Proper Documentation – Page 3 – Celebrity Estates: Wills of the Rich and Famous

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

By deadcelebrity | March 30, 2020

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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

By deadcelebrity | March 16, 2020

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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

By deadcelebrity | March 2, 2020

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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 18 – Mickey Rooney: Elder Abuse and Preventing Post-Death Litigation — With Vivian Lee Thoreen

By deadcelebrity | February 16, 2020

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Sponsored By: FS Investments

Numerous post-death estate-litigation cases happen across the U.S. every day. How will you help your clients understand their estate planning decisions and ultimately prevent post-death litigation?

In this episode, David Lenok, WealthManagement.com’s senior editor, is joined by the attorney who represented Mickey Rooney and his estate in his elder abuse and estate litigations, Vivian Lee Thoreen of Holland & Knight, to discuss how advisors can help clients make effective decisions about guardianship to protect their elderly clients and reduce the chance of post-death litigation. Together, they discuss the financial elder abuse and estate of actor Mickey Rooney, who spent the last years of his life living in pain and fear without a dollar in his wallet.

In this episode, you will learn:

What the different types of guardianship/conservatorship are;

Why it is important for elders to not delegate all of their responsibility away;
Why practical conversations about the division of the estate are important;
How common sense does not always apply in estate planning;
And more!

Tune in now to learn some tips to recognize elder abuse and help your clients reduce the chance of post-death litigation.

Resources:

WealthManagement.com | Holland & Knight

Dead Celebrity Ep 17 – Elizabeth Taylor: Going Deep With Your Philanthropy — With Bruce DeBoskey

By deadcelebrity | February 3, 2020

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Sponsored By: FS Investments

What kind of difference do your clients want to make in the world — and for themselves — with their philanthropy?

In this episode, WealthManagement.com’s senior editor, David Lenok, is joined by Bruce DeBoskey, president and founder of The DeBoskey Group. Bruce has dedicated his life to helping others maximize the impact of their philanthropic giving. Together, David and Bruce discuss the legacy of Elizabeth Taylor, one of classical Hollywood cinema’s most beloved stars, to serve as inspiration for teaching advisors how to help clients deepen their impact.

In this episode, you will learn:

What role philanthropy can play in your clients’ financial plans
How to help your clients decide what kind of difference they want their philanthropy to make in the world and for themselves
Why clients will make a greater impact with their giving if they narrow their focus
How multigenerational families, in particular, can benefit from having a mission statement to guide their philanthropic efforts
Why Bruce encourages his clients to “give while they live”
And more!

Tune in now and learn how to help your clients deepen their impact.

Resources:

WealthManagement.com | The DeBoskey Group

Dead Celebrity Ep 16 – Robert Mugabe: Help Your Clients Face their Estate-Planning Fears — With Jacqueline Bevilaqua

By deadcelebrity | January 21, 2020

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Sponsored By: FS Investments

There is a special kind of fear that estate planning brings out in many people. As an advisor, how will you help your clients move past this fear enough to do thorough estate planning?

In this episode, WealthManagement.com’s senior editor, David Lenok, is joined again by Jacqueline Bevilaqua of Katsky Korins to discuss how advisors can help clients push through their estate-planning fears. Together, they draw from the story of Robert Mugabe, former president of Zimbabwe, who spent his life inspiring fear in others but was unable to overcome his own fear of estate planning. This conversation recommends approaches for advisors to take with fearful clients and advice for overcoming your own estate-planning anxiety.

In this episode, you will learn:

How fear can impact an estate
Which aspects of estate planning tend to feel the most intimidating
What actions you can take to support and guide anxious clients
How to preserve relationships in a blended family after death
And more!

Tune in now and learn ways to support clients who are fearful of estate planning.

Resources: WealthManagement.com | Katsky Korins | jbevilaqua@katskykorins.com | Episode 7: Adam “MCA” Yauch: How to work with strong-willed clients — With Jacqueline Bevilaqua

Dead Celebrity Ep 15—Jerry Weintraub: Modern Polyamory—With Kim Kamin

By deadcelebrity | January 6, 2020

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If you had a client with multiple spouses, would you know how to handle their estate planning?

In this episode, WealthManagement.com’s senior editor, David Lenok, speaks with Kim Kamin, principal at Gresham Partners, about the success of Jerry Weintraub’s estate plan. Its success is notable given that this Emmy-Award winning producer, talent manager, and actor had lived with a long-term girlfriend while still staying married to his wife. Together, David and Kim discuss Jerry Weintraub’s story, the overlooked prevalence of polyamorous couples in today’s society, and considerations for advisors who are working with polyamorous clients.

In this episode, you will learn:

About the many variations of modern polyamory
How to tactfully ask your coupled clients about their relationships
Considerations that have to be made depending on whether the polyamorous relationship is a public or private arrangement
Ways to help your polyamorous clients dodge estate planning hurdles
And more!

Tune in now and learn how to help your polyamorous clients with their estate planning.

Resources:

WealthManagement.com | Gresham Partners | The Tools & Techniques of Estate Planning for Modern Families, 3rd Edition

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

By deadcelebrity | December 2, 2019

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Sponsored By: FS Investments

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

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

By deadcelebrity | November 18, 2019

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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: