Tag: David Lenok
Episode 26: How to Make Your Family Business Last –– With Mitzi Perdue

Episode 26: How to Make Your Family Business Last –– With Mitzi Perdue

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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

Ep 25 – Prince: Nothing Compares 2 Having a Proper Estate Plan

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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

Ep 24 – Albert C. Barnes: Wills of the Rich and Famous –– With Jacqueline Bevilaqua

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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

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

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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:

  • What is a digital asset, and how are they controlled
  • When and where to use a digital executor 
  • Why it is not as simple as having a username and password for the deceased
  • How your estate handles cryptocurrency
  • And more!

Tune in now and figure out the “need to knows” about digital assets and your estate plan.

Resources: WealthManagement.com | Karin Prangley LI
Dead Celebrity Ep 19 – Yul Brynner: Renouncing U.S. Citizenship — With David Lesperance

Dead Celebrity Ep 19 – Yul Brynner: Renouncing U.S. Citizenship — With David Lesperance

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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

 
Dead Celebrity Ep 18 – Mickey Rooney: Elder Abuse and Preventing Post-Death Litigation — With Vivian Lee Thoreen

Dead Celebrity Ep 18 – Mickey Rooney: Elder Abuse and Preventing Post-Death Litigation — With Vivian Lee Thoreen

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Sponsored By: FS Investments

Numerous post-death estate-litigation cases happen across the U.S. every day. How will you help your clients understand their estate planning decisions and ultimately prevent post-death litigation?

In this episode, David Lenok, WealthManagement.com’s senior editor, is joined by the attorney who represented Mickey Rooney and his estate in his elder abuse and estate litigations, Vivian Lee Thoreen of Holland & Knight, to discuss how advisors can help clients make effective decisions about guardianship to protect their elderly clients and reduce the chance of post-death litigation. Together, they discuss the financial elder abuse and estate of actor Mickey Rooney, who spent the last years of his life living in pain and fear without a dollar in his wallet.

 In this episode, you will learn:

 What the different types of guardianship/conservatorship are;

  • Why it is important for elders to not delegate all of their responsibility away;
  • Why practical conversations about the division of the estate are important;
  • How common sense does not always apply in estate planning;
  • And more!

Tune in now to learn some tips to recognize elder abuse and help your clients reduce the chance of post-death litigation.

Resources:

WealthManagement.com | Holland & Knight

 
Dead Celebrity Ep 17 – Elizabeth Taylor: Going Deep With Your Philanthropy — With Bruce DeBoskey

Dead Celebrity Ep 17 – Elizabeth Taylor: Going Deep With Your Philanthropy — With Bruce DeBoskey

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Sponsored By: FS Investments

What kind of difference do your clients want to make in the world — and for themselves — with their philanthropy?

In this episode, WealthManagement.com’s senior editor, David Lenok, is joined by Bruce DeBoskey, president and founder of The DeBoskey Group. Bruce has dedicated his life to helping others maximize the impact of their philanthropic giving. Together, David and Bruce discuss the legacy of Elizabeth Taylor, one of classical Hollywood cinema’s most beloved stars, to serve as inspiration for teaching advisors how to help clients deepen their impact. 

In this episode, you will learn:

  • What role philanthropy can play in your clients’ financial plans
  • How to help your clients decide what kind of difference they want their philanthropy to make in the world and for themselves
  • Why clients will make a greater impact with their giving if they narrow their focus 
  • How multigenerational families, in particular, can benefit from having a mission statement to guide their philanthropic efforts
  • Why Bruce encourages his clients to “give while they live”
  • And more!

Tune in now and learn how to help your clients deepen their impact. 

Resources:

WealthManagement.com | The DeBoskey Group 
Dead Celebrity Ep 16 – Robert Mugabe: Help Your Clients Face their Estate-Planning Fears — With Jacqueline Bevilaqua

Dead Celebrity Ep 16 – Robert Mugabe: Help Your Clients Face their Estate-Planning Fears — With Jacqueline Bevilaqua

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There is a special kind of fear that estate planning brings out in many people. As an advisor, how will you help your clients move past this fear enough to do thorough estate planning?

In this episode, WealthManagement.com’s senior editor, David Lenok, is joined again by Jacqueline Bevilaqua of Katsky Korins to discuss how advisors can help clients push through their estate-planning fears. Together, they draw from the story of Robert Mugabe, former president of  Zimbabwe, who spent his life inspiring fear in others but was unable to overcome his own fear of estate planning. This conversation recommends approaches for advisors to take with fearful clients and advice for overcoming your own estate-planning anxiety. 

In this episode, you will learn:

  • How fear can impact an estate
  • Which aspects of estate planning tend to feel the most intimidating
  • What actions you can take to support and guide anxious clients
  • How to preserve relationships in a blended family after death
  • And more!

Tune in now and learn ways to support clients who are fearful of estate planning. 

Resources:  WealthManagement.com | Katsky Korins | jbevilaqua@katskykorins.com | Episode 7: Adam “MCA” Yauch: How to work with strong-willed clients — With Jacqueline Bevilaqua

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Dead Celebrity Ep 15—Jerry Weintraub: Modern Polyamory—With Kim Kamin

Dead Celebrity Ep 15—Jerry Weintraub: Modern Polyamory—With Kim Kamin

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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
Dead Celebrity – Ep 14 – Rockefeller: Help Your Snowbirds Dodge Tax Pitfalls — With Daniel Bernard

Dead Celebrity – Ep 14 – Rockefeller: Help Your Snowbirds Dodge Tax Pitfalls — With Daniel Bernard

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Since not all states treat taxes the same, snowbirds who don’t know the rules might experience great heartache when they receive their tax bill. 

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with tax attorney Daniel Bernard. Together, they discuss John D. Rockefeller, the legendary American industrialist, philanthropist, and founder of the Standard Oil Company. In 1914, he started splitting time between Florida and New York, making the ultra-rich Rockefeller one of the first snowbirds. Using Rockefeller as their inspiration, David and Daniel explore the tax options and rules available to snowbirds who own multiple properties across different states.

In this episode, you will learn:

  • A little history behind John D. Rockefeller, the original snowbird
  • What planning considerations to be aware of as an advisor to snowbirds
  • What ancillary probate is and how to help your clients avoid it
  • And more!

Tune in and learn how to help your clients enjoy life as a snowbird.

Resources: WealthManagement.com | Twomey, Latham, Shea, Kelley, Dubin & Quartararo LLP