Category Archives: Financial

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Dead Celebrity Ep 16 – Robert Mugabe: Help Your Clients Face their Estate-Planning Fears — With Jacqueline Bevilaqua



There is a special kind of fear that estate planning brings out in many people. As an advisor, how will you help your clients move past this fear enough to do thorough estate planning?

In this episode, WealthManagement.com’s senior editor, David Lenok, is joined again by Jacqueline Bevilaqua of Katsky Korins to discuss how advisors can help clients push through their estate-planning fears. Together, they draw from the story of Robert Mugabe, former president of  Zimbabwe, who spent his life inspiring fear in others but was unable to overcome his own fear of estate planning. This conversation recommends approaches for advisors to take with fearful clients and advice for overcoming your own estate-planning anxiety. 

In this episode, you will learn:

  • How fear can impact an estate
  • Which aspects of estate planning tend to feel the most intimidating
  • What actions you can take to support and guide anxious clients
  • How to preserve relationships in a blended family after death
  • And more!

Tune in now and learn ways to support clients who are fearful of estate planning. 

Resources:  WealthManagement.com | Katsky Korins | jbevilaqua@katskykorins.com | Episode 7: Adam “MCA” Yauch: How to work with strong-willed clients — With Jacqueline Bevilaqua


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Dead Celebrity Ep 15—Jerry Weintraub: Modern Polyamory—With Kim Kamin



If you had a client with multiple spouses, would you know how to handle their estate planning? 

In this episode, WealthManagement.com’s senior editor, David Lenok, speaks with Kim Kamin, principal at Gresham Partners, about the success of Jerry Weintraub’s estate plan. Its success is notable given that this Emmy-Award winning producer, talent manager, and actor had lived with a long-term girlfriend while still staying married to his wife. Together, David and Kim discuss Jerry Weintraub’s story, the overlooked prevalence of polyamorous couples in today’s society, and considerations for advisors who are working with polyamorous clients.  

In this episode, you will learn:

  • About the many variations of modern polyamory
  • How to tactfully ask your coupled clients about their relationships 
  • Considerations that have to be made depending on whether the polyamorous relationship is a public or private arrangement
  • Ways to help your polyamorous clients dodge estate planning hurdles
  • And more!

Tune in now and learn how to help your polyamorous clients with their estate planning.

Resources:

WealthManagement.com | Gresham Partners | The Tools & Techniques of Estate Planning for Modern Families, 3rd Edition


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Dead Celebrity – Ep 14 – Rockefeller: Help Your Snowbirds Dodge Tax Pitfalls — With Daniel Bernard



Since not all states treat taxes the same, snowbirds who don’t know the rules might experience great heartache when they receive their tax bill. 

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with tax attorney Daniel Bernard. Together, they discuss John D. Rockefeller, the legendary American industrialist, philanthropist, and founder of the Standard Oil Company. In 1914, he started splitting time between Florida and New York, making the ultra-rich Rockefeller one of the first snowbirds. Using Rockefeller as their inspiration, David and Daniel explore the tax options and rules available to snowbirds who own multiple properties across different states.

In this episode, you will learn:

  • A little history behind John D. Rockefeller, the original snowbird
  • What planning considerations to be aware of as an advisor to snowbirds
  • What ancillary probate is and how to help your clients avoid it
  • And more!

Tune in and learn how to help your clients enjoy life as a snowbird.

Resources: WealthManagement.com | Twomey, Latham, Shea, Kelley, Dubin & Quartararo LLP 


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



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


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Dead Celebrity – Ep 12 – Jerry Buss: Make Succession Planning a Slam Dunk — With Sonya Mughal



Have you created a business that you want to outlast you? Do you know who would take over if something were to happen to you?

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Sonya Mughal, COO of Bailard Inc. Together, they explore the estate of Jerry Buss, the legendary owner of the Los Angeles Lakers. Jerry Bus had a succession plan in place to cover his 66% ownership of the team: His six children equally inherited a stake in the business. But as you’ll soon find out, even the best-laid plans can crumble. 

In this episode, you will learn:

  • When to start the succession planning conversation with your client
  • How to allow a period of governance while the client is still the owner
  • What characteristics to look for in a successor and their team
  • And more!

Tune in and learn how to help your clients craft a slam-dunk succession plan.

Resources:  WealthManagement.com | Bailard


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



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

 


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Dead Celebrity Ep 10 – Robin Williams Planned It Right — With Guest Avi Kestenbaum



You can have everything planned out, accounted for, and your family members will still find something to fight over once you are gone. 

In this episode of Dead Celebrity, by Informa WealthManagement.com, David Lenok and Avi Kestenbaum discuss the estate plan of beloved comedian and Oscar-winning actor Robin Williams. As you’ll soon find out, even the best of estate plans and legal advice can be a recipe for disaster when you have children from different marriages and a surviving spouse.

In this episode, you will learn:

  • The role of trusts 
  • The importance of preparing the proper documents
  • Why it’s crucial to update your information as your life changes 
  • How some people can be worth more once they are deceased
  • Whether David and Avi would consider Robin Williams’ estate plan to have been successful
  • And more!

Tune in and find out what went down in Robin Williams’ estate in this episode of Dead Celebrity!

Resources: WealthManagement.com | Meltzer, Lippe, Goldstein & Breitstone, LLP

Sponsored by: Nationwide Advisory


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Dead Celebrity Ep 9 – Marlon Brando: Loss of Capacity



The loss of capacity is a very real threat to all clients, particularly those who are getting older. If your client were to show signs of cognitive impairment, would you know how to proceed with their estate planning?

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Letha McDowell, a shareholder of Hook Law Center. Together, they explore the controversial estate plan, a product of highly questionable decisions, of legendary actor and Hollywood icon Marlon Brando. This is a conversation that uncovers the benefits of completing a power of attorney,  signs of diminishing capacity to watch for, and the importance of knowing your clients. 

In this episode, you will learn:

  • Signs an advisor can look for to determine whether their clients are experiencing some loss of capacity
  • How to broach the subject with a client who you think is in the early stages of cognitive impairment
  • The importance of continuing to serve the client with the respect they deserve
  • Why a power of attorney can be useful for people of all ages and capacities 
  • And more!

Tune in now and learn how to serve your clients with the highest level of expertise and dignity throughout the estate planning process. 

Resources:  WealthManagement.com | Hook Law Center | Reporting Elder Abuse USA| Reporting Elder Abuse Canada

 


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



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


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



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