Tag Archives: high-net-worth

Ep 34 – Luke Perry: Replenishing the Earth in a Mushroom Suit



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



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



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



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)



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



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


Ep 28 – Debbie Reynolds, Carrie Fisher, and Billie Lourd: Estate Planning for Collectibles



Collectibles have different values depending on who collected them, who owns them, and who wants them. 

In this episode, David Lenok, senior editor at WealthManagement.com, talks again with Sarah McDaniel, a CFA and managing director who heads the Wealth Strategies Group and Advanced Planning Centers at Morgan Stanley. Together, they discuss estate planning for collectibles. David and Sarah explore the case of actor Billie Lourd, who not only inherited a bulk of her late mother Carrie Fisher’s and grandmother Debbie Reynolds’s estates but also their large collections of Hollywood memorabilia. 

In this episode, you will learn:

  • The story behind the building and selling of Debbie Reynolds’s and Carrie Fisher’s memorabilia collections
  • What issues clients face when planning for collectibles or passion assets
  • How capital gains tax can affect the selling of collections
  • Examples of how price permanence varies across collectibles
  • What to consider before leaving collectibles to a museum
  • And more!

Learn how to help your clients plan for their collectibles!

Resources:  WealthManagement.com | Sarah McDaniel on LinkedIn


Ep 27 – Amy Winehouse: Reasons to Work With Millennial Clients (And How to Get Started)



The millennial generation is simultaneously the most talked about, sought after, and yet curiously underserved demographic in the financial planning industry.

In this episode, David Lenok, senior editor at WealthManagement.com, is joined by Douglas Boneparth, founder of Bone Fide Wealth. They discuss how today’s financial advisors can appeal to millennials –– and why bringing in younger clients is a worthwhile pursuit. This topic is inspired by Amy Winehouse, a Grammy-award winning singer-songwriter who died at 27 years old. Amy did not have a will. Her after-tax assets went to her parents, and her ex-husband is making a $1.4 million legal claim on Amy’s estate in a case that has yet to be adjudicated.

In this episode, you will learn:

  • The story of Amy Winehouse: how her lack of planning and early death impacted her estate
  • Why advisors are struggling to connect with millennials
  • What this generation is looking for when it comes to their financial lives
  • Reasons to empower young advisors to pursue millennial clients
  • How to link millennials’ experiences to their most relevant financial planning tasks
  • And more!

Tune in for actions you can take immediately to start attracting millennial clients. 

Resources:  WealthManagement.com | Bone Fide Wealth


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



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



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