Category Archives: Investing

Ep 25 – Prince: Nothing Compares 2 Having a Proper Estate Plan



Your clients’ beneficiaries will have a lot of unintended expenses if your clients don’t take the right estate-planning steps –– especially if the plan is nonexistent.

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with returning guest Megan Gorman of Chequers Financial Management about what happens to an estate when there is no plan in place. Using the ongoing legal battles around musician Prince’s estate as an example, they dive into the importance of having a plan.

In this episode, you will learn:

  • The story of Prince, his estate, and his lack of a plan for after death
  • Why some wealthy individuals choose revocable trusts
  • What might have deterred Prince from creating an estate plan
  • How to keep information about your clients’ assets private after death
  • Estate planning steps that would have reduced Prince’s beneficiaries’ emotional and financial costs
  • And more!

Tune in now for the long-awaited Celebrity Estates episode about Prince!

Resources:  WealthManagement.com | The Wealth Intersection | Chequers Financial Management


Ep 24 – Albert C. Barnes: Wills of the Rich and Famous –– With Jacqueline Bevilaqua



It’s surprisingly easy to have estate planning documents and wills modified or overturned. Can your clients be assured that their estate planning documents will be enforced after they’re gone?

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with three-time guest, Jacqueline Bevilaqua, an associate at Katsky Korins, about what can happen to a trust and the client’s wishes after their death. The celebrity example in this episode is American businessman Albert C. Barnes, best known for his massively valuable art collection. 

In this episode, you will learn:

  • The story of how Albert C. Barnes’s wishes were blatantly disregarded over 50 years after his death
  • What kinds of estate-planning scenarios are less likely to get overturned or modified in the future
  • Whether making wishes known is enough to make them legal
  • How a trustee’s residential location can affect estate planning
  • And more!

Tune in now and learn how to help your clients ensure that their wishes will be carried out. 

Resources:  WealthManagement.com | Katsky Korins | jbevilaqua@katskykorins.com


Ep 23- George Steinbrenner and the Value of Flexibility –– With Amy Castoro 



Are you willing to let your children take the reigns of the family business? Giving your children the space to try and make their own mistakes as they learn will help you identify who is ready to take on the family business.

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with returning guest Amy Castoro, president and CEO of The Williams Group, about what advisors can do to help high-net-worth parents to prepare their children to inherit wealth. David and Amy discuss the Steinbrenner family and the approach they took to allow their children to succeed in their way, which allowed them to rise to the top and step in for dad when needed.

In this episode, you will learn:

  • Life changes – why staying flexible is essential for success
  • When working with the next generation, helping them focus on how they can contribute to the business yet maintain their own identity
  • Why providing guidance and allowing the opportunity to make mistakes is crucial to learning
  • And more!

Tune in now and learn how to help your children get excited about the business and find their way to contribute!

Resources: WealthManagement.com | The Williams Group


Ep 22 – Steve Jobs: Dying with Digital Assets with Karin Prangley



Whether you know it or not, you have digital assets, your email, your photos, all your social media accounts. Those are your digital assets. What happens to those accounts when you die?

In this episode, David Lenok, senior editor at WealthManagement.com, is talking with Karin Prangley, Senior Vice President Private Wealth Management at Brown Brothers Harriman. The two dive deep into the topic of digital assets and estate planning loosely using the estate of Technology Legend Steve Jobs.  

In this episode, you will learn:

  • What is a digital asset, and how are they controlled
  • When and where to use a digital executor 
  • Why it is not as simple as having a username and password for the deceased
  • How your estate handles cryptocurrency
  • And more!

Tune in now and figure out the “need to knows” about digital assets and your estate plan.

Resources: WealthManagement.com | Karin Prangley LI


Ep 21 – Aaron Spelling: Help Wealthy Parents Nip Their Children’s Affluenza in the Bud –– With Amy Castoro



Sponsored By: FS Investments

No parent wants their children to be worse off because of the wealth they inherit. As an advisor, what can you do to help parents equip their children for wealth and snuff out a sense of entitlement –– or affluenza –– that could derail them in the future?

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Amy Castoro, president and CEO of The Williams Group, about what advisors can do to help high-net-worth parents to prepare their children to inherit wealth. David and Amy look to the Spelling family for an example of affluenza. It’s debatable whether wealth has been a positive influence in the life of Tori Spelling, daughter of the late American film and television producer Aaron Spelling. Tori is outspoken about her poor investment decisions and overly lavish lifestyle, and yet she seems incapable of living sustainably. 

In this episode, you will learn:

  • Examples of details for wealthy families to get clear on in advance, such as drawing the line of entitlement versus engagement for their children 
  • How parents can create an open environment for young kids to ask questions about their family’s wealth
  • What can be done today to influence an adult child who doesn’t appreciate their wealth
  • How to recognize the early signs of affluenza and step in
  • And more!

Tune in now and learn how to help your clients transfer family wealth and values to their children for a sustainable legacy. 

Resources:  WealthManagement.com | The Williams Group


Ep 20 – The Wrigley Family: Help Your Clients Avoiding Passing on an Estate Tax Bill — With Scott Steiner



Too many people are oblivious to the estate tax. But as an advisor, you’re perfectly positioned to help your clients avoid passing on a tax bill to their heirs.

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Scott Steiner of Calamos Wealth Management about what you can do to make your clients aware of the estate tax and avoid sticking their heirs with a bill. They bring this topic to life by exploring the case of the Wrigley family, best known for their chewing-gum dynasty. The Wrigleys were either unaware or did not care about the estate-tax consequences of their wealth upon their passing, as they left their son with a $40-million-dollar tax bill.

In this episode, you will learn:

  • About the two major estate tax blunders that the Wrigley family made
  • How to guide clients who have a pending estate tax bill
  • Why having mainly illiquid assets can pose estate tax issues 
  • Examples of illiquid assets that are common in U.S. estates
  • What strategies the Wrigleys could have used to undo their liquidity issues
  • And more!

Tune in now and learn how to help your clients avoid passing on a tax bill to their loved ones. 

Resources:  WealthManagement.com | Calamos Wealth Management


Dead Celebrity Ep 19 – Yul Brynner: Renouncing U.S. Citizenship — With David Lesperance



What is it about the American tax system that’s compelling people to renounce their U.S. citizenship? Is there a better option for you and your money?

In this episode, WealthManagement.com’s senior editor, David Lenok, is joined by David Lesperance, a tax and immigration lawyer who has been helping people save their wealth from the taxman for over 30 years. Together, they explore the case of Yul Brynner, an award-winning film and stage actor who renounced his U.S. citizenship in 1965 for tax reasons. Since then, the number of wealthy Americans who’ve been using renunciation as a method of severing their U.S. tax liability has been increasing dramatically. Listen in to find out why and how people are resorting to this drastic option.

In this episode, you will learn:

  • Four reasons why there aren’t even more people renouncing their U.S. citizenship
  • What benefits expatriation can bring you in addition to tax savings 
  • What a back-up plan involves and what triggers people to use it
  • What is meant by “citizenship by investment”
  • And more!

Tune in now to discover what is involved in renunciation and why this move has gained popularity amongst Americans. 

Resources:

WealthManagement.com | Lesperance & Associates

 


Dead Celebrity Ep 18 – Mickey Rooney: Elder Abuse and Preventing Post-Death Litigation — With Vivian Lee Thoreen



Sponsored By: FS Investments

Numerous post-death estate-litigation cases happen across the U.S. every day. How will you help your clients understand their estate planning decisions and ultimately prevent post-death litigation?

In this episode, David Lenok, WealthManagement.com’s senior editor, is joined by the attorney who represented Mickey Rooney and his estate in his elder abuse and estate litigations, Vivian Lee Thoreen of Holland & Knight, to discuss how advisors can help clients make effective decisions about guardianship to protect their elderly clients and reduce the chance of post-death litigation. Together, they discuss the financial elder abuse and estate of actor Mickey Rooney, who spent the last years of his life living in pain and fear without a dollar in his wallet.

 In this episode, you will learn:

 What the different types of guardianship/conservatorship are;

  • Why it is important for elders to not delegate all of their responsibility away;
  • Why practical conversations about the division of the estate are important;
  • How common sense does not always apply in estate planning;
  • And more!

Tune in now to learn some tips to recognize elder abuse and help your clients reduce the chance of post-death litigation.

Resources:

WealthManagement.com | Holland & Knight

 


Dead Celebrity Ep 17 – Elizabeth Taylor: Going Deep With Your Philanthropy — With Bruce DeBoskey



Sponsored By: FS Investments

What kind of difference do your clients want to make in the world — and for themselves — with their philanthropy?

In this episode, WealthManagement.com’s senior editor, David Lenok, is joined by Bruce DeBoskey, president and founder of The DeBoskey Group. Bruce has dedicated his life to helping others maximize the impact of their philanthropic giving. Together, David and Bruce discuss the legacy of Elizabeth Taylor, one of classical Hollywood cinema’s most beloved stars, to serve as inspiration for teaching advisors how to help clients deepen their impact

In this episode, you will learn:

  • What role philanthropy can play in your clients’ financial plans
  • How to help your clients decide what kind of difference they want their philanthropy to make in the world and for themselves
  • Why clients will make a greater impact with their giving if they narrow their focus 
  • How multigenerational families, in particular, can benefit from having a mission statement to guide their philanthropic efforts
  • Why Bruce encourages his clients to “give while they live”
  • And more!

Tune in now and learn how to help your clients deepen their impact. 

Resources:

WealthManagement.com | The DeBoskey Group 


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



Sponsored By: FS Investments

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