Category: Investing
Ep 27 – Amy Winehouse: Reasons to Work With Millennial Clients (And How to Get Started)

Ep 27 – Amy Winehouse: Reasons to Work With Millennial Clients (And How to Get Started)

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The millennial generation is simultaneously the most talked about, sought after, and yet curiously underserved demographic in the financial planning industry.

In this episode, David Lenok, senior editor at WealthManagement.com, is joined by Douglas Boneparth, founder of Bone Fide Wealth. They discuss how today’s financial advisors can appeal to millennials –– and why bringing in younger clients is a worthwhile pursuit. This topic is inspired by Amy Winehouse, a Grammy-award winning singer-songwriter who died at 27 years old. Amy did not have a will. Her after-tax assets went to her parents, and her ex-husband is making a $1.4 million legal claim on Amy’s estate in a case that has yet to be adjudicated.

In this episode, you will learn:

  • The story of Amy Winehouse: how her lack of planning and early death impacted her estate
  • Why advisors are struggling to connect with millennials
  • What this generation is looking for when it comes to their financial lives
  • Reasons to empower young advisors to pursue millennial clients
  • How to link millennials’ experiences to their most relevant financial planning tasks
  • And more!

Tune in for actions you can take immediately to start attracting millennial clients. 

Resources:  WealthManagement.com | Bone Fide Wealth
Episode 26: How to Make Your Family Business Last –– With Mitzi Perdue

Episode 26: How to Make Your Family Business Last –– With Mitzi Perdue

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Only one-third of family businesses make it to the next generation. What are you doing today to help your family business last?

In this episode, David Lenok, senior editor at WealthManagement.com, has the pleasure of speaking with Mitzi Perdue, a businesswoman, author, and professional public speaker. Mitzi is also the daughter of Sheraton Hotel’s co-founders and wife to the late Chicken icon Frank Perdue. Now, Mitzi shares advice on how to develop a family culture that supports keeping the business in the family.

In this episode, you will learn:

  • What advisors need to focus on to encourage long-term family business success
  • Why Mitzi recommends hosting endowed family vacations
  • The purpose of an ethical will 
  • Tips for creating an inclusive family culture
  • And more!

Tune in now for this heartwarming conversation that’s filled with practical advice on how to develop your family’s culture. 

Resources:  WealthManagement.com | Mitzi Perdue | How to Make Your Family Business Last by Mitzi Perdue
Ep 25 – Prince: Nothing Compares 2 Having a Proper Estate Plan

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

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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

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

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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 

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

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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

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

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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

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

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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

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

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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

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

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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

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

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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