Category: Finance
Celebrity Estates: Jim Thorpe, Native Americans, and the Land Back Movement

Celebrity Estates: Jim Thorpe, Native Americans, and the Land Back Movement

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

Jim Thorpe, revered as one of the greatest athletes in American history, exemplifies how personal wishes and legal rights can conflict posthumously. Thorpe’s estranged third wife, Patricia, moved his remains to a town in Pennsylvania, which now bears his name, in a bid to create a tourist attraction, a decision contested by his sons under the Native American Graves Protection and Repatriation Act of 1990.

David Lenok speaks with Alma Soongi Beck and Professor Jo Carillo about the multifaceted legal landscape surrounding estates involving Native Americans, focusing on Jim Thorpe’s controversial burial. They explore the nuanced issues of land rights, the Native American Graves Protection and Repatriation Act, and the increasing interest in land back movements.

David, Alma, and Jo discuss:

  • The legal battles surrounding Jim Thorpe’s burial controversy and what it symbolizes for Indigenous rights; 
  • The impact and significance of the land back movement on traditional land ownership; 
  • Common pitfalls encountered in estate planning involving Indigenous lands; 
  • Recent trends in charitable giving and how they support Indigenous communities;
  • How tax laws affect charitable giving to Indigenous organizations;

Resources:

Connect With David Lenok:

Connect With Alma Soongi Beck:

Connect With Professor Jo Carillo:

About Our Guests:

Alma Soongi Beck is certified as a specialist in estate planning, trust, and probate law by the State Board of Legal Specialization. Alma’s practice focuses on trusts, charitable planning, gift and estate tax planning, and post-death administration including trust administration and probate. She also offers consultations and seminars on the legal and tax implications of domestic partnership, marriage, and property co-ownership for same-sex and unmarried couples, as well as on the evolution of parentage and gender in estate planning. Alma also advises and presents Land Back to Indigenous Tribes for titleholders, Tribes, and Indigenous nonprofit organizations.

Jo Carrillo JD/JSD is a Professor of Law and Faculty Director of the Indigenous Law Center (ILC) at UC Law San Francisco (formerly UC Hastings). For over three decades, Carrillo has taught and written extensively in property and property-related subjects, including Federal Indian Law. Carrillo earned her BA from Stanford University, her JD from the University of New Mexico, and her JSD from Stanford Law School. She is a member of the Order of the Coif, the American Law Institute, and a former Trustee of the Law & Society Association; she was a Visiting Scholar at The Center for the Study of Law & Society at UC Berkeley Law, and a Visiting Professor at Stanford Law School. As Faculty Director of the UC Law Indigenous Law Center, in addition to other responsibilities, Carrillo facilitates a seminar series called Law & Seminars.
Celebrity Estates: John Amos and Warning Signs of Elder Abuse in Estate Planning

Celebrity Estates: John Amos and Warning Signs of Elder Abuse in Estate Planning

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

John Amos, an actor who starred in such television shows as Good Times, The Mary Tyler Moore Show and The West Wing, is believed to have died from congestive heart failure, but his only daughter Shannon has doubts. She has accused her brother of elder abuse, including isolating Amos from others, impersonating him in communications and disregarding his medical needs.

Join David Lenok as he speaks with Neil Solarz, shareholder and director at Winestock Manion, about estate planning, wealth transfer and trust administration. With over 30 years of experience and a deep commitment to his clients, Neil sheds light on a topic often overlooked in financial advising—elder abuse and the complexities of end-of-life care. 

This episode highlights the delicate balance between respecting clients’ autonomy and protecting them from potential abuse, offering actionable insights for advisors and families alike.

Key takeaways:

  • Complexities of elder abuse and family disputes using the late actor John Amos’s estate controversies as a case study;
  • How geriatric psychiatrists and lawyers can offer valuable insights to support decisions;
  • Common warning signs of elder abuse;
  • The importance of proactively updating estate plans; 
  • And more

Resources:

Connect With David Lenok:

Connect With Neil Solarz:

About Our Guest:

Neil Solarz counsels his clients on estate planning, wealth transfer and trust and probate administration. Applying over 30 years of experience and an empathetic, caring approach, Neil focuses on getting to know his clients, their families, business dealings and concerns. His clients appreciate this effort, as it helps Neil drive consensus among family members during the planning phases and reduces the emotional stress common to trust and probate administration.
Celebrity Estates: Shannen Doherty and The Importance of Timely Planning

Celebrity Estates: Shannen Doherty and The Importance of Timely Planning

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

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:

Connect With David Lenok:

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

Celebrity Estates: Simon Cowell and Disinheritance in Estate Planning

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

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

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

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

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: Steve Lockshin on Len Bias and NIL Deals in Estate Planning

Celebrity Estates: Steve Lockshin on Len Bias and NIL Deals in Estate Planning

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

Len Bias was a star basketball player at the University of Maryland drafted by the Boston Celtics in 1986 and one step away from becoming a pro athlete. Unfortunately, he passed away just two days after being selected but before signing any MBS or sponsorship documents, leaving him and his family just out of reach of the riches he would have gotten due to the timing of his death.

With host David Lenok and special guest Steve Lockshin, founder of AdvicePeriod and a co-founder of Vanilla, an estate planning advisory platform, they unravel the nuances surrounding Name, Image, and Likeness (NIL) deals for athletes, the challenges and opportunities they present, and foundational estate planning strategies that every individual, regardless of fame, should consider. 

David and Steve discuss:

  • How do NIL deals affect young athletes’ financial and estate planning;
  • Why are wills, durable powers, and healthcare directives important for young adults;
  • Strategies to protect future earnings and assets through estate planning
  • What advice do advisors have for guiding young earners in estate and financial planning;
  • And more.

Resources:

Connect With Steve Lockshin:

Connect With David Lenok:

About Our Guest:

Steve Lockshin is an entrepreneur in the wealth management services industry. He built and sold RIAs and TAMPs. Now doing it again, Steve is a founder with a primary focus towards serving the ultra-affluent through effective estate and investment planning. He is a champion for technological advances in the wealth advisory industry while working towards improving transparency and supporting the fiduciary standard(+) and the author of Get Wise to Your Advisor.
Celebrity Estates: The National Football League and Lessons on Family Dynamics and Governance

Celebrity Estates: The National Football League and Lessons on Family Dynamics and Governance

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

A close-knit network of family businesses, the NFL earns around $200 billion annually. On top of traditional family business within their individual branches, the NFL navigates those same financial planning connections between extended family members as well.

Join David Lenok and his guest Alvina Lo, chief wealth strategist at Wilmington Trust, as they delve into the complexities of the NFL as a family business, discussing succession planning, liquidity concerns, trust ownership, and potential private equity involvement. 

David and Alvina discuss:

  • What are the common challenges encountered with liquidity and succession planning in family-owned businesses
  • How do NFL families navigate governance and control issues within their organizations
  • What effects does trust ownership have on estate planning challenges within the NFL
  • What are the potential consequences of permitting private equity involvement in the NFL
  • And more

Resources:

Connect With Alvina Lo:

Connect With David Lenok:

About Our Guest:

Alvina Lo leads a national team of multidisciplinary experts who collectively offer objective and holistic advice to clients, with a specific focus on their wealth, family, and business concerns. The scope of advice encompasses family office services, financial planning, trusts and estates planning, tax planning, business succession planning, philanthropy, and wealth education for the next generation. Alvina and her team prioritize planning, and through their actionable advice, they guide clients from strategy through implementation.
REPLAY! Celebrity Estates: King Charles III and How International Heirs Impact Tax Planning

REPLAY! Celebrity Estates: King Charles III and How International Heirs Impact Tax Planning

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

When King Charles III was crowned, he had lived a life full of experiences at the age of 74. His heirs equally have lived their lives and made their own decisions, including his son Harry who has taken up residence in the US.

This decision will impact how Harry’s inheritance will be taxed after his father passes.

In this episode, David Lenok is joined by David Lesperance, of Lesperance and Associates, and Melvin Warshaw, a tax and private client lawyer, in exploring how estate plans work when there are international heirs involved.

Lesperance and Warshaw discuss:

  • The pain points of creating an estate plan with international heirs;
  • What tax regulations impact international heirs and how their immigration status may impact that inheritance;
  • How the US enforces inheritance tax with international heirs;
  • Why everyone should be aware of the laws involved in the estate plan – even if they will be dead when it comes into action;
  • And more.

Resources:

Connect With David Lesperance:

Connect with Melvin Warshaw:

Connect With David Lenok:

About Our Guests:

David Lesperance is one of the world’s leading international tax and immigration advisors. A published author in the field, David’s personal interest in these areas of law grew from his experience working as Canadian immigration and customs officer while studying law. Since being called to the bar in 1990, he has established his expertise with major law firms, his own law firm and as a private consultant. David has successfully advised scores of high and ultra high net-worth individuals and their families, many of whom continue to seek his counsel today. In addition he has provided pro bono advice to many governments on how to improve their Citizenship by Investment, Residence by Investment or “Golden Visa” type programs to better meet the needs of his global clients. David is supported by a team of professionals, some of whom have worked with him since the early 1990s.

Melvin Warshaw currently represents U. S. and non-U. S. high net worth individuals, families and companies on a wide range of personal and business tax matters, especially in connection with cross-border income and estate tax planning and compliance in the U. S. He is admitted to practice in the Commonwealth of Massachusetts in the U.S.

 
REPLAY! Celebrity Estates: Julia Fox and Why Millenials Focus Less on Material Wealth

REPLAY! Celebrity Estates: Julia Fox and Why Millenials Focus Less on Material Wealth

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

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.
Celebrity Estates: Bob Barker and Leaving a Charitable Legacy

Celebrity Estates: Bob Barker and Leaving a Charitable Legacy

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

Bob Barker is best known as the beloved host of The Price Is Right, the longest-running game show in American television history.

Barker sadly passed away in August 2023. The majority of his estate was donated to forty different animal and military charities, which was no surprise, given his life as a vegetarian and an outspoken animal rights advocate.

In this episode, David Lenok speaks with David Handler, a partner at Kirkland & Ellis, about adding charitable giving to legacy plans and what should be considered when choosing how to donate. They explore how charitable donations impact beneficiaries from a financial standpoint as well as the tax implications and how that money could be used after donating.

David discusses:

  • Different types of charitable donations; 
  • How charitable donations impact legacy planning for beneficiaries;
  • The tax implications of leaving money to charity;
  • The limitations of directing where donations will be spent within a charity;
  • And more

Resources:

Connect With David Handler:

Connect With David Lenok:

About Our Guest:

David A. Handler is a partner in the Trusts and Estates Practice Group of Kirkland & Ellis LLP. He concentrates his practice on trust and estate planning and administration, representing owners of closely-held businesses, family offices, principals of private equity and venture capital funds, individuals and families of significant wealth, and establishing and administering private foundations and other charitable organizations.

David is a fellow of the American College of Trust and Estate Counsel (ACTEC), and a member of the NAEPC Estate Planning Hall of Fame as an Accredited Estate Planner (Distinguished). He is the creator or co-creator of the “HEET trust,” the “RPM Trust” and the “Guaranteed GRAT,” among other innovations. David is also a member of the professional advisory committees of several nonprofit organizations, including the Chicago Community Trust, The Art Institute of Chicago, The Goodman Theatre, WTTW11/98.7WFMT (Chicago public broadcasting stations) and the Jewish Federation of Metropolitan Chicago.