Category Archives: Uncategorized

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


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

 


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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 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 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