Category Archives: Dead Celebrity

Dead Celebrity Ep 13 – Picasso: The Taxman Cometh — With Sarah McDaniel, CFA



Sponsored By: FS Investments

Art collections can be a difficult asset to comprehend. You need to surround yourself with highly qualified and good-intentioned experts to ensure your legacy lives on.

In this episode, WealthManagement.com’s senior editor, David Lenok, speaks with Sarah McDaniel, CFA and managing director: head of Wealth Strategies Group and Advance Planning Centers at Morgan Stanley, about the massive art collection left behind after the death of one of the world’s most influential artists: Pablo Picasso. As you’ll soon find out, thanks to Picasso’s superstitions, his family had to use part of his collection to pay the estate taxes due upon his death.

In this episode, you will learn:

  • Why the big winner of not preparing your estate with proper documentation will be the government
  • How the Picasso Museum in France actually came about
  • How art assets are taxed differently depending on whether you are the artist or the collector
  • And more!

Tune in now and take Picasso’s words to heart: “Action is the foundational key to all success.” Take action and protect your estate.

Resources: WealthManagement.com | Morgan Stanley


Dead Celebrity Ep 11 – Liberace: Planning for LGBTQ Clients — With Bruce Hoffmeister



Sponsored By: FS Investments

Living a secret life can be so utterly complicated. Take it from Liberace. As you’ll soon find out, it is essential for LGBT couples to have a prenup or partnership agreement that can unfold if a relationship ends.

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Bruce Hoffmeister, a vice president and wealth strategist at Wilmington Trust. Together, they discuss the issues within the estate of Liberace, Mr. Showmanship himself. In this discussion, they delve into the secret and not-so-secret lifestyle of Liberace, brought forward by the infamous palimony case on behalf of his 17-year-old chauffeur and live-in lover.  

In this episode, you will learn:

  • The great lengths to which Liberace went to keep his sexual orientation private
  • The benefits of partnership agreements
  • What advisors need to be aware of when they have clients who are members of the LGBTQ community 
  • Why it’s important for clients to have all of their paperwork in order sooner rather than later
  • And more!

Tune in to learn about prenup and estate-planning action items that will help LGBTQ couples protect themselves, their families, and their assets. 

Resources: WealthManagement.com | Wilmington Trust

 


Dead Celebrity Ep 8 – Anthony Bourdain, Aretha Franklin and the Basics of Trusts



Sponsored By: FS Investments

When celebrities with trusts pass away, we may never learn the full details of their estates. And that’s largely the point. But the benefits of using a trust don’t stop at privacy.

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Geoff Madsen, CEO and chairman of Independent Trust Company. They discuss the benefits of using trusts in your estate planning package, weaving in the examples of Anthony Bourdain, Aretha Franklin and others to illustrate their points.

In this episode, you will learn:

  • What a trust is and how you can benefit from one
  • How probates affect families and estates
  • The importance of choosing the right trustee
  • How a financial advisor should look at trusts
  • And more!

Tune in now to learn about the basics of incorporating a trust into your estate plan.

Resources: WealthManagement.com | Independent Trust Company


Dead Celebrity Ep 7 – Adam “MCA” Yauch: How to work with strong-willed clients — With Guest Jacqueline Bevilaqua



Sponsored By: FS Investments

Do you have co-owned assets, similar to how the three members of Beastie Boys co-own their music?

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Jacqueline Bevilaqua, associate at Katsky Korins, about what was done correctly and incorrectly in the estate plan of rapper Adam Yauch ( ⅓ of Beastie Boys). As they examine Adam Yauch’s estate,  David and Jacqueline discuss how to delicately manage the challenges that often come with high-net-worth clients and what steps need to be taken before incorporating copyright into a will.

In this episode, you will learn:

  • Possible reasons why a copyright clause made it into Adam Yauch’s will, despite him being a co-owner of his artistic property 
  • How to work with strong-willed clients who insist on using their will to make a public statement
  • What to consider when incorporating copyright into a client’s will
  • What it means to help your clients “play the tape through” when they’re appointing guardianship — and why it’s important
  • And more!

Tune in now and know that you are the one who can “fight for the right” to protect your clients after death.

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