Succession Planning – Celebrity Estates: Wills of the Rich and Famous

Celebrity Estates: Kylie Jenner and Succession Planning for Business Owners

By deadcelebrity | May 15, 2023

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Kylie Jenner has been an influential figure since 2010 as a model, business owner and social media personality. The majority of her wealth comes from the sale of 51% of her cosmetics company for an estimated $600 million.

In this episode, David Lenok speaks with Brad Franc, Director of Business Law at Houston Harbaugh and author of The Succession Solution, about succession planning for business owners and the next step after leaving the company.

Brad discusses:

The first steps in building a succession plan;
How the core values of a business owner impact the foundation of succession planning;
Potential roadblocks impeding a succession plan and how to transform those problems into opportunities;
The importance of setting a plan in place regardless of how many changes may happen along the way;
And more

Resources:

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About Our Guest:

Practicing in the Business Law and Estates and Trusts Groups, Brad works extensively with private business owners, affluent individuals, closely held businesses, and technology-based firms to strategically integrate business, estate, and charitable planning objectives. For many closely- and privately-held business clients, he also serves as outside general counsel and advises on key initiatives such as business and strategic planning, commercial transactions, corporate governance, and estate and succession planning.

Celebrity Estates: Succession Planning Lessons From The British Royal Family

By deadcelebrity | February 13, 2023

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The Windsors maintain a rigid estate and succession plan that’s been (in some cases, quite literally) written in stone for hundreds of years. With the recent passing of Queen Elizabeth II, it’s an opportune time to ask: What can planners learn from such an impossibly rigid, yet simultaneously extremely transparent ‘plan’?

In this episode, David Lenok is joined by Tim Volk, Founder and Managing Director of T. Volk and Company, in discussing the repercussions of such a plan, including the importance of considering the age of the ‘next generation’ in light of ever-increasing longevity and the important distinction between adultship and eldership.

Tim discusses:

How a delay in the exit of the head of the family impacts the succession plan of the next generation;
When do individuals need to move from adultship to eldership;
How longevity impacts who inherits the estate (and when);
The problem of entitlement in succession planning;
And more

Resources:

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Connect With Tim Volk:

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About Our Guest:

Timothy J. Volk, CFP, is the architect of a highly successful entrepreneurial career encompassing independent advisory, strategic planning, and financial services (banking, wealth management, insurance, and real estate) and is driven by his core values of family, community, and responsible stewardship. As principal of T. Volk & Co., he leverages his experience in a successful legacy family business and provides prudent and trusted counsel to families striving to protect their enterprises and preserve their wealth.