Celebrity Estates: Whitney Houston and Adding Age Provisions For Young Beneficiaries (Ep. 71)



Whitney Houston, beloved singer and actress, left her entire estate to her 18-year-old only child Bobby Christina Brown. The wealth transfer was divided into three age-based distributions, with the final transfer scheduled at age 30. However, things got complicated when Brown, too, died at 22 before inheriting her mother’s estate.

In this episode, David Lenok is joined by Jennifer Proper, Managing Director of Wealth Strategies at Pitcairn, to discuss the benefits and pitfalls of age provisions within trusts and the importance of balancing protection with the beneficiaries will.

David and Jen discuss:

  • Key advantages and disadvantages to having age provisions in trusts
  • Some of the most common clauses in trusts
  • Why communication is essential to drafting an effective will
  • How far is too far when creating trust restrictions
  • And more

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About Our Guest:

Before joining Pitcairn, Jennifer served as Director, Legacy and Wealth Planning at Abbot Downing, a Wells Fargo division serving ultra-high-net-worth individuals and family offices. While at Abbot Downing, she provided sophisticated estate, business, and financial planning for the firm’s clients and led the Northeast region planning team. Previously, Jennifer held the positions of Senior Wealth Planner with Wells Fargo Private Bank in Philadelphia PA, and Legal and Tax Strategist with Legacy Advisors, LLC in Plymouth Meeting, PA.


Celebrity Estates: Freddie Mercury and Financial Planning With An LGBTQ+ Mindset (Ep.70)



Lead vocalist for Queen, Freddie Mercury kept quiet about his love life up until his death in 1991 due to complications from HIV. Since then, LGTBQ+ rights and recognition have led to a more tolerant society, with financial planning following suit.

In this episode, David Lenok is joined by Tim Volk, Founder and Managing Director of T. Volk and Company, for a conversation on LGBTQ+ financial planning and creating a healthy environment for clients as a financial advisor.

Tim discusses:

  • Some of the best practices when advising LGBTQ+ clients;
  • How can advisors provide support to client potentially still in the closet;
  • Why communication is essential between family members;
  • The diversity of culture between clients and LGBTQ+ groups and why advisors should understand the different dynamics;
  • And more

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About Our Guest:

Tim Volk hails from an entrepreneurial family, is a unique professional with an exceptional network, great inter-personal skills, and a deep appreciation of the issues surrounding wealth. He is an experienced business executive and seasoned board member with a strong financial background with deep expertise in wealth management, real estate, mortgage banking and insurance.

He is the Founder and Principal of T.Volk & Company, a boutique advisory firm that specializes in assisting closely-held businesses, family offices (single and multi-family) and family-controlled enterprises. 




69. Vince McMahon Sr. and the Evolution Of Generational Values



Vince McMahon Sr. is best known for founding the company that eventually became World Wrestling Entertainment. In a family business, which the WWE very much is, passing down core values can be a struggle as future generations look to create their own paths.

In this episode, David Lenok is joined by Kelley Wolfington, Senior Wealth Strategist at SEI Private Wealth Management, in dissecting the idea of inheriting values. She reveals the importance of creating conversations between generations to develop an effective plan for the future.

Kelley discusses:

  • How the generational divide impacts personal values;
  • The importance of introducing commonalities between generations; 
  • Where the financial advisor fits within the conversation;
  • How to have open conversations with advisors with your family members around;
  • And more!

Editor’s Note: This episode was recorded before the recent allegations against Vince McMahon Jr. came to light.

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About Our Guest:

Kelley Wolfington provides holistic advice in the areas of trust and estate planning, wealth transfer, philanthropy, succession planning, tax planning and family communications strategies for ultra-high net worth and high net worth individuals and families. Her responsibilities include collaborating with internal and external colleagues and partners to craft and deliver such advice as well as develop strategies, techniques, tools and materials related to these advisory areas. She helps facilitate a perpetual process to improve her clients’ condition by working with them to navigate goals, values and visions for themselves, their families and their communities.




68. Conrad Hilton and Advising First Generation Wealth Creators



Conrad Hilton got his start in hospitality at his family’s general store in the New Mexico Territory. Years later, he established the largest hotel chain in the world, Hilton Hotels. After his death, Conrad left much of his estate to the Conrad Hilton Foundation — until his son decided to contest the will.

In this episode, David Lenok is joined by David Bokman, Managing Director and Head of Family Office Resource at Morgan Stanley Wealth Management, and Andrea Levine-Sanft, Managing Director and Co-Head of the Wealth and Estate Planning Strategy, in discussing first generation wealth management in comparison to inherited wealth.

David and Andrea discusses:

  • What makes financial planning for first generation wealth creators unique;
  • How generational wealth is passed down;
  • The major problems in creating a financial plan for first generational wealth;
  • The importance of communication between financial professionals;
  • And more.

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About Our Guests:

David Bokman is a Managing Director and the Head of Family Office Resources for Morgan Stanley Wealth Management. Family Office Resources provides ultra high net worth clients a virtual family office experience, with world-class, comprehensive services including family governance and wealth education, philanthropy, estate planning, trust services, single family office advisory and lifestyle advisory.

Andrea Levine-Sanft is Managing Director and Co-Head of the Wealth and Estate Planning Strategy.  Andrea was formerly an Estate Planning Strategist in Morgan Stanley’s Private Wealth Management Division. Andrea advised Morgan Stanley’s ultra high net worth clients and their advisors on complex gift, estate and income tax planning matters.


67. Russia And Ukraine: The Benefits Of Alternative Citizenship



The war between Russia and Ukraine is upsetting what many thought to be a well-established world order. The ripples of the conflict are being felt thousands of miles away, as the global economy struggles to recalibrate on the fly. The return of war to Europe reinforces the need for clients to have a backup plan in place to protect their families and their assets. Exploring alternative citizenship is a powerful, and often underexplored tool in this regard.

In this episode, David Lenok is joined by David Lesperance, of Lesperance and Associates, in discussing the international impact of the land war between Russia and Ukraine, along with the legality of citizenships for individuals looking to gain additional or renounce existing ones in order to insulate themselves, their families and their assets from potential danger.

David discusses:

  • How conflict between Russia and Ukraine impacts the entire world;
  • What having a ‘back-up’ plan in place looks like;
  • The differences between types of citizenship;
  • The law surrounding citizenships;
  • Strategies surrounding citizenships and tax planning;
  • And more

Connect With David Lesperance:

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About Our Guest:

David Lesperance is one of the world’s leading international tax and immigration advisors.

A published author in the field, David’s personal interest in these areas of law grew from his experience working as Canadian immigration and customs officer while studying law. Since being called to the bar in 1990, he has established his expertise with major law firms, his own law firm and as a private consultant. David has successfully advised scores of high and ultra high net-worth individuals and their families, many of whom continue to seek his counsel today. In addition he has provided pro bono advice to many governments on how to improve their Citizenship by Investment, Residence by Investment or “Golden Visa” type programs to better meet the needs of his global clients. David is supported by a team of professionals, some of whom have worked with him since the early 1990s.




66. Michael Nesmith, The Monkees and The Legality Of Holographic Wills



Michael Nesmith, songwriter, actor, producer, novelist and member of the popular group The Monkees passed away in December 2021. His will stated he wished to donate his entire estate to his mother’s foundation—however, there was one complication to the legality of the document. Nesmith’s will was hand written.

In this episode, David Lenok is joined by Megan Gorman, founding partner of Chequers Financial Management, to discuss holographic wills and the legalities surrounding handwritten documents.

David and Megan discuss:

  • Why handwritten wills can become problematic or complicated in the legal process;
  • What is often left out of holographic wills; 
  • The role of estate planning for your beneficiaries;
  • And more

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65. David Bowie: The Financial Side Of A Music Catalog



Named the Greatest Rock Star Ever after his death, David Bowie is a singer, songwriter and actor who left his mark on the world along with a $100 million dollar estate at the time of his death. 

Recently, his music catalog sold for a reported $250 million, higher than his initial estate value.

In this episode, David Lenok is joined by Stacie Jacobson, director of the wealth strategies group at AllianceBernstein, diving into the complexity of a music catalog as an asset for both the seller and buyer, along with details of the planning required before and after the transaction. 

Stacie discusses:

  • The difference between a musician’s catalog and their other traditional assets;
  • The impact of interest rate environments on unique investments;
  • Why music catalogs are traditionally sold as one unit over individual songs; and
  • How artists plan for selling their music catalog after they are gone.

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About Our Guest:

Stacie works with athletes and entertainers on a variety of investment planning issues including multi generational wealth transfer, pre-transaction planning, charitable giving, retirement planning and asset allocation.

 


64. Pat Bowlen: Creating An Estate Plan Before Being Forced Out



Pat Bowlen was an American lawyer and partial owner of the Denver Broncos, along with his two brothers and sister. He served as the Broncos CEO until July 2014, when he stepped down due to progressive effects of Alzheimer’s disease, and passed away in 2019. His estate plan was unique due to the family trust in place, with the three trustees taking over in 2014 with the sole purpose of determining the next owner of the team.

In this episode, David Lenok is joined by Dan Griffith, senior vice president and director of wealth strategy at Huntington Private Bank, to review the estate planning of Pat Bowlen and how the trust came into effect. He reveals why business owners are forced out more often than retire and how to choose the best advisors to address your estate planning needs.

Dan discusses:

  • Why choosing a new owner for the Broncos caused issues among Pat’s descendants
  • How choosing trustees before you are incapable benefits your estate plan
  • The importance of choosing trustworthy and good advisors for an estate plan
  • Why it is difficult to simply retire as a business owner

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About Our Guest:

Dan Griffith is an experienced attorney with a passion for helping families and business owners find solutions to their planning challenges.


63. Jay Leno: Planning for Classic Car Collections



Jay Leno spent 22 years hosting the “The Tonight Show” before being inducted into the Television Hall of Fame. His prized collection consists of approximately 286 vehicles: 169 cars and 117 motorcycles, all of which create a bit of a challenge when it comes to asset planning.

In this episode, David Lenok is joined by Peter Neumann, CEO and Steve Linden, CIO of Chrome Strategies, to discuss the planning that accompanies such a large collection of increasingly valuable assets. They reveal what to consider when planning with a large collection of assets, and detail the difference for planning and storing pieces, depending on the type of collection.

Peter and Steve discusses:

  • What is considered a collectable;
  • The benefit of determining the value of a collection before asset planning;
  • The difficulties faced when storing collections; and
  • The importance of maintaining the integrity of a collection.

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About Our Guest:

Peter Neumann has spent 30+ years in the commodity and financial markets. He has held leading roles in sales and trading with two powerhouse firms in the field of commodities and commodity linked structures. He specializes in risk management advisory, and product integration across multiple asset classes. Peter is an integral part of the firm’s industry leading revenue, business development, and league tables.

Steve Linden is the founder and CIO at Chrome Strategies Management, LLC. CSM is an alternative asset manager founded in 2015, advising and managing The Chrome Fund I LLC. TCF is a closed-end private equity fund investing exclusively in both a short and long term global portfolio of vintage & collector and concours-level motorcars.

 


62. Aristotle Onassis: The Impact of International Asset Planning



From the mid 1920’s to his death in 1975, Aristotle Onassis embodied the phrase “many fingers in many pies” with businesses ranging from international shipping to less savory military hunters.

Greek law limited how much could be granted to his American wife, Jackie O., after his death, regardless of his enormous legacy. With those limitations in mind, his distribution of his assets after death dealt with a multitude of clauses and arrangements for his daughter and charity foundations. 

In this episode, David Lenok is joined by Megan Gorman, founding partner of Chequers Financial Management, in discussing how holding assets internationally impacts the way financial advisors plan and advise their clients. They reveal the beneficial steps Aristotle took to create his financial plan and why it is a good example of what to do.

David and Megan discusses:

  • The importance of compliance when dealing with international assets;
  • The role of CPA’s and tax advisors in financial planning;
  • How donor advised funds simplify charitable donations after death;
  • Why Aristotle’s financial plan consisted of numerous ‘what if’ clauses;
  • And more

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