Month: November 2020
Ep 39 – Robin Williams: How To Spot the Warning Signs of Suicide in Your Clients –– With Amanda Koplin

Ep 39 – Robin Williams: How To Spot the Warning Signs of Suicide in Your Clients –– With Amanda Koplin

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Today, David Lenok, senior editor at WealthManagement.com, is joined by Amanda Koplin, LPC, a mental health entrepreneur who is the founder and CEO of Koplin Consulting.

This episode focuses on legendary comedic actor Robin Williams’ tragic suicide and the shocking, unspoken truth about male suicide statistics. Notably, the victims –– namely middle-aged white men –– are a common client profile for many advisors.

David and Amanda delve into how advisors can help their clients by paying attention to their behavior. Advisors are not counselors by any means, but they are in a unique position to see changing behaviors that might pop up when a client has hardships with career, health, or finances. 

In this episode, you will learn:

  • Which risk factors and behaviors are associated with suicide
  • Why advisors are uniquely positioned to spot warning signs and changes in their clients’ behavior 
  • What resources you should have on hand to assist a distraught client
  • Why entrepreneurs are at a higher risk of suicide
  • And more!

Listen now to learn ways to spot behavioral changes that could be harmful to your clients.

Resources: WealthManagement.com | Koplin Consulting | Episode 10: Robin Williams Planned It Right — With Avi Kestenbaum
Ep 38 – Tom Carvel: Why Having Too Many Executors Can Melt an Estate –– With James Bertles

Ep 38 – Tom Carvel: Why Having Too Many Executors Can Melt an Estate –– With James Bertles

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In this episode, David Lenok, senior editor at WealthManagement.com, is joined by James Bertles, managing director at Tiedemann Advisors and head of the firm’s Palm Beach office.

Today’s celebrity example is Tom Carvel, the creator of soft serve ice cream and one of the founding fathers of the franchise system in America. 

Thinking he was covering all his bases, Tom Carvel of Carvel Ice Cream appointed no fewer than seven executors to manage his estate upon his death. Unfortunately, having so many hands in the pot turned out to be a recipe for disaster. 

Now, Jim and David discuss what can go wrong when a client appoints too many executors to their estate. They uncover how you can help clients make wise decisions about who to appoint as trustees and executors –– and particularly,  how to avoid selecting people who could potentially have a conflict of interest when making decisions.

In this episode, you will learn:

  • The difference between the roles of executor and trustee 
  • What tends to spark disputes between trustees and beneficiaries
  • Why having several executors can be counterproductive and complicate an estate
  • What qualities make for a good executor
  • How to politely play devil’s advocate with your clients to make sure they’re choosing the right executors and trustees 
  • And more!

Tune in to help your clients learn from Tom Carvel’s mistake of appointing too many executors! 

Resources: WealthManagement.com | Tiedemann Advisors
Ep 37 – Ric Ocasek & Paulina Porizkova: What To Do If Your Client Wants To Disinherit Their Spouse –– With Megan Gorman

Ep 37 – Ric Ocasek & Paulina Porizkova: What To Do If Your Client Wants To Disinherit Their Spouse –– With Megan Gorman

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In this episode, David Lenok, senior editor at WealthManagement.com, speaks with returning guest Megan Gorman of Chequers Financial Management. 

The celebrity examples in this episode are Ric Ocasek and his third wife, Paulina Porizkova. Ric Ocasek was an American musician who was most well known as the co-lead vocalist, rhythm guitarist, and songwriter for the rock band the Cars. Paulina Porizkova is a Czech-born model, actress, and author. 

Ric Ocasek was married three times, had two sons with each wife, and was in the process of divorcing Paulina Porizkova, whom he excluded from his will only three weeks before his death. He had stated in his will that he made no provisions for Paulina and that she isn’t entitled to any elective share.

Now, David and Megan unpack what legal remedies and protections exist for disinherited spouses. They also discuss what advisors need to know about spousal rights and questions to ask any client who wants to disinherit their spouse. 

In this episode, you will learn:

  • Whether there any legal protections for disinherited spouses
  • Why Ric Ocasek’s attorney used the legal term “abandon” in his will
  • Where the term “spousal share” comes from
  • What to do if you suspect that your client is making a rash decision to disinherit a family member
  • How family lawyers and estate attorneys can work together to assist their clients
  • Why advisors should be proactive when working with divorcing clients
  • And more!

Tune in to learn what actions to take with clients who wish to exclude a spouse from their will. 

Resources: WealthManagement.com | Chequers Financial Management