Tag: estate planning hurdles
Ep 41 – Philip Seymour Hoffman – Don’t Delay When It Comes To Your Estate Plan – With Megan Gorman

Ep 41 – Philip Seymour Hoffman – Don’t Delay When It Comes To Your Estate Plan – With Megan Gorman

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

In this episode, 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 40 – Michael Jackson: Creating A Thriller of An Estate Plan –– With Brian Weiner

Ep 40 – Michael Jackson: Creating A Thriller of An Estate Plan –– With Brian Weiner

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Brian Weiner, Founder and Managing Partner of Audent Family Wealth Advisors. As managing partner, Brian leads the family offices service program, CIO Platform and next generation education program.

This episode focuses on world famous singer/songwriter, dancer, and the king of pop himself Michael Jackson. At his untimely death, his estate was left mainly to his children via pour-over trusts that also came with a debt of over $500 million, mostly in taxes. In large, due to the great work of his executors, the estate has earned over $2 billion since his death.

David and Brian discuss all the tools that can be utilized by the wealthy and those with complex estates in order to ease debt and tax burdens for those inheriting the estate. 

In this episode, you will learn:

  • What an entity is and how can it be utilized within an estate plan
  • What gift tax is and how to use gift tax exemptions
  • What it means to manage an estate for success
  • Why next generation education is so important in estate planning
  • And more!

Tune in to learn the importance of building a flexible plan to allow for generational changes to minimize loss. 

Resources: WealthManagement.com | Audent Family Wealth Advisors
Ep 39 – Robin Williams: How To Spot the Warning Signs of Suicide in Your Clients –– With Amanda Koplin

Ep 39 – Robin Williams: How To Spot the Warning Signs of Suicide in Your Clients –– With Amanda Koplin

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

Today, David Lenok, senior editor at WealthManagement.com, is joined by Amanda Koplin, LPC, a mental health entrepreneur who is the founder and CEO of Koplin Consulting.

This episode focuses on legendary comedic actor Robin Williams’ tragic suicide and the shocking, unspoken truth about male suicide statistics. Notably, the victims –– namely middle-aged white men –– are a common client profile for many advisors.

David and Amanda delve into how advisors can help their clients by paying attention to their behavior. Advisors are not counselors by any means, but they are in a unique position to see changing behaviors that might pop up when a client has hardships with career, health, or finances. 

In this episode, you will learn:

  • Which risk factors and behaviors are associated with suicide
  • Why advisors are uniquely positioned to spot warning signs and changes in their clients’ behavior 
  • What resources you should have on hand to assist a distraught client
  • Why entrepreneurs are at a higher risk of suicide
  • And more!

Listen now to learn ways to spot behavioral changes that could be harmful to your clients.

Resources: WealthManagement.com | Koplin Consulting | Episode 10: Robin Williams Planned It Right — With Avi Kestenbaum
Ep 38 – Tom Carvel: Why Having Too Many Executors Can Melt an Estate –– With James Bertles

Ep 38 – Tom Carvel: Why Having Too Many Executors Can Melt an Estate –– With James Bertles

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

In this episode, David Lenok, senior editor at WealthManagement.com, is joined by James Bertles, managing director at Tiedemann Advisors and head of the firm’s Palm Beach office.

Today’s celebrity example is Tom Carvel, the creator of soft serve ice cream and one of the founding fathers of the franchise system in America. 

Thinking he was covering all his bases, Tom Carvel of Carvel Ice Cream appointed no fewer than seven executors to manage his estate upon his death. Unfortunately, having so many hands in the pot turned out to be a recipe for disaster. 

Now, Jim and David discuss what can go wrong when a client appoints too many executors to their estate. They uncover how you can help clients make wise decisions about who to appoint as trustees and executors –– and particularly,  how to avoid selecting people who could potentially have a conflict of interest when making decisions.

In this episode, you will learn:

  • The difference between the roles of executor and trustee 
  • What tends to spark disputes between trustees and beneficiaries
  • Why having several executors can be counterproductive and complicate an estate
  • What qualities make for a good executor
  • How to politely play devil’s advocate with your clients to make sure they’re choosing the right executors and trustees 
  • And more!

Tune in to help your clients learn from Tom Carvel’s mistake of appointing too many executors! 

Resources: WealthManagement.com | Tiedemann Advisors
Ep 37 – Ric Ocasek & Paulina Porizkova: What To Do If Your Client Wants To Disinherit Their Spouse –– With Megan Gorman

Ep 37 – Ric Ocasek & Paulina Porizkova: What To Do If Your Client Wants To Disinherit Their Spouse –– With Megan Gorman

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with returning guest Megan Gorman of Chequers Financial Management. 

The celebrity examples in this episode are Ric Ocasek and his third wife, Paulina Porizkova. Ric Ocasek was an American musician who was most well known as the co-lead vocalist, rhythm guitarist, and songwriter for the rock band the Cars. Paulina Porizkova is a Czech-born model, actress, and author. 

Ric Ocasek was married three times, had two sons with each wife, and was in the process of divorcing Paulina Porizkova, whom he excluded from his will only three weeks before his death. He had stated in his will that he made no provisions for Paulina and that she isn’t entitled to any elective share.

Now, David and Megan unpack what legal remedies and protections exist for disinherited spouses. They also discuss what advisors need to know about spousal rights and questions to ask any client who wants to disinherit their spouse. 

In this episode, you will learn:

  • Whether there any legal protections for disinherited spouses
  • Why Ric Ocasek’s attorney used the legal term “abandon” in his will
  • Where the term “spousal share” comes from
  • What to do if you suspect that your client is making a rash decision to disinherit a family member
  • How family lawyers and estate attorneys can work together to assist their clients
  • Why advisors should be proactive when working with divorcing clients
  • And more!

Tune in to learn what actions to take with clients who wish to exclude a spouse from their will. 

Resources: WealthManagement.com | Chequers Financial Management
Ep 36 – Richard Pryor: Don’t Miss the Signs of Elder Abuse –– With Vivian Lee Thoreen

Ep 36 – Richard Pryor: Don’t Miss the Signs of Elder Abuse –– With Vivian Lee Thoreen

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

In this episode, David Lenok, senior editor at WealthManagement.com, is joined again by Vivian Lee Thoreen of Holland & Knight.  

The celebrity example in this episode is Richard Pryor, an American actor, writer, and one of the most influential standup comedians of all time. Richard was married five times and fathered seven children from six women. He was open about his personal demons with drugs and alcohol and, on top of all this, Richard had multiple sclerosis.  

All of these factors swirled into a perfect storm for a tragic case of elder abuse. 

Now, Vivian and David reveal the signs of elder abuse for every advisor to watch out for. They explain why advisors are in a unique position to see red flags and what actions to take if you suspect your client is being abused. 

In this episode, you will learn:

  • What red flags might indicate that your client is a victim of elder abuse
  • Giving gifts to a caregiver: Is there a right way for your client to do this?
  • How advisors are protected when filing an elder abuse report
  • What is meant by conservatorship, and whether your client can have more than one
  • And more!

Learn how to help your clients protect themselves and their families. Communication is key!

Resources:  WealthManagement.com | Holland & Knight
Ep 35 – Chadwick Boseman: Estate Planning Essentials for Clients With a Diagnosis –– With Jacqueline Bevilaqua

Ep 35 – Chadwick Boseman: Estate Planning Essentials for Clients With a Diagnosis –– With Jacqueline Bevilaqua

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

In this episode, David Lenok, senior editor at WealthManagement.com, is joined again by Jacqueline Bevilaqua, a tax, trust and estates associate at Katzy Korins.  

The celebrity example in this episode is actor Chadwick Boseman, who was best known for portraying heroes, specifically Black heroes, in films, such as “42,” “Get On Up,” “Marshall,” and, of course, the blockbuster superhero film “Black Panther.”

Drawing inspiration from Chadwick’s story, David and Jacqueline talk about estate planning essentials for clients who have a diagnosis. They also discuss the importance of having all estate planning documents in order and ensuring that key people are aware of them. 

In this episode, you will learn:

  • Estate planning considerations for clients who’ve been diagnosed with an illness
  • The purpose of three documents that are particularly relevant to people with a diagnosis: health care proxy, power of attorney, and living will
  • Reasons why clients might get married towards the end of their life, as it relates to their estate plan
  • Why key action people must be aware of estate planning documents and their location
  • The benefits of using the oft-misunderstood special needs trust 
  • Why some people keep their estate plans a secret
  • And more!

Tune in now to learn estate-planning must-haves for clients with a diagnosis. 

Resources:  WealthManagement.com | Katzy Korins LLP
Ep 34 – Luke Perry: Replenishing the Earth in a Mushroom Suit

Ep 34 – Luke Perry: Replenishing the Earth in a Mushroom Suit

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

In this episode, David Lenok, senior editor at WealthManagement.com, is joined again by Megan Gorman, founder of Chequers Financial Management, to discuss the perfection that was Luke Perry’s estate and funeral plan.  

American actor and teen idol, Luke Perry, was best known as “bad boy” Dylan Mckay on the TV series Beverly Hills, 90210. When you hear about Luke’s funeral instructions –– including his desire to be buried in a biodegradable mushroom suit –– it will become clear that he was a deep thinker who advisors can learn from when helping clients plan their funeral. 

In this episode, you will learn:

  • Why Luke Perry is an estate planning role model 
  • Why green funerals are a growing industry
  • Cost-effective and personal ways to plan a funeral
  • How to plan for and fund the expense of a funeral, as to not burden those left behind
  • Why advisors conversations with clients about funeral arrangements must go beyond discussing burial versus cremation
  • And more!

Learn how to help your clients plan for the end of their story!

Resources:  WealthManagement.com | Chequers Financial Management
Ep 33 – Sammy Davis Jr: An Insolvent Estate Is Not How You Want To Be Remembered

Ep 33 – Sammy Davis Jr: An Insolvent Estate Is Not How You Want To Be Remembered

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

When you realize your client is living beyond their means and creating nothing but headaches for the executor of their estate, how can you help?

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Mark Brandenburg, an attorney who focuses on estate planning, estate administration, and probate law.  

The celebrity example of today’s episode is Sammy Davis Jr., who was arguably the most famous Black entertainer of the 20th century. Together, David and Mark discuss Sammy Davis Jr.’s estate to cast light on the issues that can arise from an insolvent estate.

In this episode, you will learn:

  • What is meant by “insolvent estate”
  • What happens when someone who dies owes money: How do people get paid and who gets their money first?
  • Whether payments to creditors can be negotiated
  • Whether executors can be held financially responsible
  • And more!

Tune in now to get ahead of an insolvent estate and the trouble it causes once a client is deceased.

Resources:  WealthManagement.com | Mark Brandenburg
Ep 32 – Jackie O: How the Underrated CLAT Can Help Wealthy Clients’ Heirs Save on Taxes –– With Carl Fiore

Ep 32 – Jackie O: How the Underrated CLAT Can Help Wealthy Clients’ Heirs Save on Taxes –– With Carl Fiore

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

Are your clients charitably inclined, but also want to provide for their heirs? There may be a way to do both, while saving on taxes. 

In this episode, David Lenok, senior editor at WealthManagement.com, talks to Carl Fiore, a managing director in the Andersen U.S. National Tax office, about how wealthy people are saving their heirs from hefty taxes through the use of charitable lead annuity trusts (CLATs) and grantor retained annuity trusts (GRATs). 

Former first lady Jacqueline Kennedy Onassis (aka Jackie O) was credited with popularizing the now widespread use of CLATs. As you will soon find out, allowing her children to decide whether the CLAT was actually funded or not wasn’t a mistake, but rather, savvy planning on Jackie O’s part.

In this episode, you will learn:

  • Background information on Jackie O and her savvy planning
  • What a CLAT is and how it is used as a tax-savings tool
  • Why it’s important to have growth outside of the estate
  • How public or private a CLAT is
  • And more!

Tune in now to learn how to use CLATs and GRATs to help your clients protect their heirs’ future financial growth. 

Resources:  WealthManagement.com | Andersen