Uncategorized – Page 6 – Celebrity Estates: Wills of the Rich and Famous

Ep 31 – Death, Taxes, and Elvis Presley — With Paige Goepfert

By deadcelebrity | August 10, 2020

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You work hard for your money, so don’t let the government take it all when you die.

This is exactly what happened to one of the most significant cultural icons of the 20th century, Elvis Presley.

In this episode, David Lenok speaks with Paige Goepfert of Andersen Global to explore the financial mishaps of the late and great Elvis Presley. Through the American singer’s story, David and Paige highlight key takeaway lessons that can help you better prepare your finances for your death.

In this episode, you will learn:

The many ways tax planning can help you reduce your estate’s tax bill
How Elvis was misled about his finances
Ways can interest rates aid in your planning
Why 2020 could be to best year to become more charitable
And more!

Tune in now and learn about the importance of tax planning and how it affects your financial future!

Resources: WealthManagement.com | Andersen Global

Ep 30 – Kenny Rogers: Knowing When to Hold ‘Em (Top Prenup Tips for Advisors)

By deadcelebrity | July 27, 2020

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Most people believe their marriages will last forever. But whether their marriage endures or ends, it’s in your clients’ best interests to have a prenuptial agreement –– especially if the split isn’t amicable

In this episode, David Lenok, senior editor at WealthManagement.com, talks with Aviva Pinto, a managing director at Wealthspire Advisors. This episode is inspired by American singer-songwriter Kenny Rogers, who was famously married five times and had five children with four different partners. Now, Aviva and David dive into The Gambler’s finances and marriages to discuss how to help your clients get a prenup in order and navigate a divorce.

In this episode, you will learn:

Why having a prenup would have saved Kenny Rogers a lot of money
How to broach the subject of prenups with your clients
Whether there’s room for flexibility in prenups
How to help your clients talk to their spouses about doing a prenup
Why the state you live in is important when it comes to splitting marital assets
And more!

Tune in now for tips to help your clients get onboard with doing a prenup.

Resources: WealthManagement.com | Wealthspire

Ep 29 – Arnold Palmer: Investing in Wine Could Be Your Clients’ Hole in One

By deadcelebrity | July 13, 2020

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Are your clients thinking about investing in wine? Wine is a true portfolio diversifier, but there are a few things your clients should know first.

In this episode, David Lenok, senior editor at WealthManagement.com, talks to Tom Gearing, CEO and co-founder of Cult Wines Limited, about investing in wine. This topic is inspired by golf pro and entrepreneur Arnold Palmer, one of the first major celebrities to lend his name to a wine label. Arnold Palmer’s wine was widely accessible to the common wine drinker. Meanwhile, today’s conversation delves into the world of more expensive and valuable wines and how you can help your clients navigate these investable commodities.

In this episode, you will learn:

What a savvy entrepreneur and marketer Arnold Palmer was
Why you must do your due diligence if you’re advising a client who’s interested in investing in wine
Why wine is a true portfolio diversifier
What kind of timeline one could expect before seeing a return on investment
What the first steps are to investing in wine
And more!

Tune in now to learn how to best advise clients who want to invest in wine.

Resources: WealthManagement.com | Cult Wine

Ep 28 – Debbie Reynolds, Carrie Fisher, and Billie Lourd: Estate Planning for Collectibles

By deadcelebrity | June 29, 2020

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Collectibles have different values depending on who collected them, who owns them, and who wants them.

In this episode, David Lenok, senior editor at WealthManagement.com, talks again with Sarah McDaniel, a CFA and managing director who heads the Wealth Strategies Group and Advanced Planning Centers at Morgan Stanley. Together, they discuss estate planning for collectibles. David and Sarah explore the case of actor Billie Lourd, who not only inherited a bulk of her late mother Carrie Fisher’s and grandmother Debbie Reynolds’s estates but also their large collections of Hollywood memorabilia.

In this episode, you will learn:

The story behind the building and selling of Debbie Reynolds’s and Carrie Fisher’s memorabilia collections
What issues clients face when planning for collectibles or passion assets
How capital gains tax can affect the selling of collections
Examples of how price permanence varies across collectibles
What to consider before leaving collectibles to a museum
And more!

Learn how to help your clients plan for their collectibles!

Resources: WealthManagement.com | Sarah McDaniel on LinkedIn

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

By deadcelebrity | June 15, 2020

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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

By deadcelebrity | June 1, 2020

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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

By deadcelebrity | May 19, 2020

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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

By deadcelebrity | May 11, 2020

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

By deadcelebrity | April 13, 2020

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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: