Tag: trusts
Celebrity Estates: Kylie Jenner and Succession Planning for Business Owners

Celebrity Estates: Kylie Jenner and Succession Planning for Business Owners

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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: Lisa Marie Presley and Estate Litigation

Celebrity Estates: Lisa Marie Presley and Estate Litigation

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Lisa Marie Presley was only 9 years old when her father, Elvis Presley, died and she gained control of his whole estate at the age of 25. When she passed in 2023, her mother, Pricilla Presley, challenged the legitimacy of Lisa Marie’s daughters being named trustees of the trust containing the assets in Lisa Marie’s estate.

In this episode, David Lenok talks to Brian Dillon, partner at Lathrop GPM, about the problems that arise when estate documents are suspicious or improperly filed and how those problems impact the legal process of handling an estate.

Brian discusses:

  • What casts doubt on the legitimacy of estate documents;
  • When third party knowledge can be considered hearsay versus legitimate evidence to the deceased intent;
  • Why having the conversation on inheritance before death can help avoid disputes;
  • How previous paperwork sets a precedent of the deceased state of mind when determining influence on the estate plan
  • And more

Resources:

Connect With Brian Dillon:

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About Our Guest:

Brian Dillon is the Partner in Charge of the Minneapolis office for Lathrop GPM. Brian is an experienced litigator who specializes in trusts and estates litigation, complex business and shareholder disputes, and responding to government investigations and enforcement actions.  Clients value Brian’s diverse range of litigation experience and practical, down-to-earth approach in resolving disputes, both in and outside the courtroom.
Celebrity Estates: Julia Fox and Why Millennials Focus Less on Material Wealth

Celebrity Estates: Julia Fox and Why Millennials Focus Less on Material Wealth

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Summary:

Uncut Gems star Julia Fox recently went viral for posting a TikTok video showcasing her home, which was modest compared to the extravagant wealth you expect from someone wealthy and famous. Today, many millennials are shifting away from buying luxury homes.

In this episode, David Lenok speaks with Kelley Wolfington, Senior Wealth Strategist at SEI Private Wealth Management, on why the housing trend for high-net-worth individuals is shifting and how it reflects the current values passed on to the next generation.

Kelley discusses:

  • Why the current generation believes in a values-driven spending
  • How wealthy millennials are choosing their financial advisors
  • Why the location of a house matters more in a remote work environment
  • The expectations for future generations to do something significant beyond spending inherited money
  • And more

Resources:

Connect With Kelley Wolfington:

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About Our Guest:

Kelley Wolfington provides holistic advice in the areas of trust and estate planning, wealth transfer, philanthropy, succession planning, tax planning and family communications strategies for ultra-high net worth and high net worth individuals and families. Her responsibilities include collaborating with internal and external colleagues and partners to craft and deliver such advice as well as develop strategies, techniques, tools and materials related to these advisory areas. She helps facilitate a perpetual process to improve her clients’ condition by working with them to navigate goals, values and visions for themselves, their families and their communities.
Celebrity Estates: Succession Planning Lessons From The British Royal Family

Celebrity Estates: Succession Planning Lessons From The British Royal Family

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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:

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.
Celebrity Estates: Anne Heche and the Roles of Trustees and Administrators in an Estate

Celebrity Estates: Anne Heche and the Roles of Trustees and Administrators in an Estate

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Anne Heche was an actress known for her roles in a variety of genres in film, television and theater, receiving numerous accolades. On her tragic death in August 2022, Heche’s son Homer and her former partner James Tupper fought in court over who would be her estate administrator and guardian of her youngest son Atlas. 

In this episode, David Lenok is joined by Benazeer “Benny” Roshan, Partner at Greenberg Glusker, in differentiating the roles of trustee and administrator for an estate. They focus on how the court typically handles such roles and what their respective responsibilities and duties are.

Benny discusses:

  • The benefits and detriments of probate;
  • Who should be an executor or a trustee;
  • The difference in responsibilities between trustees and administrators for estates;
  • And more

Connect With Benny Roshan:

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About Our Guest:

For over 15 years, Benny has successfully represented a wide range of fiduciaries and beneficiaries in disputes involving trusts, fiduciary appointments, accountings, removal, and surcharge. Benny is recognized by Chambers and Partners in their High Net Worth Guide for 2021 and 2022. In 2018, the Daily Journal named Benny one of the Top 40 Lawyers Under 40 in the State of California.
Celebrity Estates: Kirk, Michael and Cameron Douglas and the Challenge of Measuring up to Previous Generations (Ep.72)

Celebrity Estates: Kirk, Michael and Cameron Douglas and the Challenge of Measuring up to Previous Generations (Ep.72)

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The Douglas family started their legendary Hollywood career with Kirk Douglas in 1946, who had been a major box office star. Michael Douglas later surpassed his father’s great fame, receiving numerous accolades. However, Cameron Douglas, Michael’s son, struggled to continue the family’s Hollywood legacy.

In this episode, David Lenok speaks with Dr. Jamie Weiner, Co-Founder of Inheriting Wisdom, on the struggles children face when born into prominent families. Dr. Weiner shares examples of wealthy children, how they viewed the world compared to other children and the impact this has on their development within society.

Dr. Weiner discusses:

  • The challenge of measuring up to previous generations;
  • Four steps to developing self worth;
  • How a liquidity event impacts the way families think about money;
  • The role of mentors in the lives of children born into prominent families;
  • And more.

Connect With Dr. James Weiner:

Connect With David Lenok:

About Our Guest:

With a multi-faceted background in speaking, coaching and counseling in environments ranging from Cook County Jail to exclusive global VIP forums, Dr. Jamie Weiner’s expertise and strategic approach to guiding people helped to develop Inheriting Wisdom’s ability to transcend any complication within a family’s dynamic.

As a co-creator of Inheriting Wisdom, Dr. Weiner is focused on helping families garner meaningful communication between generations and provide solutions to sustaining wealth and strengthening family legacies.



Celebrity Estates: Whitney Houston and Adding Age Provisions For Young Beneficiaries (Ep. 71)

Celebrity Estates: Whitney Houston and Adding Age Provisions For Young Beneficiaries (Ep. 71)

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Whitney Houston, beloved singer and actress, left her entire estate to her 18-year-old only child Bobby Christina Brown. The wealth transfer was divided into three age-based distributions, with the final transfer scheduled at age 30. However, things got complicated when Brown, too, died at 22 before inheriting her mother’s estate.

In this episode, David Lenok is joined by Jennifer Proper, Managing Director of Wealth Strategies at Pitcairn, to discuss the benefits and pitfalls of age provisions within trusts and the importance of balancing protection with the beneficiaries will.

David and Jen discuss:

  • Key advantages and disadvantages to having age provisions in trusts
  • Some of the most common clauses in trusts
  • Why communication is essential to drafting an effective will
  • How far is too far when creating trust restrictions
  • And more

Connect With Jennifer Proper:

Connect With David Lenok:

About Our Guest:

Before joining Pitcairn, Jennifer served as Director, Legacy and Wealth Planning at Abbot Downing, a Wells Fargo division serving ultra-high-net-worth individuals and family offices. While at Abbot Downing, she provided sophisticated estate, business, and financial planning for the firm’s clients and led the Northeast region planning team. Previously, Jennifer held the positions of Senior Wealth Planner with Wells Fargo Private Bank in Philadelphia PA, and Legal and Tax Strategist with Legacy Advisors, LLC in Plymouth Meeting, PA.
Ep 57 – Prince: Planning for Intellectual Property With Matthew Erskine

Ep 57 – Prince: Planning for Intellectual Property With Matthew Erskine

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From his home and liquid possessions to his image and royalty rights, settling Prince’s estate would have been a complex process, even with a will. But Prince did not have a will, and this led to one of the largest and most complex estate battles in Minnesota and even American history. 

However, the most mysterious part of Prince’s estate is the bank vault with a code that even Prince himself forgot.

In this episode, David Lenok is joined by Matthew Erskine of Erskine and Erskine revisiting the topic of Prince. Focusing on the sealed vault filled with unpublished songs and recordings, David and Matthew discuss the relevance of protecting your intellectual property (IP) regardless of your celebrity status. They reveal the potential ramifications of posting content online and why the importance of understanding your collection for future heirs.

Matthew and David discuss:

  • How the internet has immortalized intellectual property
  • The ramifications of self-selling when it comes to IP ownership
  • The impact of fan-made creations on the original creators
  • Why you should categorize your collection for you heirs
  • And more

Connect With Matthew Erskine:

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About Our Guest:

Matthew Erskine is the managing partner of this fourth generation law firm. He focuses his estate planning and trust services practice on serving business owners, professionals, individuals, families, collectors, and inheritors of significant assets. Helping his clients and their families achieve their goals by providing customized solutions. Matt carries on his family’s tradition of integrity, continuity, and service.

Matt has a particular expertise in the stewardship of special assets that few other estate planning and trust attorneys can match. Working with collectors of art, jewelry, heirlooms, and other valuable assets, as well as owners of real estate and family businesses, Matt brings his and his family’s generations of experience and intimate knowledge of unique areas of the law to help clients achieve their desired investment and personal goals.

The Erskine family has been counsel to client families since 1876, overseeing litigation, estate and income taxation planning, residential and commercial real estate conveyances, close corporations, nonprofit corporations, personal trusts, dynasty trusts, private foundations, and family offices. Matt is also active in numerous community organizations in the Worcester, Massachusetts area, including the American Antiquarian Society, the Council on Foreign Relations Worcester Committee, Inc., the Worcester Economics Club, and the John J. Kittredge Numismatic Foundation.

Matt is an active member of Wealthcounsel, Wealthcounsel Advisors, Vistage, the American Bar Association and several other professional organizations.

After graduating from Lawrence Academy, Matt received his B.A. in Medieval History from Carleton College and his J.D. from Suffolk University Law School.
Ep 54 – James Brown: Philanthropy After Death With Robert Strauss

Ep 54 – James Brown: Philanthropy After Death With Robert Strauss

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In this episode, David Lenok, senior editor at WealthManagement.com, is joined by Robert Strauss,  shareholder and director of Weinstock Manion, specializing in guiding high net worth families, business owners, and real estate developers through the complex process of estate and wealth transfer planning.

Today’s celebrity example is the estate of legendary musician and American icon James Brown, including the fifteen years it took to settle his relatively simple estate. David and Robert discuss how charitable giving can help you avoid drawn out settlements after your death.

David and Robert discuss:

  • The importance of defining the clients’ wishes for their estate after they pass
  • Charitable giving before vs. after death
  • How family and legal dynamics can change after you are gone
  • How charitable gains are taxed
  • And more

Connect With Robert Strauss:

Connect With David Lenok:

About Our Guest:

As a Partner at Weinstock Manion, I specialize in guiding high-networth families, business owners and real estate developers through the complex process of estate and wealth transfer planning. With an extensive background as a transactional attorney, I am able to effectively advise owners of businesses and real estate regarding business succession plans and pre-liquidity event wealth transfer plans. Further, I bring a creative and customized approach to all estate matters in order to reduce estate taxes, achieve liability and creditor protection and, if desired, incorporate charitable giving and life insurance planning.

 
Ep 53 – The Information About Special Needs Trusts Everyone Needs To Hear With Gina Nelson

Ep 53 – The Information About Special Needs Trusts Everyone Needs To Hear With Gina Nelson

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Many of us remember Chrisptopher Reeves for his unforgettable performance as the first Superman to appear on the big screen in 1978. But a lot of us forget his later years were spent as a parapelegic after a tragic horse accident. 

In this episode, David Lenok speaks with Gina Nelson about some of the different planning you can do to prepare if you or a loved one should become disabled, and what you can do today to set them up for after you’re gone. 

Gina discusses:

  • The Christopher and Dana Reeves Foundation and how it’s set up to help those living with any type of disability 
  • How a special needs trust can help you and your loved ones
  • The difference between special needs and supplemental needs
  • The importance of flexibility in your trust documents 
  • The different scenarios between who sets up the trust
  • And more

Connect With Gina Nelson:

Connect With David Lenok:

About Our Guest:

Gina M. Nelson is a Senior Vice President – Head of Fiduciary Services with over 15 years of experience in various trust and estate roles.  Prior to joining Chilton Trust, Ms. Nelson served as Executive Director/Global Head of Trusts and Estates Risk at J.P. Morgan where she was responsible for Risk Management of all of J.P. Morgan’s trust companies, which include the U.S., Delaware, Bahamas, and other international entities.  Prior to J.P. Morgan, Ms. Nelson accumulated over 10 years of trust company experience, serving as a resource on complex fiduciary matters, reviewing and approving new business, and developing and enhancing fiduciary processes and procedures.  

She has spoken on panels at several key industry events, including the Delaware Trust Conference and the Mourant Ozannes International Trust and Private Client Conference.  Ms. Nelson began her career practicing law and opened her own practice where her focus was estate planning and trust and estate administration.  Ms. Nelson received her B.A. in French and European Studies from Vanderbilt University and her J.D. from the University of Minnesota School of Law.