Dead Celebrity – Celebrity Estates: Wills of the Rich and Famous

Celebrity Estates: Shannen Doherty and The Importance of Timely Planning

By Celebrity Estates | October 7, 2024

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Shannen Doherty, a beloved actress, was diagnosed with stage three breast cancer, tragically caught too late for treatment. The day before her passing on July 13, 2024, she finalized her divorce from Kurt Iswarienko, ensuring her assets would be passed to her chosen beneficiaries.

In this episode, David Lenok and guest Shawn Goheen stress the importance of proactive estate planning. They discuss:

The critical timing of Shannen Doherty’s divorce, enabling her to secure her assets for her intended heirs;
Essential strategies for advisors to promote early, comprehensive estate planning;
The vital role of life insurance in safeguarding a well-rounded estate plan;
Navigating complex family dynamics and business ownership in estate planning;
And more.

Resources:

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Connect With Shawn Goheen:

About Our Guest:

Shawn Goheen is the heart and soul behind Goheen Insurance. Since the early ’90s, he has been more than just a financial advisor; he has been a trusted confidant to high-net-worth individuals. His journey has led him to build strong connections with over 15 specialty lenders and insurance carriers and relationships with 20+ banks, giving him a rare edge in navigating the often complex financial world with ease and transparency.

But Shawn’s work goes beyond just crunching numbers. He gets to the heart of what each client needs, understanding that everyone’s financial journey is unique. He’s also known as the “Advisor to Advisors,” a role where he shares his insights with other professionals, helping them uncover new opportunities and grow their practices.

Celebrity Estates: Simon Cowell and Disinheritance in Estate Planning

By Celebrity Estates | July 22, 2024

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Simon Cowell, reality star and record producer, has an estimated net value worth of $600 million. How much of that will be left for his son? According to him, nothing.

Listen in as host David Lenok is joined by Thomas Kopelman, head of community at Estate Planning platform wealth.com and co-founder of All Street Wealth. Together, they discuss how Simon plans to handle his $600 million estate and the broader implications of disinheriting heirs.

Cast your vote toward Simon’s decision as David and Thomas highlight:

The rationale behind Simon’s motives for his estate plans
“Affluenza”- a supposed psychological condition affecting wealthy individuals
Opinions on ‘disinheritance,’ the act of not passing wealth down to future generations
Estate planning decisions are personal, reflecting what is important to the individual
The importance of supporting children while alive rather than solely through posthumous financial gifts
And more

Resources:

Connect With Thomas Kopelman:

Connect With David Lenok:

About Our Guest:

Thomas is a financial planner, the co-founder of AllStreet Wealth, as well as a blogger, podcaster, content creator, Top 23 Millennial Advisor (Business Insider), and a Top Young Advisor to Watch in 2023 (FA Mag)

After graduating from Butler University, Thomas spent his entire career in the financial services industry as a financial planner. Thomas is passionate about helping millennials cut through the noise and figure out how to use their resources to accomplish what they truly want in life.

Celebrity Estates: The Gilded Age and Psychological Implications of Inherited Wealth

By Celebrity Estates | May 20, 2024

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Even celebrities aren’t free of the pitfalls of poor estate and legacy planning. With their lives and finances often in the spotlight, it can be easy to see where they fall short and how to avoid those same problems if you know where to look.

Join David Lenok and his guest, psychologist and economist Eric Schoenberg, as they discuss the psychological implications of inherited wealth and how economic principles might not always align with personal happiness. This enlightening discussion sheds light on common pitfalls in estate planning and offers valuable lessons that can be applied beyond the celebrity realm.

David and Eric touch on:

The psychological impact of inherited wealth and its influence on personal fulfillment.
The complexity of estate planning and common challenges faced by individuals, regardless of their status.
Expert insights on navigating the legal and emotional aspects of estate distribution.
Analyzing famous estate planning cases to extract valuable lessons for advisors and their clients.
And more

Resources:

Connect With Eric Schoenberg:

Connect With David Lenok:

About Our Guest:

Eric Schoenberg’s academic research centers on the psychology of money, with a specific focus on intergenerational wealth transfers and behavior in financial markets. He has taught a range of classes in Behavioral Economics and Decision Making.

Celebrity Estates: Celebrity Tax Planning Adventures with Jim Henson and Michael Jackson

By deadcelebrity | July 24, 2023

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The entertainment industry is a world of buying, selling and competing for the right to use certain intellectual property and work in specific places. Managing the money, and more importantly, the tax implications requires a deft hand.

In this episode, David Lenok speaks with Charles Lubar, retired Senior Counsel from McDermott Will & Emery, about his experience working with celebrity clientele and how he helped people like Jim Henson and Michael Jackson navigate tax strategies for their projects.

Chuck discusses:

How tax law impacts entertainment celebrities;
Examples of complexities in dealing with tax implications of projects involving the Muppets and Michael Jackson;
The problems with managing taxation and financial planning between US celebrity corporations and UK entertainment opportunities;
And more

Resources:

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Connect With Charles Lubar:

Connect With David Lenok:

About Our Guest:

Charles Lubar is a graduate of Yale University and Harvard Law School and holds a Master’s Degree in taxation from Georgetown Law. For two-and-a-half years he worked in the Chief Counsel’s Office of the Internal Revenue Service in Washington, D.C. He spent thirty-four years as a partner for the global law firm Morgan Lewis. Lubar most recently served as a Senior Counsel at McDermott Will & Emery. Born and raised in Washington, D.C., Lubar spent two years as an entrepreneur in Nairobi, Kenya and has been a resident of London, England since 1971.

Celebrity Estates: Lisa Marie Presley and Estate Litigation

By deadcelebrity | April 17, 2023

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Lisa Marie Presley was only 9 years old when her father, Elvis Presley, died and she gained control of his whole estate at the age of 25. When she passed in 2023, her mother, Pricilla Presley, challenged the legitimacy of Lisa Marie’s daughters being named trustees of the trust containing the assets in Lisa Marie’s estate.

In this episode, David Lenok talks to Brian Dillon, partner at Lathrop GPM, about the problems that arise when estate documents are suspicious or improperly filed and how those problems impact the legal process of handling an estate.

Brian discusses:

What casts doubt on the legitimacy of estate documents;
When third party knowledge can be considered hearsay versus legitimate evidence to the deceased intent;
Why having the conversation on inheritance before death can help avoid disputes;
How previous paperwork sets a precedent of the deceased state of mind when determining influence on the estate plan
And more

Resources:

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Connect With Brian Dillon:

Connect With David Lenok:

About Our Guest:

Brian Dillon is the Partner in Charge of the Minneapolis office for Lathrop GPM. Brian is an experienced litigator who specializes in trusts and estates litigation, complex business and shareholder disputes, and responding to government investigations and enforcement actions. Clients value Brian’s diverse range of litigation experience and practical, down-to-earth approach in resolving disputes, both in and outside the courtroom.

Celebrity Estates: Julia Fox and Why Millennials Focus Less on Material Wealth

By deadcelebrity | March 13, 2023

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Summary:

Uncut Gems star Julia Fox recently went viral for posting a TikTok video showcasing her home, which was modest compared to the extravagant wealth you expect from someone wealthy and famous. Today, many millennials are shifting away from buying luxury homes.

In this episode, David Lenok speaks with Kelley Wolfington, Senior Wealth Strategist at SEI Private Wealth Management, on why the housing trend for high-net-worth individuals is shifting and how it reflects the current values passed on to the next generation.

Kelley discusses:

Why the current generation believes in a values-driven spending
How wealthy millennials are choosing their financial advisors
Why the location of a house matters more in a remote work environment
The expectations for future generations to do something significant beyond spending inherited money
And more

Resources:

Listen to the latest episodes of Celebrity Estates

Connect With Kelley Wolfington:

Connect With David Lenok:

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.

Ep 24 – Albert C. Barnes: Wills of the Rich and Famous –– With Jacqueline Bevilaqua

By deadcelebrity | May 11, 2020

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It’s surprisingly easy to have estate planning documents and wills modified or overturned. Can your clients be assured that their estate planning documents will be enforced after they’re gone?

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with three-time guest, Jacqueline Bevilaqua, an associate at Katsky Korins, about what can happen to a trust and the client’s wishes after their death. The celebrity example in this episode is American businessman Albert C. Barnes, best known for his massively valuable art collection.

In this episode, you will learn:

The story of how Albert C. Barnes’s wishes were blatantly disregarded over 50 years after his death
What kinds of estate-planning scenarios are less likely to get overturned or modified in the future
Whether making wishes known is enough to make them legal
How a trustee’s residential location can affect estate planning
And more!

Tune in now and learn how to help your clients ensure that their wishes will be carried out.

Resources: WealthManagement.com | Katsky Korins | jbevilaqua@katskykorins.com

Ep 23- George Steinbrenner and the Value of Flexibility –– With Amy Castoro

By deadcelebrity | April 27, 2020

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Are you willing to let your children take the reigns of the family business? Giving your children the space to try and make their own mistakes as they learn will help you identify who is ready to take on the family business.

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with returning guest Amy Castoro, president and CEO of The Williams Group, about what advisors can do to help high-net-worth parents to prepare their children to inherit wealth. David and Amy discuss the Steinbrenner family and the approach they took to allow their children to succeed in their way, which allowed them to rise to the top and step in for dad when needed.

In this episode, you will learn:

Life changes – why staying flexible is essential for success
When working with the next generation, helping them focus on how they can contribute to the business yet maintain their own identity
Why providing guidance and allowing the opportunity to make mistakes is crucial to learning
And more!

Tune in now and learn how to help your children get excited about the business and find their way to contribute!

Resources: WealthManagement.com | The Williams Group

Ep 21 – Aaron Spelling: Help Wealthy Parents Nip Their Children’s Affluenza in the Bud –– With Amy Castoro

By deadcelebrity | March 30, 2020

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Ep 20 – The Wrigley Family: Help Your Clients Avoiding Passing on an Estate Tax Bill — With Scott Steiner

By deadcelebrity | March 16, 2020

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Too many people are oblivious to the estate tax. But as an advisor, you’re perfectly positioned to help your clients avoid passing on a tax bill to their heirs.

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Scott Steiner of Calamos Wealth Management about what you can do to make your clients aware of the estate tax and avoid sticking their heirs with a bill. They bring this topic to life by exploring the case of the Wrigley family, best known for their chewing-gum dynasty. The Wrigleys were either unaware or did not care about the estate-tax consequences of their wealth upon their passing, as they left their son with a $40-million-dollar tax bill.

In this episode, you will learn:

About the two major estate tax blunders that the Wrigley family made
How to guide clients who have a pending estate tax bill
Why having mainly illiquid assets can pose estate tax issues
Examples of illiquid assets that are common in U.S. estates
What strategies the Wrigleys could have used to undo their liquidity issues
And more!

Tune in now and learn how to help your clients avoid passing on a tax bill to their loved ones.

Resources: WealthManagement.com | Calamos Wealth Management