Tag Archives: Financial Documentation

Ep 44 – Chuck Berry: Be Intentional When It Comes To Taxes – with guest Damien Martin



Today, David Lenok, senior editor at WealthManagement.com, is joined by Damien Martin, tax partner at BKD CPAs and Advisors.

This episode focuses on the father of rock ‘n roll, Chuck Berry, the legendary musician who worked up into his 80’s, amassing a sizable estate upon his death in 2017 at the age of 90, despite his conviction of tax evasion in 1979. Berry was convicted of $110,000 in back taxes, and was sentenced to serve 4 months in jail and 1000 hours of community service.  

David and Damien delve deep into the reality of taxes and why communication and planning are the key to a successful financial future.

You will learn:

  • The tax planning issues advisors face with clients
  • How tax planning affects your retirement and how it can help to maximize your estate
  • How estate tax planning can assist your income tax planning
  • The importance of creating open communication with your whole team of advisors
  • And more!

Listen now and intentionally plan for the future!

Resources: WealthManagement.com | BKD CPAs and Advisors | Damien Martin


Ep 43 – Audrey Hepburn: When Secrets Destroy A Family–– With Dr. Denise Federer



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
  • And more!

Listen now because it is not an accident to have adult children who work hard and have good values!

Resources: WealthManagement.com | FPMG  | Dr. Denise Federer LI


Ep 42 – Jack Cassidy: Loose Ends Can Unravel Your Estate –– With Christopher Melcher



In this episode, David Lenok, senior editor at WealthManagement.com, is joined by Christopher Melcher, partner at Walzer Melcher LLP where they focus on complex family law litigation and premarital agreements of high net worth individuals.

Today’s celebrity example is Jack Cassidy; an American actor and singer known for his works in theatre, tv and film.   

Having married and divorced twice and fathering children in both marriages, most notable being David and Shaun Cassidy, Jack’s estate plan was for the most part very well executed.  Except for the small “loose end” by way of a life insurance policy that Jack nor his team followed up on when completing his divorce paperwork.  An 8 year legal battle between ex-spouse #2 and the estate then ensued over a $50,000 life insurance policy.

Now, Christopher and David discuss why you must ensure that you dot your I’s, cross your T’s, just finish the work.

In this episode, you will learn:

  • What are some lessons learned for advisors, from Jack Cassidy’s unfortunate circumstances
  • Are premarital agreements good or bad for a relationship
  • What are some other typical “loose ends” that often get forgotten when finalizing an estate plan
  • And more!

Tune in to help your clients understand, you cannot win the race if you do not cross the finish line!

Resources: WealthManagement.com | Walzer Melcher LLP


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



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



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



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



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



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



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



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