Tag: Business Succession
Celebrity Estates: The Murdoch Family Trust and Irrevocable Planning with Mark Parthemer

Celebrity Estates: The Murdoch Family Trust and Irrevocable Planning with Mark Parthemer

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What should planners consider when an irrevocable trust no longer fits the family it was designed to serve?

For estate planning professionals advising families with closely held businesses, that question can become especially difficult when beneficiaries have different roles, financial interests and ideas about the company’s future.

In this episode of Celebrity Estates, Senior Editor David Lenok speaks with Mark Parthemer, Chief Wealth Strategist at Glenmede Trust Company, about the Murdoch family trust dispute and what it can teach advisors and families about irrevocable trust planning.

Using the fight over control of Rupert Murdoch’s media companies as a starting point, Mark explains why an irrevocable trust may sometimes be modified, why changing personal preferences usually isn’t enough, and how combining equal economic interests with equal voting rights can create problems when only some family members are involved in the business.

David and Mark also examine the difference between family governance and legal control, ways trust protectors and decanting provisions can provide flexibility, and why estate plans can become outdated as families change. Their conversation also covers privacy, revocable trusts and the importance of thinking carefully about how a trust should respond to circumstances that may look very different decades into the future.

Mark discusses:

  • Why irrevocable trusts can sometimes be modified, but changing personal preferences usually isn’t enough
  • How equal economic value and equal control can create conflict when only one child works in the family business
  • Why family governance can guide relationships, while the written trust terms still determine legal control
  • How trust protectors, decanting powers and other mechanisms can create room for future family changes
  • Why privacy can be a planning goal, and when a revocable trust may address it without extra complexity

Resources:

Connect With David Lenok:

Connect With Mark Parthemer:

About Our Guest:

Mark Parthemer is Glenmede Trust Company’s National Chief Wealth Strategist. He is responsible for developing and communicating Glenmede’s position and strategy concerning tax, estate planning, and fiduciary matters pertinent to clients and their advisors.

Prior to joining Glenmede, Mr. Parthemer served as managing director for TIAA and managing director and senior fiduciary counsel for Bessemer Trust, working with ultra-high-net-worth clients to deliver sophisticated tax and estate planning advice and provide tailored guidance. His previous roles include law partner at Duane Morris, LLP, and senior tax professional at PricewaterhouseCoopers.

Mr. Parthemer is on the board of directors of the Florida Bankers Association and immediate past president of its Trust and Wealth Management Division. He is also group vice chair for the American Bar Association, RPTE Trusts and Estate Practice Group.
Celebrity Estates: Giorgio Armani’s $12B Legacy and Succession Plan

Celebrity Estates: Giorgio Armani’s $12B Legacy and Succession Plan

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Giorgio Armani left behind more than fashion when he passed away at 91. His $12 billion empire, absence of direct heirs and a carefully crafted foundation raise essential estate planning lessons that extend beyond celebrity headlines.

Kevin Ghassomian, partner at Venable LLP, explains how Armani separated wealth from control, empowered trusted collaborators, and institutionalized his brand to ensure continuity. He emphasizes the importance of early planning, communication and mission-driven structures in preserving wealth and vision.

Join WealthManagement.com Senior Editor David Lenok and Kevin for a compelling discussion on the lasting lessons Armani’s estate provides for families, advisors and business owners alike.

Key takeaways:

  • Armani’s early planning, which began in 2016, allowed for a structured succession strategy
  • The separation of personal assets from business assets to protect brand identity
  • The creation of a foundation to act as the steward of Armani’s legacy, ensuring mission-driven continuity
  • The benefits and challenges of planning without a spouse or children, highlighting freedom vs. overwhelm
  • Practical lessons business owners of all sizes can apply, such as buy-sell agreements, trusts and meaningful communication.

Resources:

Connect With David Lenok:

Connect With Kevin Ghassomian:

About Our Guest:

Kevin Ghassomian focuses his practice on the personal legal needs of business owners, corporate executives, high-net-worth individuals, and their families. Kevin’s representation covers all aspects of domestic and international estate planning, with an emphasis on tax minimization, asset protection, business succession, and philanthropy. Kevin also counsels individual and corporate fiduciaries on the administration of trusts and estates, including the preparation of gift and estate tax returns and defense of positions taken on those returns.

Kevin previously worked in the New York City headquarters of a global investment company, where he counseled a multinational client base on complex wealth management matters, including foreign and domestic trust planning and related asset allocation strategies. Kevin leverages this background to collaborate with tax, investment, and insurance advisors, ensuring that their work is effectively integrated into the planning process.

In addition to his law practice, Kevin is a frequent speaker, a published author, and a former professor of law, concentrating his scholarship on estate planning, taxation, and various wealth management topics. He also devotes time to numerous civic and charitable causes, maintaining leadership positions on several nonprofit boards.