Kylie Jenner has been an influential figure since 2010 as a model, business owner and social media personality. The majority of her wealth comes from the sale of 51% of her cosmetics company for an estimated $600 million.
In this episode, David Lenok speaks with Brad Franc, Director of Business Law at Houston Harbaugh and author of The Succession Solution, about succession planning for business owners and the next step after leaving the company.
The first steps in building a succession plan;
How the core values of a business owner impact the foundation of succession planning;
Potential roadblocks impeding a succession plan and how to transform those problems into opportunities;
The importance of setting a plan in place regardless of how many changes may happen along the way;
Practicing in the Business Law and Estates and Trusts Groups, Brad works extensively with private business owners, affluent individuals, closely held businesses, and technology-based firms to strategically integrate business, estate, and charitable planning objectives. For many closely- and privately-held business clients, he also serves as outside general counsel and advises on key initiatives such as business and strategic planning, commercial transactions, corporate governance, and estate and succession planning.
Lisa Marie Presley was only 9 years old when her father, Elvis Presley, died and she gained control of his whole estate at the age of 25. When she passed in 2023, her mother, Pricilla Presley, challenged the legitimacy of Lisa Marie’s daughters being named trustees of the trust containing the assets in Lisa Marie’s estate.
In this episode, David Lenok talks to Brian Dillon, partner at Lathrop GPM, about the problems that arise when estate documents are suspicious or improperly filed and how those problems impact the legal process of handling an estate.
What casts doubt on the legitimacy of estate documents;
When third party knowledge can be considered hearsay versus legitimate evidence to the deceased intent;
Why having the conversation on inheritance before death can help avoid disputes;
How previous paperwork sets a precedent of the deceased state of mind when determining influence on the estate plan
Brian Dillon is the Partner in Charge of the Minneapolis office for Lathrop GPM. Brian is an experienced litigator who specializes in trusts and estates litigation, complex business and shareholder disputes, and responding to government investigations and enforcement actions. Clients value Brian’s diverse range of litigation experience and practical, down-to-earth approach in resolving disputes, both in and outside the courtroom.
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.
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
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.
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.
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;
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.
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.
The benefits and detriments of probate;
Who should be an executor or a trustee;
The difference in responsibilities between trustees and administrators for estates;
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.
Conrad Hilton got his start in hospitality at his family’s general store in the New Mexico Territory. Years later, he established the largest hotel chain in the world, Hilton Hotels. After his death, Conrad left much of his estate to the Conrad Hilton Foundation — until his son decided to contest the will.
In this episode, David Lenok is joined by David Bokman, Managing Director and Head of Family Office Resource at Morgan Stanley Wealth Management, and Andrea Levine-Sanft, Managing Director and Co-Head of the Wealth and Estate Planning Strategy, in discussing first generation wealth management in comparison to inherited wealth.
David and Andrea discusses:
What makes financial planning for first generation wealth creators unique;
How generational wealth is passed down;
The major problems in creating a financial plan for first generational wealth;
The importance of communication between financial professionals;
David Bokman is a Managing Director and the Head of Family Office Resources for Morgan Stanley Wealth Management. Family Office Resources provides ultra high net worth clients a virtual family office experience, with world-class, comprehensive services including family governance and wealth education, philanthropy, estate planning, trust services, single family office advisory and lifestyle advisory.
Andrea Levine-Sanft is Managing Director and Co-Head of the Wealth and Estate Planning Strategy. Andrea was formerly an Estate Planning Strategist in Morgan Stanley’s Private Wealth Management Division. Andrea advised Morgan Stanley’s ultra high net worth clients and their advisors on complex gift, estate and income tax planning matters.
Pat Bowlen was an American lawyer and partial owner of the Denver Broncos, along with his two brothers and sister. He served as the Broncos CEO until July 2014, when he stepped down due to progressive effects of Alzheimer’s disease, and passed away in 2019. His estate plan was unique due to the family trust in place, with the three trustees taking over in 2014 with the sole purpose of determining the next owner of the team.
In this episode, David Lenok is joined by Dan Griffith, senior vice president and director of wealth strategy at Huntington Private Bank, to review the estate planning of Pat Bowlen and how the trust came into effect. He reveals why business owners are forced out more often than retire and how to choose the best advisors to address your estate planning needs.
Why choosing a new owner for the Broncos caused issues among Pat’s descendants
How choosing trustees before you are incapable benefits your estate plan
The importance of choosing trustworthy and good advisors for an estate plan
Why it is difficult to simply retire as a business owner
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;
Listen now because it is not an accident to have adult children who work hard and have good values!
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?
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!
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.