Tag: estate plans
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

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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

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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

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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

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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

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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

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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

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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 
Ep 31 – Death, Taxes, and Elvis Presley — With Paige Goepfert

Ep 31 – Death, Taxes, and Elvis Presley — With Paige Goepfert

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You work hard for your money, so don’t let the government take it all when you die. 

This is exactly what happened to one of the most significant cultural icons of the 20th century, Elvis Presley.

In this episode, David Lenok speaks with Paige Goepfert of Andersen Global to explore the financial mishaps of the late and great Elvis Presley. Through the American singer’s story, David and Paige highlight key takeaway lessons that can help you better prepare your finances for your death.

In this episode, you will learn:

  • The many ways tax planning can help you reduce your estate’s tax bill
  • How Elvis was misled about his finances
  • Ways can interest rates aid in your planning
  • Why 2020 could be to best year to become more charitable
  • And more!

Tune in now and learn about the importance of tax planning and how it affects your financial future!

Resources:  WealthManagement.com | Andersen Global
Ep 30 – Kenny Rogers: Knowing When to Hold ‘Em (Top Prenup Tips for Advisors)

Ep 30 – Kenny Rogers: Knowing When to Hold ‘Em (Top Prenup Tips for Advisors)

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Most people believe their marriages will last forever. But whether their marriage endures or ends, it’s in your clients’ best interests to have a prenuptial agreement –– especially if the split isn’t amicable

In this episode, David Lenok, senior editor at WealthManagement.com, talks with Aviva Pinto, a managing director at Wealthspire Advisors. This episode is inspired by American singer-songwriter Kenny Rogers, who was famously married five times and had five children with four different partners. Now, Aviva and David dive into The Gambler’s finances and marriages to discuss how to help your clients get a prenup in order and navigate a divorce. 

In this episode, you will learn:

  • Why having a prenup would have saved Kenny Rogers a lot of money
  • How to broach the subject of prenups with your clients
  • Whether there’s room for flexibility in prenups
  • How to help your clients talk to their spouses about doing a prenup
  • Why the state you live in is important when it comes to splitting marital assets
  • And more!

Tune in now for tips to help your clients get onboard with doing a prenup.

Resources:   WealthManagement.com | Wealthspire
Ep 29 – Arnold Palmer: Investing in Wine Could Be Your Clients’ Hole in One

Ep 29 – Arnold Palmer: Investing in Wine Could Be Your Clients’ Hole in One

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Are your clients thinking about investing in wine? Wine is a true portfolio diversifier, but there are a few things your clients should know first. 

In this episode, David Lenok, senior editor at WealthManagement.com, talks to Tom Gearing, CEO and co-founder of Cult Wines Limited, about investing in wine. This topic is inspired by golf pro and entrepreneur Arnold Palmer, one of the first major celebrities to lend his name to a wine label. Arnold Palmer’s wine was widely accessible to the common wine drinker. Meanwhile, today’s conversation delves into the world of more expensive and valuable wines and how you can help your clients navigate these investable commodities.

In this episode, you will learn:

  • What a savvy entrepreneur and marketer Arnold Palmer was
  • Why you must do your due diligence if you’re advising a client who’s interested in investing in wine
  • Why wine is a true portfolio diversifier
  • What kind of timeline one could expect before seeing a return on investment
  • What the first steps are to investing in wine 
  • And more!

Tune in now to learn how to best advise clients who want to invest in wine. 

Resources:  WealthManagement.com | Cult Wine