Category: Financial

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

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

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

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

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

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

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

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.



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: King Charles III and How International Heirs Impact Tax Planning

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

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.



Celebrity Estates: Kylie Jenner and Succession Planning for Business Owners

Celebrity Estates: Kylie Jenner and Succession Planning for Business Owners

Kylie Jenner has been an influential figure since 2010 as a model, business owner and social media personality. The majority of her wealth comes from the sale of 51% of her cosmetics company for an estimated $600 million.

In this episode, David Lenok speaks with Brad Franc, Director of Business Law at Houston Harbaugh and author of The Succession Solution, about succession planning for business owners and the next step after leaving the company.

Brad discusses:

  • The first steps in building a succession plan;
  • How the core values of a business owner impact the foundation of succession planning;
  • Potential roadblocks impeding a succession plan and how to transform those problems into opportunities;
  • The importance of setting a plan in place regardless of how many changes may happen along the way;
  • And more

Resources:

Connect With Brad Franc:

Connect With David Lenok:

About Our Guest:

Practicing in the Business Law and Estates and Trusts Groups, Brad works extensively with private business owners, affluent individuals, closely held businesses, and technology-based firms to strategically integrate business, estate, and charitable planning objectives. For many closely- and privately-held business clients, he also serves as outside general counsel and advises on key initiatives such as business and strategic planning, commercial transactions, corporate governance, and estate and succession planning.



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.