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



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:

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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)



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:

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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



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:

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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.




68. Conrad Hilton and Advising First Generation Wealth Creators



Conrad Hilton got his start in hospitality at his family’s general store in the New Mexico Territory. Years later, he established the largest hotel chain in the world, Hilton Hotels. After his death, Conrad left much of his estate to the Conrad Hilton Foundation — until his son decided to contest the will.

In this episode, David Lenok is joined by David Bokman, Managing Director and Head of Family Office Resource at Morgan Stanley Wealth Management, and Andrea Levine-Sanft, Managing Director and Co-Head of the Wealth and Estate Planning Strategy, in discussing first generation wealth management in comparison to inherited wealth.

David and Andrea discusses:

  • What makes financial planning for first generation wealth creators unique;
  • How generational wealth is passed down;
  • The major problems in creating a financial plan for first generational wealth;
  • The importance of communication between financial professionals;
  • And more.

Connect with Andrea Levine-Sanft:

Connect With David Bokman:

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About Our Guests:

David Bokman is a Managing Director and the Head of Family Office Resources for Morgan Stanley Wealth Management. Family Office Resources provides ultra high net worth clients a virtual family office experience, with world-class, comprehensive services including family governance and wealth education, philanthropy, estate planning, trust services, single family office advisory and lifestyle advisory.

Andrea Levine-Sanft is Managing Director and Co-Head of the Wealth and Estate Planning Strategy.  Andrea was formerly an Estate Planning Strategist in Morgan Stanley’s Private Wealth Management Division. Andrea advised Morgan Stanley’s ultra high net worth clients and their advisors on complex gift, estate and income tax planning matters.


64. Pat Bowlen: Creating An Estate Plan Before Being Forced Out



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:

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About Our Guest:

Dan Griffith is an experienced attorney with a passion for helping families and business owners find solutions to their planning challenges.


Ep 60 – Audrey Hepburn: When Secrets Destroy A Family



Encore Presentation

David Lenok, senior editor at WealthManagement.com, is joined by Dr. Denise Federer, speaker, consultant, coach, psychologist, author, and founder of the Federer Performance Management Group (FPMG) as they discuss the impact of families not having those difficult conversations about their money and wealth.

This episode focuses on an icon from Hollywood’s Golden Age, the legendary Audrey Hepburn.  When Audrey passed in 1993, she left behind 2 sons – step brothers. As part of the estate, the two step brothers were to equally split the contents of a storage locker filled with old Hollywood memorabilia.  The feud over the items lasted 24 years, until they finally decided to allow a judge to decide how the locker would be divided.

David and Dr. Federer delve into how advisors can help their clients by being that trustworthy, outside party that is brave enough to force their clients to talk about generational money.

In this episode, you will learn:

  • Some of the most common causes of sibling rivalry and how advisors can help families avoid conflict;
  • When parents should start talking to their children about their money; 
  • Why fair doesn’t always mean equal;
  • And more!

Listen now because it is not an accident to have adult children who work hard and have good values!

Resources: WealthManagement.com | FPMG  | Dr. Denise Federer LI


Ep 57 – Prince: Planning for Intellectual Property With Matthew Erskine



From his home and liquid possessions to his image and royalty rights, settling Prince’s estate would have been a complex process, even with a will. But Prince did not have a will, and this led to one of the largest and most complex estate battles in Minnesota and even American history. 

However, the most mysterious part of Prince’s estate is the bank vault with a code that even Prince himself forgot.

In this episode, David Lenok is joined by Matthew Erskine of Erskine and Erskine revisiting the topic of Prince. Focusing on the sealed vault filled with unpublished songs and recordings, David and Matthew discuss the relevance of protecting your intellectual property (IP) regardless of your celebrity status. They reveal the potential ramifications of posting content online and why the importance of understanding your collection for future heirs.

Matthew and David discuss:

  • How the internet has immortalized intellectual property
  • The ramifications of self-selling when it comes to IP ownership
  • The impact of fan-made creations on the original creators
  • Why you should categorize your collection for you heirs
  • And more

Connect With Matthew Erskine:

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About Our Guest:

Matthew Erskine is the managing partner of this fourth generation law firm. He focuses his estate planning and trust services practice on serving business owners, professionals, individuals, families, collectors, and inheritors of significant assets. Helping his clients and their families achieve their goals by providing customized solutions. Matt carries on his family’s tradition of integrity, continuity, and service.

Matt has a particular expertise in the stewardship of special assets that few other estate planning and trust attorneys can match. Working with collectors of art, jewelry, heirlooms, and other valuable assets, as well as owners of real estate and family businesses, Matt brings his and his family’s generations of experience and intimate knowledge of unique areas of the law to help clients achieve their desired investment and personal goals.

The Erskine family has been counsel to client families since 1876, overseeing litigation, estate and income taxation planning, residential and commercial real estate conveyances, close corporations, nonprofit corporations, personal trusts, dynasty trusts, private foundations, and family offices. Matt is also active in numerous community organizations in the Worcester, Massachusetts area, including the American Antiquarian Society, the Council on Foreign Relations Worcester Committee, Inc., the Worcester Economics Club, and the John J. Kittredge Numismatic Foundation.

Matt is an active member of Wealthcounsel, Wealthcounsel Advisors, Vistage, the American Bar Association and several other professional organizations.

After graduating from Lawrence Academy, Matt received his B.A. in Medieval History from Carleton College and his J.D. from Suffolk University Law School.


Ep 56 – Elon Musk’s Charitable Limits With John Pantekidis



Between his six children and his illiquid assets in Tesla and SpaceX, Elon Musk’s claim to give half of his fortune to charity falls short. Yet only a few small steps would be required to increase his charitable giving and arrange support for his family.  

In this episode, David Lenok is joined by John Pantekidis of Twin Focus Capital. John shares his insight into the financial situation of Elon Musk, who was recently named the richest man in the world. 

John discusses Elon’s struggle to uphold his claims of philanthropic giving between his illiquid assets and support for a large family. John also discusses how others can avoid the pitfalls of keeping your wealth in illiquid assets and familial drama through premarital agreements and including the children in charity foundations. 

John discusses:

  • Why a premarital agreement should have been included when Elon Musk first married 
  • How his assets restrict his donation amount
  • What he should be doing to increase his charitable giving and passing money on to the next generation
  • The role of philanthropy in charitable giving

Connect With John Pantekidis:

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About Our Guest:

John is a partner at TwinFocus Capital and serves as the Chief Investment Officer (CIO) and General Counsel. In this role, John maintains a close working relationship with TwinFocus clients to help them design and expedite their investment strategies. He also leads the firm’s research efforts to develop new and creative asset allocation policies, oversee due diligence for manager search and selection, as well as write thought leadership commentary on global macroeconomic topics. Additionally, he has a keen interest in alternative investment fund formation and structuring, as well as analyzing complex tax aspects of alternative investments, pioneering studies on how to make hedge fund investing more tax efficient from an income and wealth transfer tax perspective. He is especially active on behalf of offshore clients, developing strategies to overcome cross-border impediments, tax, legal, and regulatory challenges, as well as cultural sensitivities to maximize inter-generational wealth transfer and succession planning.


Ep 55 – Britney Spears: How The Jump Conservatorship Skips Estate Planning With Megan Gorman



In 2008, following a very public breakdown, Britney Spears and her estate were placed under a conservatorship  managed by her father, Jamie Spears. 

Now 13 years later, Britney is contesting the conservatorship.

In this episode, David Lenok is joined once again by Megan Gorman from Chequers Financial Management. They dive into the legal wrangling of Birtney Spears’ estate and the conservatorship she is under. 

Megan discusses:

  • The difference between a guardianship and a conservatorship
  • Available options before taking the conservatorship route 
  • How the conservatorship impacted Britney’s net worth
  • The power that powers of attorney hold
  • And more

Connect With Megan Gorman:

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About Our Guest:

Megan is the founding partner of Chequers Financial Management, a fee-only planning firm that specializes in high net worth and ultra-high net worth families in San Francisco, California. Megan heads the firm’s family office services practice.

As well, Megan is a Senior Contributor for Forbes in personal finance and tax. She is also quoted regularly in the press as a tax and financial planning expert including such publications as The Wall Street Journal and The Washington Post. She blogs at TheWealthIntersection.com, has appeared on numerous podcasts, and is a regular weekly commentator on The Money Tree Podcast.

 


Ep 54 – James Brown: Philanthropy After Death With Robert Strauss



In this episode, David Lenok, senior editor at WealthManagement.com, is joined by Robert Strauss,  shareholder and director of Weinstock Manion, specializing in guiding high net worth families, business owners, and real estate developers through the complex process of estate and wealth transfer planning.

Today’s celebrity example is the estate of legendary musician and American icon James Brown, including the fifteen years it took to settle his relatively simple estate. David and Robert discuss how charitable giving can help you avoid drawn out settlements after your death.

David and Robert discuss:

  • The importance of defining the clients’ wishes for their estate after they pass
  • Charitable giving before vs. after death
  • How family and legal dynamics can change after you are gone
  • How charitable gains are taxed
  • And more

Connect With Robert Strauss:

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About Our Guest:

As a Partner at Weinstock Manion, I specialize in guiding high-networth families, business owners and real estate developers through the complex process of estate and wealth transfer planning. With an extensive background as a transactional attorney, I am able to effectively advise owners of businesses and real estate regarding business succession plans and pre-liquidity event wealth transfer plans. Further, I bring a creative and customized approach to all estate matters in order to reduce estate taxes, achieve liability and creditor protection and, if desired, incorporate charitable giving and life insurance planning.