Tag: Financial Advisor
64. Pat Bowlen: Creating An Estate Plan Before Being Forced Out

64. Pat Bowlen: Creating An Estate Plan Before Being Forced Out

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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.

Dan discusses:

  • 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

Connect With Dan Griffith:

Connect With David Lenok:

About Our Guest:

Dan Griffith is an experienced attorney with a passion for helping families and business owners find solutions to their planning challenges.
Ep 52 – Peter Bing: How Incorrect Terminology in an Estate Plan Can Cause Total Chaos With Megan Gorman

Ep 52 – Peter Bing: How Incorrect Terminology in an Estate Plan Can Cause Total Chaos With Megan Gorman

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A trust might make complete sense. But when you add family dynamics to the equation, chaos can ensue. 

This is exactly what happened when a millionaire decided to remove two of his biological grandchildren from his multi-million dollar trust plan. 

In this episode, David Lenok is joined by returning guest Megan Gorman, a founding partner of Chequers Financial Management, to talk about the recent estate case concerning multi-millionaire Peter Bing disinheriting two grandchildren, Damien Hurley and Kira Bonder, and leaving them with nothing.  

David and Megan discusses:

  • How this level of miscommunication can happen in any estate plan, regardless of one’s wealth
  • How to protect your inheritance from creditors, ex-spouses, and anyone else who might come knocking
  • How the language and definitions you use can determine what happens in your estate plan
  • Why a trust proctor could have helped Peter Bing’s case
  • And more

Connect With Megan Gorman:

Connect With David Lenok:

About Our Guest:

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.
Ep 51 – Preserving Your Inherited Collectibles with Barbara Archer

Ep 51 – Preserving Your Inherited Collectibles with Barbara Archer

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In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Barbara Archer, managing director and partner at Hightower. David and Barbara speak about Barbra’s story of researching, purchasing and preserving art that can be shared with the world.

Today’s celebrity example begins with Lilly Pulitzer. Lilly quickly grew to fame through her fashion and bright coloured designs. But, an individual so often forgotten in Lilly’s story is Suzie Zuzek. Suzie, the artist behind the designs was once never recognized, but that has recently changed. Our guest shares the story of finding Suzie’s designs and the work it took to have them displayed in the Cooper Hewitt Smithsonian Design Museum. We use this example to understand the steps it takes to preserve collectibles. 

Barbara discusses:

  • Her role in getting Suzie Zuzek’s designs into the Cooper Hewitt Smithsonian Design Museum
  • How advisors should handle the situation of clients wishing to invest in collectibles
  • The hidden costs associated with investing in collectibles
  • And more

Connect With Barbara Archer:

Connect With David Lenok:

About Our Guest:

Barbara C. Archer is a consummate entrepreneur who sees her clients’ world through a creative financial lens. As a Managing Director and Partner of Hightower Wealth Advisors | St. Louis, she and the team are resourceful problem solvers who deliver valuable advice and investment guidance.
Ep 49 – Clare Bronfman: Building Generational Wealth that Matters With Dan Griffith

Ep 49 – Clare Bronfman: Building Generational Wealth that Matters With Dan Griffith

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In this episode, David Lenok, senior editor at WealthManagement.com, is joined by Dan Griffith, senior vice president and director of wealth strategy at Huntington Private Bank.

Today’s celebrity example is brought to you by Clare Bronfman. We discuss Clare’s journey into using generational wealth to fund a company with negative ties. We use this infamous case to dissect how financial advisors can assist clients in building generational wealth that matters.

Dan discusses:

  • Why educating the next generation about money is imperative
  • Strategies that can be used to put money into the hands of the next generation
  • How advisors can educate clients about the risks involved with generational wealth
  • The importance of having financial conversations with your family 
  • And more

Connect With Dan Griffith:

Connect With David Lenok:

About Our Guest:

Dan is an experienced attorney with a passion for helping families and business owners find solutions to their planning challenges. Dan develops insights for clients and writes and speaks about asset protection, estate tax issues and business succession planning.