David Lenok, senior editor at WealthManagement.com, is joined by Dr. Denise Federer, speaker, consultant, coach, psychologist, author, and founder of the Federer Performance Management Group (FPMG) as they discuss the impact of families not having those difficult conversations about their money and wealth.
This episode focuses on an icon from Hollywood’s Golden Age, the legendary Audrey Hepburn. When Audrey passed in 1993, she left behind 2 sons – step brothers. As part of the estate, the two step brothers were to equally split the contents of a storage locker filled with old Hollywood memorabilia. The feud over the items lasted 24 years, until they finally decided to allow a judge to decide how the locker would be divided.
David and Dr. Federer delve into how advisors can help their clients by being that trustworthy, outside party that is brave enough to force their clients to talk about generational money.
In this episode, you will learn:
Some of the most common causes of sibling rivalry and how advisors can help families avoid conflict;
When parents should start talking to their children about their money;
Why fair doesn’t always mean equal;
And more!
Listen now because it is not an accident to have adult children who work hard and have good values!
In this episode’s encore presentation, 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!
With a 4% stake in Amazon, MacKenzie Scott, formerly MacKenzie Bezos, is the third wealthiest woman in the United States.
In this episode, David Lenok is joined by Richard Peck, vice president of New Hampshire Charitable Foundation, and Jonathan Gassman, CEO of Gassman Financial Group. Richard and Jonathan discuss how she goes about charitable giving through a personal, philosophical and operational standpoint. They reveal tools and vehicles anyone can use when donating and how you can continue your charitable legacy after you are gone.
Richard and Jonathan discusses:
How individuals can make charitable gifts;
The importance of having a conversation with clients about their goals;
A professional who acts as a chief financial advisor to many highly respected professionals, Jonathan has taken his knowledge and experience as a certified financial planner and a certified public accountant to consistently provide the highest level of service to his clients. Jonathan’s long-term involvement with charitable planned giving is what led him to pursue the rigorous CAP® credential (Chartered Advisor in Philanthropy®). The CAP® program provides financial professionals with the knowledge and tools needed to help clients reach their charitable giving objectives, while also helping them meet their estate planning and wealth management goals. Only 350 individuals have been awarded the prestigious CAP® designation since its inception in 2003.
Richard Peck
Rick Peck leads the Foundation’s philanthropy and donor services team, overseeing all aspects of development, donor engagement and donor services.
Before joining the Foundation, Rick served Dartmouth-Hitchcock Health and the Geisel School of Medicine as director of individual giving and gift planning, where he worked with grateful patients and families as well as medical school alumni to achieve their philanthropic goals. He also served Dartmouth College as an associate director of gift planning, working with alumni of the undergraduate college.
Rick is a Certified Financial Planner®, a Chartered Advisor in Philanthropy® and a Chartered Financial Consultant®. He holds an MBA from Baker College in Michigan and a BA from the University of Massachusetts.
Rick is a volunteer member of the marketing and development committee of the Grafton County Senior Citizens Council in Lebanon, NH. He also serves on the NH Race and Equity All Workgroup and the Civic Engagement subgroup in Concord, NH. And, he is a new member of the board of directors of the International Association of Advisors in Philanthropy.
Ep 57 – Prince: Planning for Intellectual Property With Matthew Erskine
From his home and liquid possessions to his image and royalty rights, settling Prince’s estate would have been a complex process, even with a will. But Prince did not have a will, and this led to one of the largest and most complex estate battles in Minnesota and even American history.
However, the most mysterious part of Prince’s estate is the bank vault with a code that even Prince himself forgot.
In this episode, David Lenok is joined by Matthew Erskine of Erskine and Erskine revisiting the topic of Prince. Focusing on the sealed vault filled with unpublished songs and recordings, David and Matthew discuss the relevance of protecting your intellectual property (IP) regardless of your celebrity status. They reveal the potential ramifications of posting content online and why the importance of understanding your collection for future heirs.
Matthew and David discuss:
How the internet has immortalized intellectual property
The ramifications of self-selling when it comes to IP ownership
The impact of fan-made creations on the original creators
Why you should categorize your collection for you heirs
Matthew Erskine is the managing partner of this fourth generation law firm. He focuses his estate planning and trust services practice on serving business owners, professionals, individuals, families, collectors, and inheritors of significant assets. Helping his clients and their families achieve their goals by providing customized solutions. Matt carries on his family’s tradition of integrity, continuity, and service.
Matt has a particular expertise in the stewardship of special assets that few other estate planning and trust attorneys can match. Working with collectors of art, jewelry, heirlooms, and other valuable assets, as well as owners of real estate and family businesses, Matt brings his and his family’s generations of experience and intimate knowledge of unique areas of the law to help clients achieve their desired investment and personal goals.
The Erskine family has been counsel to client families since 1876, overseeing litigation, estate and income taxation planning, residential and commercial real estate conveyances, close corporations, nonprofit corporations, personal trusts, dynasty trusts, private foundations, and family offices. Matt is also active in numerous community organizations in the Worcester, Massachusetts area, including the American Antiquarian Society, the Council on Foreign Relations Worcester Committee, Inc., the Worcester Economics Club, and the John J. Kittredge Numismatic Foundation.
Matt is an active member of Wealthcounsel, Wealthcounsel Advisors, Vistage, the American Bar Association and several other professional organizations.
After graduating from Lawrence Academy, Matt received his B.A. in Medieval History from Carleton College and his J.D. from Suffolk University Law School.
Ep 56 – Elon Musk’s Charitable Limits With John Pantekidis
Between his six children and his illiquid assets in Tesla and SpaceX, Elon Musk’s claim to give half of his fortune to charity falls short. Yet only a few small steps would be required to increase his charitable giving and arrange support for his family.
In this episode, David Lenok is joined by John Pantekidis of Twin Focus Capital. John shares his insight into the financial situation of Elon Musk, who was recently named the richest man in the world.
John discusses Elon’s struggle to uphold his claims of philanthropic giving between his illiquid assets and support for a large family. John also discusses how others can avoid the pitfalls of keeping your wealth in illiquid assets and familial drama through premarital agreements and including the children in charity foundations.
John discusses:
Why a premarital agreement should have been included when Elon Musk first married
How his assets restrict his donation amount
What he should be doing to increase his charitable giving and passing money on to the next generation
John is a partner at TwinFocus Capital and serves as the Chief Investment Officer (CIO) and General Counsel. In this role, John maintains a close working relationship with TwinFocus clients to help them design and expedite their investment strategies. He also leads the firm’s research efforts to develop new and creative asset allocation policies, oversee due diligence for manager search and selection, as well as write thought leadership commentary on global macroeconomic topics. Additionally, he has a keen interest in alternative investment fund formation and structuring, as well as analyzing complex tax aspects of alternative investments, pioneering studies on how to make hedge fund investing more tax efficient from an income and wealth transfer tax perspective. He is especially active on behalf of offshore clients, developing strategies to overcome cross-border impediments, tax, legal, and regulatory challenges, as well as cultural sensitivities to maximize inter-generational wealth transfer and succession planning.
Ep 55 – Britney Spears: How The Jump Conservatorship Skips Estate Planning With Megan Gorman
In 2008, following a very public breakdown, Britney Spears and her estate were placed under a conservatorship managed by her father, Jamie Spears.
Now 13 years later, Britney is contesting the conservatorship.
In this episode, David Lenok is joined once again by Megan Gorman from Chequers Financial Management. They dive into the legal wrangling of Birtney Spears’ estate and the conservatorship she is under.
Megan discusses:
The difference between a guardianship and a conservatorship
Available options before taking the conservatorship route
How the conservatorship impacted Britney’s net worth
Megan is the founding partner of Chequers Financial Management, a fee-only planning firm that specializes in high net worth and ultra-high net worth families in San Francisco, California. Megan heads the firm’s family office services practice.
As well, Megan is a Senior Contributor for Forbes in personal finance and tax. She is also quoted regularly in the press as a tax and financial planning expert including such publications as The Wall Street Journal and The Washington Post. She blogs at TheWealthIntersection.com, has appeared on numerous podcasts, and is a regular weekly commentator on The Money Tree Podcast.
Ep 54 – James Brown: Philanthropy After Death With Robert Strauss
In this episode, David Lenok, senior editor at WealthManagement.com, is joined by Robert Strauss, shareholder and director of Weinstock Manion, specializing in guiding high net worth families, business owners, and real estate developers through the complex process of estate and wealth transfer planning.
Today’s celebrity example is the estate of legendary musician and American icon James Brown, including the fifteen years it took to settle his relatively simple estate. David and Robert discuss how charitable giving can help you avoid drawn out settlements after your death.
David and Robert discuss:
The importance of defining the clients’ wishes for their estate after they pass
Charitable giving before vs. after death
How family and legal dynamics can change after you are gone
As a Partner at Weinstock Manion, I specialize in guiding high-networth families, business owners and real estate developers through the complex process of estate and wealth transfer planning. With an extensive background as a transactional attorney, I am able to effectively advise owners of businesses and real estate regarding business succession plans and pre-liquidity event wealth transfer plans. Further, I bring a creative and customized approach to all estate matters in order to reduce estate taxes, achieve liability and creditor protection and, if desired, incorporate charitable giving and life insurance planning.
Ep 53 – The Information About Special Needs Trusts Everyone Needs To Hear With Gina Nelson
Many of us remember Chrisptopher Reeves for his unforgettable performance as the first Superman to appear on the big screen in 1978. But a lot of us forget his later years were spent as a parapelegic after a tragic horse accident.
In this episode, David Lenok speaks with Gina Nelson about some of the different planning you can do to prepare if you or a loved one should become disabled, and what you can do today to set them up for after you’re gone.
Gina discusses:
The Christopher and Dana Reeves Foundation and how it’s set up to help those living with any type of disability
How a special needs trust can help you and your loved ones
The difference between special needs and supplemental needs
The importance of flexibility in your trust documents
The different scenarios between who sets up the trust
Gina M. Nelson is a Senior Vice President – Head of Fiduciary Services with over 15 years of experience in various trust and estate roles. Prior to joining Chilton Trust, Ms. Nelson served as Executive Director/Global Head of Trusts and Estates Risk at J.P. Morgan where she was responsible for Risk Management of all of J.P. Morgan’s trust companies, which include the U.S., Delaware, Bahamas, and other international entities. Prior to J.P. Morgan, Ms. Nelson accumulated over 10 years of trust company experience, serving as a resource on complex fiduciary matters, reviewing and approving new business, and developing and enhancing fiduciary processes and procedures.
She has spoken on panels at several key industry events, including the Delaware Trust Conference and the Mourant Ozannes International Trust and Private Client Conference. Ms. Nelson began her career practicing law and opened her own practice where her focus was estate planning and trust and estate administration. Ms. Nelson received her B.A. in French and European Studies from Vanderbilt University and her J.D. from the University of Minnesota School of Law.
Ep 52 – Peter Bing: How Incorrect Terminology in an Estate Plan Can Cause Total Chaos With Megan Gorman
A trust might make complete sense. But when you add family dynamics to the equation, chaos can ensue.
This is exactly what happened when a millionaire decided to remove two of his biological grandchildren from his multi-million dollar trust plan.
In this episode, David Lenok is joined by returning guest Megan Gorman, a founding partner of Chequers Financial Management, to talk about the recent estate case concerning multi-millionaire Peter Bing disinheriting two grandchildren, Damien Hurley and Kira Bonder, and leaving them with nothing.
David and Megan discusses:
How this level of miscommunication can happen in any estate plan, regardless of one’s wealth
How to protect your inheritance from creditors, ex-spouses, and anyone else who might come knocking
How the language and definitions you use can determine what happens in your estate plan
Why a trust proctor could have helped Peter Bing’s case
Megan is the founding partner of Chequers Financial Management, a fee-only planning firm that specializes in high net worth and ultra-high net worth families in San Francisco, California. Megan heads the firm’s family office services practice.
As well, Megan is a Senior Contributor for Forbes in personal finance and tax. She is also quoted regularly in the press as a tax and financial planning expert including such publications as The Wall Street Journal and The Washington Post. She blogs at TheWealthIntersection.com, has appeared on numerous podcasts, and is a regular weekly commentator on The Money Tree Podcast.
Ep 51 – Preserving Your Inherited Collectibles with Barbara Archer
In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Barbara Archer, managing director and partner at Hightower. David and Barbara speak about Barbra’s story of researching, purchasing and preserving art that can be shared with the world.
Today’s celebrity example begins with Lilly Pulitzer. Lilly quickly grew to fame through her fashion and bright coloured designs. But, an individual so often forgotten in Lilly’s story is Suzie Zuzek. Suzie, the artist behind the designs was once never recognized, but that has recently changed. Our guest shares the story of finding Suzie’s designs and the work it took to have them displayed in the Cooper Hewitt Smithsonian Design Museum. We use this example to understand the steps it takes to preserve collectibles.
Barbara discusses:
Her role in getting Suzie Zuzek’s designs into the Cooper Hewitt Smithsonian Design Museum
How advisors should handle the situation of clients wishing to invest in collectibles
The hidden costs associated with investing in collectibles
Barbara C. Archer is a consummate entrepreneur who sees her clients’ world through a creative financial lens. As a Managing Director and Partner of Hightower Wealth Advisors | St. Louis, she and the team are resourceful problem solvers who deliver valuable advice and investment guidance.
