Tag: David Lenok

Celebrity Estates: Julia Fox and Why Millennials Focus Less on Material Wealth

Celebrity Estates: Julia Fox and Why Millennials Focus Less on Material Wealth

Summary:

Uncut Gems star Julia Fox recently went viral for posting a TikTok video showcasing her home, which was modest compared to the extravagant wealth you expect from someone wealthy and famous. Today, many millennials are shifting away from buying luxury homes.

In this episode, David Lenok speaks with Kelley Wolfington, Senior Wealth Strategist at SEI Private Wealth Management, on why the housing trend for high-net-worth individuals is shifting and how it reflects the current values passed on to the next generation.

Kelley discusses:

  • Why the current generation believes in a values-driven spending
  • How wealthy millennials are choosing their financial advisors
  • Why the location of a house matters more in a remote work environment
  • The expectations for future generations to do something significant beyond spending inherited money
  • And more

Resources:

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.



Celebrity Estates: Succession Planning Lessons From The British Royal Family

Celebrity Estates: Succession Planning Lessons From The British Royal Family

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

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

Connect With Benny Roshan:

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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)

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.



66. Michael Nesmith, The Monkees and The Legality Of Holographic Wills

66. Michael Nesmith, The Monkees and The Legality Of Holographic Wills

Michael Nesmith, songwriter, actor, producer, novelist and member of the popular group The Monkees passed away in December 2021. His will stated he wished to donate his entire estate to his mother’s foundation—however, there was one complication to the legality of the document. Nesmith’s will was hand written.

In this episode, David Lenok is joined by Megan Gorman, founding partner of Chequers Financial Management, to discuss holographic wills and the legalities surrounding handwritten documents.

David and Megan discuss:

  • Why handwritten wills can become problematic or complicated in the legal process;
  • What is often left out of holographic wills; 
  • The role of estate planning for your beneficiaries;
  • And more

Connect With Megan Gorman:

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62. Aristotle Onassis: The Impact of International Asset Planning

62. Aristotle Onassis: The Impact of International Asset Planning

From the mid 1920’s to his death in 1975, Aristotle Onassis embodied the phrase “many fingers in many pies” with businesses ranging from international shipping to less savory military hunters.

Greek law limited how much could be granted to his American wife, Jackie O., after his death, regardless of his enormous legacy. With those limitations in mind, his distribution of his assets after death dealt with a multitude of clauses and arrangements for his daughter and charity foundations. 

In this episode, David Lenok is joined by Megan Gorman, founding partner of Chequers Financial Management, in discussing how holding assets internationally impacts the way financial advisors plan and advise their clients. They reveal the beneficial steps Aristotle took to create his financial plan and why it is a good example of what to do.

David and Megan discusses:

  • The importance of compliance when dealing with international assets;
  • The role of CPA’s and tax advisors in financial planning;
  • How donor advised funds simplify charitable donations after death;
  • Why Aristotle’s financial plan consisted of numerous ‘what if’ clauses;
  • And more

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Ep 60 – Audrey Hepburn: When Secrets Destroy A Family

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 59 – Philip Seymour Hoffman – Don’t Delay When It Comes To Your Estate Plan – With Megan Gorman

Ep 59 – Philip Seymour Hoffman – Don’t Delay When It Comes To Your Estate Plan – With Megan Gorman

In this episode’s encore presentation, David Lenok, senior editor at WealthManagement.com, is joined once again by Megan Gorman, founding partner of Chequers Financial Management.

Today’s celebrity example is Philip Seymour Hoffman, American actor, director and producer, and father of three children with longtime girlfriend, Mimi.

At the time of his death, Philip Seymour Hoffman’s only estate documentation was a will drafted by his real estate lawyer/CPA (not someone specializing in estate planning) and it mentions a trust set up for his eldest son.  Insistent that his children were not to become “trust fund kids” Seymour left the remaining part of the estate to his girlfriend.  

A Girlfriend not a wife. A Trust for one child not all three. A will that was over a decade old.  What could go wrong?  As David and Megan unpack this celebrity estate, you will hear how this was a case of missed opportunities for Philip Seymour Hoffman and his advisors. 

In this episode, you will learn:

  • The importance of updating financial documents with all life events; new child, marriage, divorce etc.
  • How to ensure family affairs stay private after your gone
  • Reasons to be aware of certain tax implications when dealing with non-spouses
  • Remember to include any tangible assets in your plan; who gets Oscar?
  • And more!

Tune in to understand why you need to force the issue when it comes to ensuring your clients not only finalize their estate plans but keep them current!

Resources:  WealthManagement.com | Chequers Financial | Megan Gorman LinkedIn

Ep 52 – Peter Bing: How Incorrect Terminology in an Estate Plan Can Cause Total Chaos With Megan Gorman

Ep 52 – Peter Bing: How Incorrect Terminology in an Estate Plan Can Cause Total Chaos With Megan Gorman

A trust might make complete sense. But when you add family dynamics to the equation, chaos can ensue. 

This is exactly what happened when a millionaire decided to remove two of his biological grandchildren from his multi-million dollar trust plan. 

In this episode, David Lenok is joined by returning guest Megan Gorman, a founding partner of Chequers Financial Management, to talk about the recent estate case concerning multi-millionaire Peter Bing disinheriting two grandchildren, Damien Hurley and Kira Bonder, and leaving them with nothing.  

David and Megan discusses:

  • How this level of miscommunication can happen in any estate plan, regardless of one’s wealth
  • How to protect your inheritance from creditors, ex-spouses, and anyone else who might come knocking
  • How the language and definitions you use can determine what happens in your estate plan
  • Why a trust proctor could have helped Peter Bing’s case
  • 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 51 – Preserving Your Inherited Collectibles with Barbara Archer

Ep 51 – Preserving Your Inherited Collectibles with Barbara Archer

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Barbara Archer, managing director and partner at Hightower. David and Barbara speak about Barbra’s story of researching, purchasing and preserving art that can be shared with the world.

Today’s celebrity example begins with Lilly Pulitzer. Lilly quickly grew to fame through her fashion and bright coloured designs. But, an individual so often forgotten in Lilly’s story is Suzie Zuzek. Suzie, the artist behind the designs was once never recognized, but that has recently changed. Our guest shares the story of finding Suzie’s designs and the work it took to have them displayed in the Cooper Hewitt Smithsonian Design Museum. We use this example to understand the steps it takes to preserve collectibles. 

Barbara discusses:

  • Her role in getting Suzie Zuzek’s designs into the Cooper Hewitt Smithsonian Design Museum
  • How advisors should handle the situation of clients wishing to invest in collectibles
  • The hidden costs associated with investing in collectibles
  • And more

Connect With Barbara Archer:

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About Our Guest:

Barbara C. Archer is a consummate entrepreneur who sees her clients’ world through a creative financial lens. As a Managing Director and Partner of Hightower Wealth Advisors | St. Louis, she and the team are resourceful problem solvers who deliver valuable advice and investment guidance.