Category: Dead Celebrity

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

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

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:

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

Celebrity Estates: Lisa Marie Presley and Estate Litigation

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:

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

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

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:

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

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

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 

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

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

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

Sponsored By: FS Investments

No parent wants their children to be worse off because of the wealth they inherit. As an advisor, what can you do to help parents equip their children for wealth and snuff out a sense of entitlement –– or affluenza –– that could derail them in the future?

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with 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 look to the Spelling family for an example of affluenza. It’s debatable whether wealth has been a positive influence in the life of Tori Spelling, daughter of the late American film and television producer Aaron Spelling. Tori is outspoken about her poor investment decisions and overly lavish lifestyle, and yet she seems incapable of living sustainably. 

In this episode, you will learn:

  • Examples of details for wealthy families to get clear on in advance, such as drawing the line of entitlement versus engagement for their children 
  • How parents can create an open environment for young kids to ask questions about their family’s wealth
  • What can be done today to influence an adult child who doesn’t appreciate their wealth
  • How to recognize the early signs of affluenza and step in
  • And more!

Tune in now and learn how to help your clients transfer family wealth and values to their children for a sustainable legacy. 

Resources:  WealthManagement.com | The Williams Group

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

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

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

Dead Celebrity Ep 19 – Yul Brynner: Renouncing U.S. Citizenship — With David Lesperance

Dead Celebrity Ep 19 – Yul Brynner: Renouncing U.S. Citizenship — With David Lesperance

What is it about the American tax system that’s compelling people to renounce their U.S. citizenship? Is there a better option for you and your money?

In this episode, WealthManagement.com’s senior editor, David Lenok, is joined by David Lesperance, a tax and immigration lawyer who has been helping people save their wealth from the taxman for over 30 years. Together, they explore the case of Yul Brynner, an award-winning film and stage actor who renounced his U.S. citizenship in 1965 for tax reasons. Since then, the number of wealthy Americans who’ve been using renunciation as a method of severing their U.S. tax liability has been increasing dramatically. Listen in to find out why and how people are resorting to this drastic option.

In this episode, you will learn:

  • Four reasons why there aren’t even more people renouncing their U.S. citizenship
  • What benefits expatriation can bring you in addition to tax savings 
  • What a back-up plan involves and what triggers people to use it
  • What is meant by “citizenship by investment”
  • And more!

Tune in now to discover what is involved in renunciation and why this move has gained popularity amongst Americans. 

Resources:

WealthManagement.com | Lesperance & Associates

 

Dead Celebrity Ep 18 – Mickey Rooney: Elder Abuse and Preventing Post-Death Litigation — With Vivian Lee Thoreen

Dead Celebrity Ep 18 – Mickey Rooney: Elder Abuse and Preventing Post-Death Litigation — With Vivian Lee Thoreen

Sponsored By: FS Investments

Numerous post-death estate-litigation cases happen across the U.S. every day. How will you help your clients understand their estate planning decisions and ultimately prevent post-death litigation?

In this episode, David Lenok, WealthManagement.com’s senior editor, is joined by the attorney who represented Mickey Rooney and his estate in his elder abuse and estate litigations, Vivian Lee Thoreen of Holland & Knight, to discuss how advisors can help clients make effective decisions about guardianship to protect their elderly clients and reduce the chance of post-death litigation. Together, they discuss the financial elder abuse and estate of actor Mickey Rooney, who spent the last years of his life living in pain and fear without a dollar in his wallet.

 In this episode, you will learn:

 What the different types of guardianship/conservatorship are;

  • Why it is important for elders to not delegate all of their responsibility away;
  • Why practical conversations about the division of the estate are important;
  • How common sense does not always apply in estate planning;
  • And more!

Tune in now to learn some tips to recognize elder abuse and help your clients reduce the chance of post-death litigation.

Resources:

WealthManagement.com | Holland & Knight

 

Dead Celebrity Ep 17 – Elizabeth Taylor: Going Deep With Your Philanthropy — With Bruce DeBoskey

Dead Celebrity Ep 17 – Elizabeth Taylor: Going Deep With Your Philanthropy — With Bruce DeBoskey

Sponsored By: FS Investments

What kind of difference do your clients want to make in the world — and for themselves — with their philanthropy?

In this episode, WealthManagement.com’s senior editor, David Lenok, is joined by Bruce DeBoskey, president and founder of The DeBoskey Group. Bruce has dedicated his life to helping others maximize the impact of their philanthropic giving. Together, David and Bruce discuss the legacy of Elizabeth Taylor, one of classical Hollywood cinema’s most beloved stars, to serve as inspiration for teaching advisors how to help clients deepen their impact

In this episode, you will learn:

  • What role philanthropy can play in your clients’ financial plans
  • How to help your clients decide what kind of difference they want their philanthropy to make in the world and for themselves
  • Why clients will make a greater impact with their giving if they narrow their focus 
  • How multigenerational families, in particular, can benefit from having a mission statement to guide their philanthropic efforts
  • Why Bruce encourages his clients to “give while they live”
  • And more!

Tune in now and learn how to help your clients deepen their impact. 

Resources:

WealthManagement.com | The DeBoskey Group