Tag: Estate Planning
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 21 – Aaron Spelling: Help Wealthy Parents Nip Their Children’s Affluenza in the Bud –– With Amy Castoro

Ep 21 – Aaron Spelling: Help Wealthy Parents Nip Their Children’s Affluenza in the Bud –– With Amy Castoro

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Sponsored By: FS Investments

No parent wants their children to be worse off because of the wealth they inherit. As an advisor, what can you do to help parents equip their children for wealth and snuff out a sense of entitlement –– or affluenza –– that could derail them in the future?

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Amy Castoro, president and CEO of The Williams Group, about what advisors can do to help high-net-worth parents to prepare their children to inherit wealth. David and Amy look to the Spelling family for an example of affluenza. It’s debatable whether wealth has been a positive influence in the life of Tori Spelling, daughter of the late American film and television producer Aaron Spelling. Tori is outspoken about her poor investment decisions and overly lavish lifestyle, and yet she seems incapable of living sustainably. 

In this episode, you will learn:

  • Examples of details for wealthy families to get clear on in advance, such as drawing the line of entitlement versus engagement for their children 
  • How parents can create an open environment for young kids to ask questions about their family’s wealth
  • What can be done today to influence an adult child who doesn’t appreciate their wealth
  • How to recognize the early signs of affluenza and step in
  • And more!

Tune in now and learn how to help your clients transfer family wealth and values to their children for a sustainable legacy. 

Resources:  WealthManagement.com | The Williams Group
Ep 20 – The Wrigley Family: Help Your Clients Avoiding Passing on an Estate Tax Bill — With Scott Steiner

Ep 20 – The Wrigley Family: Help Your Clients Avoiding Passing on an Estate Tax Bill — With Scott Steiner

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Too many people are oblivious to the estate tax. But as an advisor, you’re perfectly positioned to help your clients avoid passing on a tax bill to their heirs.

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Scott Steiner of Calamos Wealth Management about what you can do to make your clients aware of the estate tax and avoid sticking their heirs with a bill. They bring this topic to life by exploring the case of the Wrigley family, best known for their chewing-gum dynasty. The Wrigleys were either unaware or did not care about the estate-tax consequences of their wealth upon their passing, as they left their son with a $40-million-dollar tax bill.

In this episode, you will learn:

  • About the two major estate tax blunders that the Wrigley family made
  • How to guide clients who have a pending estate tax bill
  • Why having mainly illiquid assets can pose estate tax issues 
  • Examples of illiquid assets that are common in U.S. estates
  • What strategies the Wrigleys could have used to undo their liquidity issues
  • And more!

Tune in now and learn how to help your clients avoid passing on a tax bill to their loved ones. 

Resources:  WealthManagement.com | Calamos Wealth Management
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 13 – Picasso: The Taxman Cometh — With Sarah McDaniel, CFA

Dead Celebrity Ep 13 – Picasso: The Taxman Cometh — With Sarah McDaniel, CFA

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Art collections can be a difficult asset to comprehend. You need to surround yourself with highly qualified and good-intentioned experts to ensure your legacy lives on.

In this episode, WealthManagement.com’s senior editor, David Lenok, speaks with Sarah McDaniel, CFA and managing director: head of Wealth Strategies Group and Advance Planning Centers at Morgan Stanley, about the massive art collection left behind after the death of one of the world’s most influential artists: Pablo Picasso. As you’ll soon find out, thanks to Picasso’s superstitions, his family had to use part of his collection to pay the estate taxes due upon his death.

In this episode, you will learn:

  • Why the big winner of not preparing your estate with proper documentation will be the government
  • How the Picasso Museum in France actually came about
  • How art assets are taxed differently depending on whether you are the artist or the collector
  • And more!

Tune in now and take Picasso’s words to heart: “Action is the foundational key to all success.” Take action and protect your estate.

Resources: WealthManagement.com | Morgan Stanley

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Dead Celebrity – Ep 12 – Jerry Buss: Make Succession Planning a Slam Dunk — With Sonya Mughal

Dead Celebrity – Ep 12 – Jerry Buss: Make Succession Planning a Slam Dunk — With Sonya Mughal

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Have you created a business that you want to outlast you? Do you know who would take over if something were to happen to you?

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Sonya Mughal, COO of Bailard Inc. Together, they explore the estate of Jerry Buss, the legendary owner of the Los Angeles Lakers. Jerry Bus had a succession plan in place to cover his 66% ownership of the team: His six children equally inherited a stake in the business. But as you’ll soon find out, even the best-laid plans can crumble. 

In this episode, you will learn:

  • When to start the succession planning conversation with your client
  • How to allow a period of governance while the client is still the owner
  • What characteristics to look for in a successor and their team
  • And more!

Tune in and learn how to help your clients craft a slam-dunk succession plan.

Resources:  WealthManagement.com | Bailard
Dead Celebrity Ep 11 – Liberace: Planning for LGBTQ Clients — With Bruce Hoffmeister

Dead Celebrity Ep 11 – Liberace: Planning for LGBTQ Clients — With Bruce Hoffmeister

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Sponsored By: FS Investments

Living a secret life can be so utterly complicated. Take it from Liberace. As you’ll soon find out, it is essential for LGBT couples to have a prenup or partnership agreement that can unfold if a relationship ends.

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Bruce Hoffmeister, a vice president and wealth strategist at Wilmington Trust. Together, they discuss the issues within the estate of Liberace, Mr. Showmanship himself. In this discussion, they delve into the secret and not-so-secret lifestyle of Liberace, brought forward by the infamous palimony case on behalf of his 17-year-old chauffeur and live-in lover.  

In this episode, you will learn:

  • The great lengths to which Liberace went to keep his sexual orientation private
  • The benefits of partnership agreements
  • What advisors need to be aware of when they have clients who are members of the LGBTQ community 
  • Why it’s important for clients to have all of their paperwork in order sooner rather than later
  • And more!

Tune in to learn about prenup and estate-planning action items that will help LGBTQ couples protect themselves, their families, and their assets. 

Resources: WealthManagement.com | Wilmington Trust

 

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Dead Celebrity Ep 10 – Robin Williams Planned It Right — With Guest Avi Kestenbaum

Dead Celebrity Ep 10 – Robin Williams Planned It Right — With Guest Avi Kestenbaum

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Sponsored by: Nationwide Advisory

You can have everything planned out, accounted for, and your family members will still find something to fight over once you are gone. 

In this episode of Dead Celebrity, by Informa WealthManagement.com, David Lenok and Avi Kestenbaum discuss the estate plan of beloved comedian and Oscar-winning actor Robin Williams. As you’ll soon find out, even the best of estate plans and legal advice can be a recipe for disaster when you have children from different marriages and a surviving spouse.

In this episode, you will learn:

  • The role of trusts 
  • The importance of preparing the proper documents
  • Why it’s crucial to update your information as your life changes 
  • How some people can be worth more once they are deceased
  • Whether David and Avi would consider Robin Williams’ estate plan to have been successful
  • And more!

Tune in and find out what went down in Robin Williams’ estate in this episode of Dead Celebrity!

Resources: WealthManagement.com | Meltzer, Lippe, Goldstein & Breitstone, LLP

Sponsored by: Nationwide Advisory