Category: Finance
Celebrity Estates: Lisa Marie Presley and Estate Litigation

Celebrity Estates: Lisa Marie Presley and Estate Litigation

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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:

Connect With Brian Dillon:

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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

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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:

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: Succession Planning Lessons From The British Royal Family

Celebrity Estates: Succession Planning Lessons From The British Royal Family

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The Windsors maintain a rigid estate and succession plan that’s been (in some cases, quite literally) written in stone for hundreds of years. With the recent passing of Queen Elizabeth II, it’s an opportune time to ask: What can planners learn from such an impossibly rigid, yet simultaneously extremely transparent ‘plan’?

In this episode, David Lenok is joined by Tim Volk, Founder and Managing Director of T. Volk and Company, in discussing the repercussions of such a plan, including the importance of considering the age of the ‘next generation’ in light of ever-increasing longevity and the important distinction between adultship and eldership.

Tim discusses:

  • How a delay in the exit of the head of the family impacts the succession plan of the next generation;
  • When do individuals need to move from adultship to eldership;
  • How longevity impacts who inherits the estate (and when);
  • The problem of entitlement in succession planning;
  • And more

Resources:

Connect With Tim Volk:

Connect With David Lenok:

About Our Guest:

Timothy J. Volk, CFP, is the architect of a highly successful entrepreneurial career encompassing independent advisory, strategic planning, and financial services (banking, wealth management, insurance, and real estate) and is driven by his core values of family, community, and responsible stewardship. As principal of T. Volk & Co., he leverages his experience in a successful legacy family business and provides prudent and trusted counsel to families striving to protect their enterprises and preserve their wealth.
Celebrity Estates: Anne Heche and the Roles of Trustees and Administrators in an Estate

Celebrity Estates: Anne Heche and the Roles of Trustees and Administrators in an Estate

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Anne Heche was an actress known for her roles in a variety of genres in film, television and theater, receiving numerous accolades. On her tragic death in August 2022, Heche’s son Homer and her former partner James Tupper fought in court over who would be her estate administrator and guardian of her youngest son Atlas. 

In this episode, David Lenok is joined by Benazeer “Benny” Roshan, Partner at Greenberg Glusker, in differentiating the roles of trustee and administrator for an estate. They focus on how the court typically handles such roles and what their respective responsibilities and duties are.

Benny discusses:

  • The benefits and detriments of probate;
  • Who should be an executor or a trustee;
  • The difference in responsibilities between trustees and administrators for estates;
  • And more

Connect With Benny Roshan:

Connect With David Lenok:

About Our Guest:

For over 15 years, Benny has successfully represented a wide range of fiduciaries and beneficiaries in disputes involving trusts, fiduciary appointments, accountings, removal, and surcharge. Benny is recognized by Chambers and Partners in their High Net Worth Guide for 2021 and 2022. In 2018, the Daily Journal named Benny one of the Top 40 Lawyers Under 40 in the State of California.
REPLAY! Celebrity Estates Podcast: Pat Bowlen: Creating An Estate Plan Before Being Forced Out (Ep. 74)

REPLAY! Celebrity Estates Podcast: Pat Bowlen: Creating An Estate Plan Before Being Forced Out (Ep. 74)

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Pat Bowlen was an American lawyer and partial owner of the Denver Broncos, along with his two brothers and sister. He served as the Broncos CEO until July 2014, when he stepped down due to progressive effects of Alzheimer’s disease, and passed away in 2019. His estate plan was unique due to the family trust in place, with the three trustees taking over in 2014 with the sole purpose of determining the next owner of the team.  

In this episode, David Lenok is joined by Dan Griffith, senior vice president and director of wealth strategy at Huntington Private Bank, to review the estate planning of Pat Bowlen and how the trust came into effect. He reveals why business owners are forced out more often than retire and how to choose the best advisors to address your estate planning needs. 

Dan discusses:

  • Why choosing a new owner for the Broncos caused issues among Pat’s descendants
  • How choosing trustees before you are incapable benefits your estate plan
  • The importance of choosing trustworthy and good advisors for an estate plan
  • Why it is difficult to simply retire as a business owner

Connect With Dan Griffith:

Connect With David Lenok:

About Our Guest:

Dan Griffith is an experienced attorney with a passion for helping families and business owners find solutions to their planning challenges.
REPLAY! Celebrity Estates Podcast David Bowie: The Financial Side Of A Music Catalog (Ep. 73)

REPLAY! Celebrity Estates Podcast David Bowie: The Financial Side Of A Music Catalog (Ep. 73)

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Named the Greatest Rock Star Ever after his death, David Bowie is a singer, songwriter and actor who left his mark on the world along with a $100 million dollar estate at the time of his death. 

Recently, his music catalog sold for a reported $250 million, higher than his initial estate value.

In this episode, David Lenok is joined by Stacie Jacobson, director of the wealth strategies group at AllianceBernstein, diving into the complexity of a music catalog as an asset for both the seller and buyer, along with details of the planning required before and after the transaction. 

Stacie discusses:

  • The difference between a musician’s catalog and their other traditional assets;
  • The impact of interest rate environments on unique investments;
  • Why music catalogs are traditionally sold as one unit over individual songs; and
  • How artists plan for selling their music catalog after they are gone.

Connect With Stacie Jacobson:

Connect With David Lenok:

About Our Guest:

Stacie works with athletes and entertainers on a variety of investment planning issues including multi generational wealth transfer, pre-transaction planning, charitable giving, retirement planning and asset allocation.
Celebrity Estates: Kirk, Michael and Cameron Douglas and the Challenge of Measuring up to Previous Generations (Ep.72)

Celebrity Estates: Kirk, Michael and Cameron Douglas and the Challenge of Measuring up to Previous Generations (Ep.72)

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The Douglas family started their legendary Hollywood career with Kirk Douglas in 1946, who had been a major box office star. Michael Douglas later surpassed his father’s great fame, receiving numerous accolades. However, Cameron Douglas, Michael’s son, struggled to continue the family’s Hollywood legacy.

In this episode, David Lenok speaks with Dr. Jamie Weiner, Co-Founder of Inheriting Wisdom, on the struggles children face when born into prominent families. Dr. Weiner shares examples of wealthy children, how they viewed the world compared to other children and the impact this has on their development within society.

Dr. Weiner discusses:

  • The challenge of measuring up to previous generations;
  • Four steps to developing self worth;
  • How a liquidity event impacts the way families think about money;
  • The role of mentors in the lives of children born into prominent families;
  • And more.

Connect With Dr. James Weiner:

Connect With David Lenok:

About Our Guest:

With a multi-faceted background in speaking, coaching and counseling in environments ranging from Cook County Jail to exclusive global VIP forums, Dr. Jamie Weiner’s expertise and strategic approach to guiding people helped to develop Inheriting Wisdom’s ability to transcend any complication within a family’s dynamic.

As a co-creator of Inheriting Wisdom, Dr. Weiner is focused on helping families garner meaningful communication between generations and provide solutions to sustaining wealth and strengthening family legacies.



Celebrity Estates: Whitney Houston and Adding Age Provisions For Young Beneficiaries (Ep. 71)

Celebrity Estates: Whitney Houston and Adding Age Provisions For Young Beneficiaries (Ep. 71)

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Whitney Houston, beloved singer and actress, left her entire estate to her 18-year-old only child Bobby Christina Brown. The wealth transfer was divided into three age-based distributions, with the final transfer scheduled at age 30. However, things got complicated when Brown, too, died at 22 before inheriting her mother’s estate.

In this episode, David Lenok is joined by Jennifer Proper, Managing Director of Wealth Strategies at Pitcairn, to discuss the benefits and pitfalls of age provisions within trusts and the importance of balancing protection with the beneficiaries will.

David and Jen discuss:

  • Key advantages and disadvantages to having age provisions in trusts
  • Some of the most common clauses in trusts
  • Why communication is essential to drafting an effective will
  • How far is too far when creating trust restrictions
  • And more

Connect With Jennifer Proper:

Connect With David Lenok:

About Our Guest:

Before joining Pitcairn, Jennifer served as Director, Legacy and Wealth Planning at Abbot Downing, a Wells Fargo division serving ultra-high-net-worth individuals and family offices. While at Abbot Downing, she provided sophisticated estate, business, and financial planning for the firm’s clients and led the Northeast region planning team. Previously, Jennifer held the positions of Senior Wealth Planner with Wells Fargo Private Bank in Philadelphia PA, and Legal and Tax Strategist with Legacy Advisors, LLC in Plymouth Meeting, PA.
Celebrity Estates: Freddie Mercury and Financial Planning With An LGBTQ+ Mindset (Ep.70)

Celebrity Estates: Freddie Mercury and Financial Planning With An LGBTQ+ Mindset (Ep.70)

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Lead vocalist for Queen, Freddie Mercury kept quiet about his love life up until his death in 1991 due to complications from HIV. Since then, LGTBQ+ rights and recognition have led to a more tolerant society, with financial planning following suit.

In this episode, David Lenok is joined by Tim Volk, Founder and Managing Director of T. Volk and Company, for a conversation on LGBTQ+ financial planning and creating a healthy environment for clients as a financial advisor.

Tim discusses:

  • Some of the best practices when advising LGBTQ+ clients;
  • How can advisors provide support to client potentially still in the closet;
  • Why communication is essential between family members;
  • The diversity of culture between clients and LGBTQ+ groups and why advisors should understand the different dynamics;
  • And more

Connect With Tim Volk:

Connect With David Lenok:

About Our Guest:

Tim Volk hails from an entrepreneurial family, is a unique professional with an exceptional network, great inter-personal skills, and a deep appreciation of the issues surrounding wealth. He is an experienced business executive and seasoned board member with a strong financial background with deep expertise in wealth management, real estate, mortgage banking and insurance.

He is the Founder and Principal of T.Volk & Company, a boutique advisory firm that specializes in assisting closely-held businesses, family offices (single and multi-family) and family-controlled enterprises. 



69. Vince McMahon Sr. and the Evolution Of Generational Values

69. Vince McMahon Sr. and the Evolution Of Generational Values

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Vince McMahon Sr. is best known for founding the company that eventually became World Wrestling Entertainment. In a family business, which the WWE very much is, passing down core values can be a struggle as future generations look to create their own paths.

In this episode, David Lenok is joined by Kelley Wolfington, Senior Wealth Strategist at SEI Private Wealth Management, in dissecting the idea of inheriting values. She reveals the importance of creating conversations between generations to develop an effective plan for the future.

Kelley discusses:

  • How the generational divide impacts personal values;
  • The importance of introducing commonalities between generations; 
  • Where the financial advisor fits within the conversation;
  • How to have open conversations with advisors with your family members around;
  • And more!

Editor’s Note: This episode was recorded before the recent allegations against Vince McMahon Jr. came to light.

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.