Tag: Tax Planning
Celebrity Estates: Bob Barker and Leaving a Charitable Legacy

Celebrity Estates: Bob Barker and Leaving a Charitable Legacy

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Bob Barker is best known as the beloved host of The Price Is Right, the longest-running game show in American television history.

Barker sadly passed away in August 2023. The majority of his estate was donated to forty different animal and military charities, which was no surprise, given his life as a vegetarian and an outspoken animal rights advocate.

In this episode, David Lenok speaks with David Handler, a partner at Kirkland & Ellis, about adding charitable giving to legacy plans and what should be considered when choosing how to donate. They explore how charitable donations impact beneficiaries from a financial standpoint as well as the tax implications and how that money could be used after donating.

David discusses:

  • Different types of charitable donations; 
  • How charitable donations impact legacy planning for beneficiaries;
  • The tax implications of leaving money to charity;
  • The limitations of directing where donations will be spent within a charity;
  • And more

Resources:

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About Our Guest:

David A. Handler is a partner in the Trusts and Estates Practice Group of Kirkland & Ellis LLP. He concentrates his practice on trust and estate planning and administration, representing owners of closely-held businesses, family offices, principals of private equity and venture capital funds, individuals and families of significant wealth, and establishing and administering private foundations and other charitable organizations.

David is a fellow of the American College of Trust and Estate Counsel (ACTEC), and a member of the NAEPC Estate Planning Hall of Fame as an Accredited Estate Planner (Distinguished). He is the creator or co-creator of the “HEET trust,” the “RPM Trust” and the “Guaranteed GRAT,” among other innovations. David is also a member of the professional advisory committees of several nonprofit organizations, including the Chicago Community Trust, The Art Institute of Chicago, The Goodman Theatre, WTTW11/98.7WFMT (Chicago public broadcasting stations) and the Jewish Federation of Metropolitan Chicago.
67. Russia And Ukraine: The Benefits Of Alternative Citizenship

67. Russia And Ukraine: The Benefits Of Alternative Citizenship

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The war between Russia and Ukraine is upsetting what many thought to be a well-established world order. The ripples of the conflict are being felt thousands of miles away, as the global economy struggles to recalibrate on the fly. The return of war to Europe reinforces the need for clients to have a backup plan in place to protect their families and their assets. Exploring alternative citizenship is a powerful, and often underexplored tool in this regard.

In this episode, David Lenok is joined by David Lesperance, of Lesperance and Associates, in discussing the international impact of the land war between Russia and Ukraine, along with the legality of citizenships for individuals looking to gain additional or renounce existing ones in order to insulate themselves, their families and their assets from potential danger.

David discusses:

  • How conflict between Russia and Ukraine impacts the entire world;
  • What having a ‘back-up’ plan in place looks like;
  • The differences between types of citizenship;
  • The law surrounding citizenships;
  • Strategies surrounding citizenships and tax planning;
  • And more

Connect With David Lesperance:

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About Our Guest:

David Lesperance is one of the world’s leading international tax and immigration advisors.

A published author in the field, David’s personal interest in these areas of law grew from his experience working as Canadian immigration and customs officer while studying law. Since being called to the bar in 1990, he has established his expertise with major law firms, his own law firm and as a private consultant. David has successfully advised scores of high and ultra high net-worth individuals and their families, many of whom continue to seek his counsel today. In addition he has provided pro bono advice to many governments on how to improve their Citizenship by Investment, Residence by Investment or “Golden Visa” type programs to better meet the needs of his global clients. David is supported by a team of professionals, some of whom have worked with him since the early 1990s.
61. DMX: Planning For Blended Families

61. DMX: Planning For Blended Families

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David Lenok is joined by John Pantekidis, chief investment officer and general counsel at Twin Focus, to discuss the struggles of determining inheritance with children from multiple partners and the legal and tax issues when children are taken into account.

With over 74 million records sold worldwide and a lucrative career that took him in many directions, Earl Simmons, better known as rapper DMX, died in April 2021. He left behind a complex inheritance scenario with fifteen children, and his fiancée Desiree Lindstrom’s attempts to be recognized as his common law partner through the courts.

In this episode, David and John address the laws and rights of partners, ex-wives and children in complex situations such as this.

They discuss:

  • How divorce can complicate relations and inheritance after death;
  • The importance of estate planning in all scenarios;
  • Why disinheritance can be a benefit;
  • and more.

Connect With John Pantekidis:

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About Our Guest:

John is a managing partner at TwinFocus and serves as the Chief Investment Officer (CIO) and General Counsel. John has been with the firm since January 2007, six months after the firm’s launch. In this role, he heads the firm’s investment research and complex tax planning efforts, working closely with clients to help them design and implement innovative family office structures.

As the firm’s CIO, he also leads research efforts to develop new and creative investment policies, oversees due diligence for manager search and selection, and plays a multi-faceted role in guiding the firm’s private investment activities by identifying, negotiating, modeling, and structuring deals from a fundamental investment and multi-generational perspective. John has also designed and implemented the firm’s sophisticated options overlay program.