Tag: CelebrityEstates
Celebrity Estates: Succession Planning Lessons From The British Royal Family

Celebrity Estates: Succession Planning Lessons From The British Royal Family

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The Windsors maintain a rigid estate and succession plan that’s been (in some cases, quite literally) written in stone for hundreds of years. With the recent passing of Queen Elizabeth II, it’s an opportune time to ask: What can planners learn from such an impossibly rigid, yet simultaneously extremely transparent ‘plan’?

In this episode, David Lenok is joined by Tim Volk, Founder and Managing Director of T. Volk and Company, in discussing the repercussions of such a plan, including the importance of considering the age of the ‘next generation’ in light of ever-increasing longevity and the important distinction between adultship and eldership.

Tim discusses:

  • How a delay in the exit of the head of the family impacts the succession plan of the next generation;
  • When do individuals need to move from adultship to eldership;
  • How longevity impacts who inherits the estate (and when);
  • The problem of entitlement in succession planning;
  • And more

Resources:

Connect With Tim Volk:

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About Our Guest:

Timothy J. Volk, CFP, is the architect of a highly successful entrepreneurial career encompassing independent advisory, strategic planning, and financial services (banking, wealth management, insurance, and real estate) and is driven by his core values of family, community, and responsible stewardship. As principal of T. Volk & Co., he leverages his experience in a successful legacy family business and provides prudent and trusted counsel to families striving to protect their enterprises and preserve their wealth.
Celebrity Estates: Anne Heche and the Roles of Trustees and Administrators in an Estate

Celebrity Estates: Anne Heche and the Roles of Trustees and Administrators in an Estate

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Anne Heche was an actress known for her roles in a variety of genres in film, television and theater, receiving numerous accolades. On her tragic death in August 2022, Heche’s son Homer and her former partner James Tupper fought in court over who would be her estate administrator and guardian of her youngest son Atlas. 

In this episode, David Lenok is joined by Benazeer “Benny” Roshan, Partner at Greenberg Glusker, in differentiating the roles of trustee and administrator for an estate. They focus on how the court typically handles such roles and what their respective responsibilities and duties are.

Benny discusses:

  • The benefits and detriments of probate;
  • Who should be an executor or a trustee;
  • The difference in responsibilities between trustees and administrators for estates;
  • And more

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About Our Guest:

For over 15 years, Benny has successfully represented a wide range of fiduciaries and beneficiaries in disputes involving trusts, fiduciary appointments, accountings, removal, and surcharge. Benny is recognized by Chambers and Partners in their High Net Worth Guide for 2021 and 2022. In 2018, the Daily Journal named Benny one of the Top 40 Lawyers Under 40 in the State of California.
Celebrity Estates: Kirk, Michael and Cameron Douglas and the Challenge of Measuring up to Previous Generations (Ep.72)

Celebrity Estates: Kirk, Michael and Cameron Douglas and the Challenge of Measuring up to Previous Generations (Ep.72)

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The Douglas family started their legendary Hollywood career with Kirk Douglas in 1946, who had been a major box office star. Michael Douglas later surpassed his father’s great fame, receiving numerous accolades. However, Cameron Douglas, Michael’s son, struggled to continue the family’s Hollywood legacy.

In this episode, David Lenok speaks with Dr. Jamie Weiner, Co-Founder of Inheriting Wisdom, on the struggles children face when born into prominent families. Dr. Weiner shares examples of wealthy children, how they viewed the world compared to other children and the impact this has on their development within society.

Dr. Weiner discusses:

  • The challenge of measuring up to previous generations;
  • Four steps to developing self worth;
  • How a liquidity event impacts the way families think about money;
  • The role of mentors in the lives of children born into prominent families;
  • And more.

Connect With Dr. James Weiner:

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About Our Guest:

With a multi-faceted background in speaking, coaching and counseling in environments ranging from Cook County Jail to exclusive global VIP forums, Dr. Jamie Weiner’s expertise and strategic approach to guiding people helped to develop Inheriting Wisdom’s ability to transcend any complication within a family’s dynamic.

As a co-creator of Inheriting Wisdom, Dr. Weiner is focused on helping families garner meaningful communication between generations and provide solutions to sustaining wealth and strengthening family legacies.



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

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

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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)

Celebrity Estates: Freddie Mercury and Financial Planning With An LGBTQ+ Mindset (Ep.70)

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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:

Connect With David Lenok:

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.