement. Finances are a massive part of any family’s wellbeing, with significant implications on homes, occupations, health coverage, education, and long-term goals. Shannen Doherty put her faith in the wrong people and hopefully, they pay for their mistakes. However, her life would undoubtedly be easier at this point if her finances had never been mismanaged at all. Making sure your money is well managed is as important for the regular American family as it is for celebrities. Whether you’re a young couple or individual just beginning to plan your financial future, or a seasoned professional starting to count down the days until retirement, having a financial advisor you can trust is a crucial component of your financial health. Call one of our advisors today at Apex Financial Advisors to find someone that will help you maintain, protect, and grow your wealth today.