Month: December 2020
Ep 41 – Philip Seymour Hoffman – Don’t Delay When It Comes To Your Estate Plan – With Megan Gorman

Ep 41 – Philip Seymour Hoffman – Don’t Delay When It Comes To Your Estate Plan – With Megan Gorman

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In this episode, David Lenok, senior editor at WealthManagement.com, is joined once again by Megan Gorman, founding partner of Chequers Financial Management.

Today’s celebrity example is Philip Seymour Hoffman, American actor, director and producer, and father of three children with longtime girlfriend, Mimi.

At the time of his death, Philip Seymour Hoffman’s only estate documentation was a will drafted by his real estate lawyer/CPA (not someone specializing in estate planning) and it mentions a trust set up for his eldest son.  Insistent that his children were not to become “trust fund kids” Seymour left the remaining part of the estate to his girlfriend.  

A Girlfriend not a wife. A Trust for one child not all three. A will that was over a decade old.  What could go wrong?  As David and Megan unpack this celebrity estate, you will hear how this was a case of missed opportunities for Philip Seymour Hoffman and his advisors. 

In this episode, you will learn:

  • The importance of updating financial documents with all life events; new child, marriage, divorce etc.
  • How to ensure family affairs stay private after your gone
  • Reasons to be aware of certain tax implications when dealing with non-spouses
  • Remember to include any tangible assets in your plan; who gets Oscar?
  • And more!

Tune in to understand why you need to force the issue when it comes to ensuring your clients not only finalize their estate plans but keep them current!

Resources:  WealthManagement.com | Chequers Financial | Megan Gorman LinkedIn
Ep 40 – Michael Jackson: Creating A Thriller of An Estate Plan –– With Brian Weiner

Ep 40 – Michael Jackson: Creating A Thriller of An Estate Plan –– With Brian Weiner

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In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Brian Weiner, Founder and Managing Partner of Audent Family Wealth Advisors. As managing partner, Brian leads the family offices service program, CIO Platform and next generation education program.

This episode focuses on world famous singer/songwriter, dancer, and the king of pop himself Michael Jackson. At his untimely death, his estate was left mainly to his children via pour-over trusts that also came with a debt of over $500 million, mostly in taxes. In large, due to the great work of his executors, the estate has earned over $2 billion since his death.

David and Brian discuss all the tools that can be utilized by the wealthy and those with complex estates in order to ease debt and tax burdens for those inheriting the estate. 

In this episode, you will learn:

  • What an entity is and how can it be utilized within an estate plan
  • What gift tax is and how to use gift tax exemptions
  • What it means to manage an estate for success
  • Why next generation education is so important in estate planning
  • And more!

Tune in to learn the importance of building a flexible plan to allow for generational changes to minimize loss. 

Resources: WealthManagement.com | Audent Family Wealth Advisors